In this AAIS Market Report, Merchants Insurance Group President, and New York Insurance Association (NYIA) Chair, Charles Makey, discusses issues and challenges facing the U.S. and New York insurance markets, including legislation, regulation, and much more.
According to Mr. Makey, the most pressing issue facing the insurance market today is developing and finding talent, exacerbated by the “Great Resignation” and ongoing retirements. He suggests uniting and working with colleges and universities to invest in and train the future workforce.
Inflation is also a challenge to the market, with overall costs for businesses rising. There are also struggles with wages, materials, gas, overall maintenance, claims costs, and the time needed to restore policyholders’ lives due to supply chain and availability of materials. These additional costs will affect higher premiums to maintain a financially stable insurance industry.
To hear more from Mr. Makey’s Market Report, including Merchants’ response to market conditions, NYIA efforts to support New York insurers, and a look ahead to the NYIA 2022 Annual Conference, click on the video link provided.