Travelers Institute’s Risk Regulation Resilience Responsibility Symposium in Buffalo
On May 14 Kathy Lawler, Big I NY AVP Industry & Community Partnerships, attended The Travelers Institute Symposium “Risk Regulation Resilience Responsibility” in Buffalo NY addressing the availability and affordability of P&C insurance. Big I NY and Big I National are proud to sponsor this event along with the Insurance Institute for Business & Home Safety, American Property Casualty Insurance Association, The Council of Insurance Agents & Brokers and the Federal Alliance for Safe Homes.
Joan Woodward, Travelers Institute President, moderated a panel of Travelers senior leaders in Underwriting, Claims, Government Relations, and Catastrophe Risk Management. Top of mind for the panelists were the factors impacting availability and affordability of insurance including legal system abuse, fraud, weather volatility, coupled with economic inflation and aging infrastructure. The panel discussed how the industry can work together to educate regulators on ways to impact a healthy, competitive market as well as Travelers’ efforts to combat fraud and encourage risk mitigation.
Rick Keegan, Chief Underwriting Officer, emphasized three key takeaways directed to independent agents:
1) Know your risk and encourage mitigation when possible
2) Double down on educating lawmakers to keep liability contained
3) Be prepared to fight fraud in court when necessary. Insurance agents, carriers and consumers can work together to build more resilient communities and promote an affordable and accessible insurance market.
The symposium has been presented in 14 cities across the country, including New York City in April where Big I NY was also a sponsor. Their next stop is Houston, TX on June 1, click here for details.
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