Insuring the Future: How the Insurance Industry is Adapting to the New Normal

The Launch of FAIR Campaign

On May 18, the Insurance Information Institute (Triple-I) announced the launch of the Future of American Insurance & Reinsurance (FAIR) campaign. This initiative aims to ensure that the insurance industry can continue its role as the backbone of economic growth and stability in the United States. As the country navigates the economic recovery from the COVID-19 pandemic, insurers are playing a critical role in providing financial protection to millions of Americans. However, the industry faces growing calls to retroactively alter insurance policies, cover the economic cost of widespread closures, and adjust workers' compensation criteria.

The Role of Insurers in Economic Recovery

The insurance industry is an integral part of local communities across the country, employing over 2.7 million Americans and contributing nearly $565 billion to the nation's Gross Domestic Product (GDP) in 2018. During the pandemic, insurers have offered consumers more than $10 billion in premium relief on auto insurance and made over $220 million in charitable donations to COVID-19-related causes. These actions highlight the industry's commitment to supporting economic recovery and community resilience.

The Need for Public-Private Collaboration

While the insurance industry has been stepping up to support their communities, pandemics are fundamentally uninsurable events. The federal government remains the only entity with the financial resources to help businesses recover from a systemic event of this magnitude. Therefore, a collaborative approach between the public and private sectors is essential for building a more resilient future. FAIR will serve as a go-to educational resource for the media, business community, and broader public, actively engaging in insurance and COVID-19-related developments across America.

For more information, visit fairinsure.org and follow @FAIRInsure on Twitter.

In conclusion, the insurance industry's role in economic recovery is crucial, and the launch of the FAIR campaign signifies a proactive approach to addressing the challenges posed by the pandemic. As we move forward, it is essential for policymakers, businesses, and the public to understand the limitations and contributions of the insurance industry in building a resilient future.