NEW YORK, May 18, 2020 /PRNewswire/ -- Today, a leading and trusted voice on insurance announced the launch of the Future of American Insurance & Reinsurance (FAIR) campaign. An initiative of the Insurance Information Institute (Triple-I), FAIR will focus on ensuring the insurance industry is able to sustain its longstanding role as the country's backbone of economic growth and stability.
FAIR is being set into motion as the country seeks a pathway to economic recovery in the wake of the COVID-19 pandemic. As communities reopen and restart, insurers will play a critical role in the process, continuing to provide financial protection for the millions of Americans who depend on them for indemnification from risks they rightfully insured. Yet the industry is threatened with growing calls to retroactively alter insurance policies, cover the economic cost of widespread closures, and adjust workers' compensation criteria, among other new developments.
"FAIR was created to safeguard the ability of the insurance industry to support its customers at a time when policymakers, the business community, and the general public are searching for solutions to our ongoing economic turmoil. And while we recognize 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," said Sean Kevelighan, CEO, Triple-I.
"While the insurance industry has been doing its part to step up and support their communities in this time of crisis, pandemics are fundamentally uninsurable events. The federal government remains the only entity with the financial resources to help businesses recover from a systemic event of this magnitude. 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.
Insurance carriers are an integral part of local communities across the country, employing over 2.7 million Americans and contributing nearly $565 billion to the nation's Gross Domestic Product (GDP) in 2018. The industry has cumulatively offered consumers more than $10 billion in premium relief on auto insurance this spring and made over $220 million in charitable donations to COVID-19-related causes.
FAIR will serve as a go-to educational resource for the media, business community, and broader public in the coming weeks and will actively engage in a variety of insurance and COVID-19-related developments across America.
FAIR is an initiative of the Insurance Information Institute and its member companies, whose mission is to ensure fairness for all customers and safeguard the industry's long standing role as a pillar of economic growth and stability. Visit fairinsure.org and follow @FAIRInsure on Twitter for more information.