Triple-I’s Joint Industry Forum Previews 2023’s Key Challenges


For immediate release
New York Press Office: Michael Barry, 917-923-8245,



NEW YORK, Dec. 6, 2022—Benefiting from the insights of respected thought leaders, the Insurance Information Institute’s (Triple-I) annual Joint Industry Forum (JIF) offered its influential audience a comprehensive review of the issues impacting U.S. insurers.


“Our industry is at an inflection point.  We must move from “detect and repair” to “predict and prevent” because the traditional risk transfer tools are no longer sufficient in many lines of insurance,” said Sean Kevelighan, CEO, Triple-I, who delivered the JIF’s introductory remarks last week at the New York Hilton Midtown in New York City. “Thus, we need to work with customers to better mitigate their risks to prevent the loss or claim from ever happening. This is undoubtedly a win-win — for our industry, and most importantly, our customers.”


Built around the theme of Leaning Forward into a Changed World, 2022’s JIF featured these presentations:


  • CEO Executive Exchange with State Farm CEO Michael Tipsord: In a conversation with Triple-I CEO Kevelighan, State Farm President, Chairman & CEO Michael Tipsord shared how the insurer, with over 91 million policies and accounts, is helping more people in more ways. In addition to the nearly 58,000 State Farm employees, approximately 19,700 independent contractor State Farm agents serve the needs of customers in communities across the country. Tipsord, who joined State Farm in 1988 and became its CEO in 2015, expressed confidence in State Farm’s business model and its ability to handle the current volatility in the personal auto insurance market. The company celebrated its 100th anniversary in June. State Farm was a founding member of Triple-I in 1960.


  • Triple-I’s 2022 Economic Review and 2023 Preview: Inflation, global supply chain disruptions, litigation expenses, and natural disasters such as Hurricane Ian weighed heavily on the underwriting profitability of U.S. auto and homeowners insurers in 2022. To offset these loss costs, personal lines insurers will likely seek rate increases in certain states in 2023.  Commercial lines insurers are relatively outperforming personal lines insurers, the panelists agreed.  The panelists included Jason Kurtz, FCAS, MAAA, Principal and Consulting Actuary, Milliman; Michel Léonard Ph.D., CBE, Chief Economist and Data Scientist, Triple-I; and Dale Porfilio, FCAS, MAAA, Chief Insurance Officer, Triple-I.


  • The Institutes and the Future of Risk Management:  Peter Miller, CPCU, MS, MBA, President and CEO, The Institutes (TI), of which the Triple-I is an affiliate, said TI was founded in 1909 and is driven by three themes: Educate, Elevate, and Connect.  The Institutes reaches 1.6 million people annually through its risk management education programs and by offering 30-plus designations, Miller said.  It also elevates issues of importance to policymakers through thought leadership studies conducted by TI affiliates such as the Insurance Research Council and the Claims Litigation Management Alliance (CLM). Moreover, TI brokers industry connections through initiatives like the Black Insurance Industry Collective and the Catastrophe Resiliency Council.


  • Climate-Related Risks Rise in Wildfire-Prone States:  A combination of fuels, topography and weather impact the frequency and severity of wildfires and a risk-management mindset is needed to combat them.  Policyholders are mitigating wildfire risks through the creation of defensible space around their residence and by installing fire-rated roofs while insurers are incorporating artificial intelligence tools into their risk assessments to expand insurance coverage, several of the panelists observed. Jim Boccher, Chief Development Officer, ServiceMaster Restore, moderated the panel, which included Craig Clements, Ph.D., Professor of Meteorology and Climate Science, San Jose State University, and a Triple-I non-resident scholar; Jeffrey Huebner, Executive Vice President, and Chief Risk Officer, CSAA Insurance Group; Niels Jorgensen, Ph.D., Data Scientist, Opterrix; and Seth Rachlin, Ph.D., Executive Vice President and Global Insurance Industry Leader, Capgemini.


  • Insurance Industry Charitable Foundation: Charity of Choice: William Ross, CEO, Insurance Industry Charitable Foundation (IICF), said IICF raises funds and disburses them to not-for-profits who are meeting societal needs; promotes volunteerism among the industry’s employees, and is releasing next year a Philanthropic Index which will quantify the industry’s charitable endeavors.  IICF’s annual dinner in New York City, held on Nov. 30, raised $1.3 million, Ross added.


  • Cyber Risk: Role and Limits of Insurance in an Evolving Threat Landscape:  Ransomware attacks are growing in prevalence and softer targets, such as U.S. municipalities, must do more to protect themselves, the panel agreed.  The ransomware victim’s data is often extracted, and they are then threatened with the data’s public release unless the victim pays a substantial ransom.  Cyber insurance costs have grown in recent years as the costs of paying cyberattack-related legal fees and digital infrastructure repairs have grown.  Standard property and liability insurance policies do not cover many types of cyber risks.  The panel was moderated by Frank Tomasello, Executive Director, The Institutes Griffith Insurance Education Foundation.  The panelists were Theresa Le, Chief Claims Officer, Cowbell Cyber; Michael Menapace, Co-Chair, Insurance Practice Group, Wiggin and Dana, LLP, and a Triple-I non-resident scholar; and Scott Shackelford, J.D., Ph.D., Professor of Business Law and Ethics, Indiana University Kelley School of Business.


  • Insurers Embrace Diversity, Equity, and Inclusion (DEI):  Insurers are incorporating DEI initiatives into their corporate culture to retain talent and customers, yet much more progress needs to be made in this area, a group of industry professionals stated.  Moreover, it takes intentional action on the part of an insurer’s leadership to institute a robust DEI division within their organization. Historically Black Colleges and Universities (HBCU) IMPACT, a not-for-profit program which Triple-I has joined forces with, is connecting outstanding undergraduate students to insurance industry employment opportunities for which they are qualified. Jennifer Kyung, Property and Casualty Chief Underwriter, USAA, and Triple-I Executive Leadership Committee Chairwoman, moderated the panel discussion. The panelists include Traci Adedeji, Personal Lines Underwriting Manager, AIPSO; Roosevelt C. Mosley Jr., FCAS, MAAA, CSPA, Principal and Consulting Actuary, Pinnacle Actuarial Resources; Rebekah Ratliff, CCLS, Mediator and Arbitrator, JAMS, and HBCU IMPACT’s founder; and John Tribble, MBA, CPCU, CCLA, Vice President – Agency Operations and Business Development, Church Mutual.


  • Growing Courtroom Costs Give Rise to Legal System Abuse:  The panel focused on the legal system abuse in Florida and the rise of third-party litigation funding.  Floridians pay much more for homeowners insurance than the typical American in large part because of the state’s excessive litigiousness, the panelists agreed. In addition, the cost of doing business for insurers has risen in Florida and elsewhere due to litigation funding companies who, despite having no tie to a plaintiff, agree to finance a plaintiff’s case in the hope of receiving a portion of whatever insurance payout arises after either a settlement or a jury verdict in the plaintiff’s favor. Ronna Ruppelt, CEO, Claims Litigation Management Alliance (CLM), served as the panel’s moderator.  The panelists were Joseph Blanco, President, Crawford & Company; Harold Kim, President, Institute for Legal Reform, Chief Legal Officer, and Executive Vice President, U.S. Chamber of Commerce; and Fred Karlinsky, Shareholder and Global Co-Chair, Greenberg Traurig LLP.




Video: 2022 Joint Industry Forum Highlights

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