For immediate release
Michael Barry, 917-923-8245, email@example.com
ARLINGTON, Va., May 25, 2021—U.S. insurers showed in 2020 they could fulfill their traditional role as economic first responders even amid a global pandemic, record-setting natural disasters, and civil disorders, according to Sean Kevelighan, CEO, Insurance Information Institute (Triple-I).
“The insurance industry applied forward-thinking solutions to take care of its customers, communities and employees during the COVID-19 crisis,” Kevelighan stated, in a presentation today to the Casualty Actuarial Society’s (CAS) Virtual Spring Meeting.
Insurers provided $14 billion in premium relief to vehicle owners last year as miles driven decreased, raised $280 million for charitable causes, and retained a national workforce which stood at more than 2.8 million throughout 2020, with a number of insurers pledging no layoffs during the pandemic, Triple-I analyses and research have found.
“2020 proved how this industry can lead through disruption. Insurers kept their promises and paid claims—even during a global pandemic,” Kevelighan said, when discussing how 2020’s economic headwinds reduced the insurance industry’s net income after taxes and slowed premium growth when compared to 2019.
U.S. insurers paid out $67 billion in 2020 due to natural disasters, the result of 13 hurricanes, five of the six largest wildfires in California’s history, and a derecho which caused significant damage in Iowa. Moreover, 2020’s civil disorders caused insured losses comparable to 1992’s Los Angeles riots, the costliest in U.S. history.
“Insured losses caused by natural disasters are increasing at an alarming rate,” Kevelighan continued, a week before the June 1 start of the 2021 Atlantic hurricane season. “They have grown by nearly 700 percent since the 1980s. History has proven that virtually every community along the Gulf and East Coasts have faced the wrath of what is a hurricane’s catastrophic damage. And now with even more Americans living in harm’s way, it is even more critical for consumers and communities to take action.”
The Triple-I’s Resilience Accelerator initiative is committed to driving behavioral change to help people and communities better manage risk and become more resilient, Kevelighan added. Kevelighan also cited the Triple-I’s successful launch last year of its Future of American Insurance & Reinsurance (FAIR) public affairs campaign, which served as a source of education surrounding pivotal industry activity.
Kevelighan, the Triple-I’s CEO since August 2016, began in November 2020 a one-year term as an appointed member of the Casualty Actuarial Society’s board of directors.