WAMIC President Highlights Current Trends Affecting Mutual Insurers

Sep 26, 2022 / by AAIS

At the 2022 NAMIC Annual Convention, AAIS interviewed Wisconsin Association of Mutual Insurance Companies (WAMIC) President Patrick Laws about current trends affecting mutual insurers, the impact of these trends, advice for member companies, and more.

Laws explained that the hardening of the reinsurance market has impacted the ability of mutual reinsurers to continue to offer reinsurance contracts. He explained, “a dozen companies in the Midwest were notified this summer that their reinsurance contracts weren’t being renewed for 2023, causing significant disruption in the industry. This has resulted in mergers and in Wisconsin alone, 5 companies will merge by the end of 2022.” Laws also noted that companies are concerned about losing their reinsurance contracts and are discussing mergers to get ahead of the dreadful notification.

Laws also discusses plans that WAMIC has for 2023 which include developing new committees, exploring new ways WAMIC can improve their service and products, and more.

To view the full interview, please click the video above.

Tags: Insights, reinsurance, NAMIC, AAIS Views, WAMIC

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