Insurance trade organizations are constantly working to address the industry’s needs. Insurance Journal asked them about the top priorities and challenges heading into 2025.
David A. Sampson, president and CEO of the American Property Casualty Insurers Association, said APCIA remains focused on addressing factors that impact insurance affordability and availability. Key concerns include government risk and other man – made factors that impede competitive insurance markets. Curbing legal system abuse, especially third – party investment in litigation, is a top priority. The association also aims to preserve risk – based pricing and ensure regulatory focus on market conduct and financial solvency. Other priorities include promoting AI and cyber security, resilience for natural catastrophes, addressing auto insurance cost drivers, maintaining a sound workers compensation system, and expanding foreign market access.
Brady Kelley, executive director of the Wholesale & Specialty Insurance Association, anticipates continued growth in the wholesale, specialty and surplus lines market through 2025. WSIA will focus on attracting new professionals, offering high – caliber education and professional development programs, networking opportunities, and legislative advocacy. They will also promote the value of the wholesale distribution system to retail agents.
The National Association of Insurance Commissioners is primarily focused on solutions to the combined pressures of extreme weather, inflation, and legal system abuse. NAMIC will push for federal mitigation policies, reform third – party litigation funding, and protect the state – based system. With Congress set to take on tax reform in 2025, NAMIC will ensure lawmakers understand the unique financial structure of insurance.
Sean Kevelighan, CEO of the Insurance Information Institute, identified legal system abuse as the number one issue for 2025. Fraudulent or unnecessary litigation increases costs for insurance operations and policyholders. Climate risk and natural catastrophes are also important concerns, with rising global surface temperatures and more frequent storms. AI’s role in the industry is another area of focus, with ethical considerations in the forefront as insurers navigate the new technology.
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