20 May 2020Law & regulation

Triple-I launches FAIR campaign to advocate for re/insurance industry

The Insurance Information Institute (Triple-I) has launched the Future of American Insurance & Reinsurance (FAIR) campaign to defend the re/insurance industry’s ability to manage risk on behalf of its clients.

FAIR will serve as a go-to educational resource for the media, business community, and broader public. It has been created at a time when the country is looking for a pathway to economic recovery in the wake of the COVID-19 pandemic.

With the industry threatened with the prospect of having to retroactively alter insurance policies to cover the economic cost of widespread closures, it says its ability to continue managing risk for clients has been cast into some doubt.

Sean Kevelighan, chief executive of Triple-I, said: "While we recognise the need for financial relief is severe, any attempts to make insurers retroactively responsible for a global pandemic puts the solvency of many insurers at risk.”

Kevelighan argued the federal government remains the only entity with the financial resources to help businesses recover from a systemic event of the magnitude of the COVID-19 pandemic.

“With the support of the public sector and the innovation of groups like insurers in the private sector, we can come together to work toward recovering from this catastrophe and build a more resilient future," he added.