WRIN.tv spoke with Chuck Chamness, President and CEO of the National Association of Mutual Insurance Companies (NAMIC), about the state of the Mutual insurance sector.
Mr. Chamness says 2016 was a good year for Mutuals; it was a good year for the insurance industry overall. Most Mutuals had profitable years and growth.
He does, however, point to several challenges facing the industry in 2017, including re-authorization of the National Flood Insurance Program (NFIP) and FAA regulation affecting the use of drones and the industry’s use of drones. Mr. Chamness also comments on the impact of the new President, who has promised to roll back regulation after a very active eight years of regulation out of Washington. He notes the desire of many in Congress to amend the Dodd-Frank Act.
Looking ahead, Mr. Chamness believes the alignment between Mutuals and policyholders will help NAMIC members find growth in a post-Financial crisis world.