Challenges of the Now CEO panelists said one key challenge facing the industry in 2010 is that premium growth remains negative because insurance demand is down amid the recession.
“There is a lag between what is happening on Wall Street and on Main Street. What we are going to need is a sustained period of economic recovery for this consumer confidence to come back,” Parrillo said.
cent interest rates which are necessary to save the financial institutions are not particularly good or pleasant for those companies and industries that rely on savings and building their capital base through artful investment of their assets,” he said.
The Forum
The Forum is sponsored by ACORD,
American Institute for Chartered Prop-
erty Casualty Underwriters, American
Insurance Association, the Association
of Bermuda Insurers and Reinsurers,
The Geneva Association, Institute for
Business & Home Safety, Insurance In-
formation Institute, Insurance Institute
for Highway Safety, International In-
surance Society, ISO, National Associa-
tion of Mutual Insurance Companies,
National Council on Compensation
Insurance, National Insurance Crime
Bureau, Property Casualty Insurers As-
sociation of America, Property Loss
Research Bureau and Reinsurance As-
sociation of America.
Government actions may also exacerbate the volatile investment environment for insurers in the current economy, according to Thiele. “We are bearing the unintended consequence of the government interaction into the economy. Zero per-
AUSTIN—The Texas Insurance Automobile Insurance Plan Association announced the election of officers for 2010-2011.
A public member was elected chair for the first time in TAIPA history. Long-time board member Bill Jeter, College Station, Texas, was unanimously elected to head the association’s Governing Committee; Fred Strauss, Allstate Insurance, North-brook, Ill., will become vice chair; Peter Kelly, Liberty Mutual Insurance Co.; Boston, Mass., will become second vice-chair; and Mike Gerik, Texas Farm Bureau Companies, Waco, Texas, was elected secretary.
“TAIPA has in place a strong and effective leadership team who will move the association forward in the challenging times ahead,” Cathy Beavers, TAIPA association manager said.
TAIPA was created by state statute to provide automobile bodily injury and property insurance required by the Texas Motor Vehicle responsibility Act.
THE INSURANCE RECORD • FEBRUARY 25, 2010 13
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