APCIA publicizes precedence advocacies for 2024

The American Property Casualty Insurance coverage Affiliation (APCIA), the nationwide commerce affiliation for residence, auto, and enterprise insurers, has revealed the advocacies it should prioritize for the brand new yr, noting the affiliation will concentrate on 9 explicit areas all through 2024.

“This yr, APCIA will concentrate on proactively partaking in 9 high-priority areas, along with tackling the day-to-day challenges going through the property-casualty insurance coverage trade. Foremost amongst these precedence areas is working to curb rampant authorized system abuse, in coordination with the broader enterprise group,” stated Stef Zielezienski, govt vice chairman and chief authorized officer at APCIA. “The abuses of our judicial system by the plaintiffs’ bar and their allies are wide-ranging, impacting insurance coverage affordability and availability in lots of states, in addition to the flexibility of companies to stay viable.”

The precedence areas embody the next:

1. working to curb rampant authorized system abuse
2. supporting risk-based pricing and associated ranking and underwriting instruments
3. addressing innovation, regulatory modernization, insurance coverage trade expertise and financial empowerment
4. disaster insurance coverage challenges (together with adoption of related suggestions from the federal Wildland Hearth Mitigation & Administration Fee Report)
5. guaranteeing the sustainability and soundness of the state-based employees’ compensation system
6. defending insurance coverage contract certainty towards legislative, regulatory, or judicial overreach
7. addressing car insurance coverage value drivers
8. preserving a sound taxation construction for property-casualty insurance coverage
9. advancing worldwide commerce, market entry, and regulatory modernization

Zielezienski says the affiliation may also work on addressing considerations over mandates that prohibit insurers from finishing up enterprise in addition to false narratives within the trade and figuring out authorities intrusion dangers.

“APCIA may also handle vital points that minimize throughout a number of precedence areas, together with opposing arbitrary and prescriptive ESG-related mandates that inhibit insurers from finishing up the enterprise of insurance coverage, addressing false narratives perpetrated in regards to the trade, and figuring out authorities intrusion danger that threatens the insurance coverage affordability and availability to customers,” he stated.

Have ideas about this story? Go away a remark under.