2017 has been a very active year for catastrophes…and traditional seasons are shifting. That according to Sean Kevelighan, President and CEO of the Insurance Information Institute (I.I.I.).

Mr. Kevelighan points to 367 tornadoes in the first quarter of 2017, which surpasses the average of 93 by a large margin. The I.I.I. had estimated an active hurricane season, and forecasts were correct, with 14 named storms so far, including Harvey, Irma, and Maria…all causing significant damage.

The insurance industry is focused on servicing customers and helping them rebuild. And while loss cost estimates are high, and some analyst see potential increases in the reinsurance and commercial insurance space, it is too early to tell what will happen.

In times like these, the insurance industry has an opportunity to show its strength. Mr. Kevelighan sees an opportunity for the industry to illustrate its value as it helps rebuild lives, families, and economies. He notes how insurers are using new technologies to pay claims faster, including drones.

The 2018 Joint Industry Forum (January 16 in New York) will focus on “Leading Through Disruption.” Mr. Kevelighan says the meeting will focus on several key issues, including technology, catastrophes, geopolitics and economics. For more information on the 2018 Joint Industry Forum, visit the I.I.I. website.

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