Insurance Information Institute (III) Chief Administrative Officer Laura Favinger shares her thoughts on major issues facing the U.S. insurance industry, including insurer and policyholder resilience, technology and cyber risk, the industry’s talent gap and global economic and political upheaval.

For insurance customer, including homeowners and renters, Ms. Favinger addresses the need to ensure proper insurance coverage, “the right types, the right amount, to make sure their properties are resilient.” For insurance carriers, she notes the challenge for investment growth and a focus on resilience after natural disasters.

Ms. Favinger sees opportunities for insurance carriers in technology. She says insurance organizations are seeing an increased interest in cyber protection insurance after hi-profile data breaches such as Equifax and Target. Commercial and individual insurance customers are seeking protection for their digital footprints and to take preventative steps to better recover in the event a cybersecurity breach does occur.

The III is focused on two major initiatives: Resiliency and the Talent Gap. The III has sponsored the “Resilience Innovators Challenge” to bring high-tech companies together with insurers to deliver a better value proposition for insurance customers. To help attract new talent to the industry, the III has partnered with the University of Pennsylvania to encourage students to look at insurance as a career path.

While the industry continues to focus on sound underwriting and premium growth, she cautions the industry to watch for global issues that could affect US economy and U.S. insurers, such as Brexit, Saudi oil field bombings, and Hong Kong protests.

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