The President and CEO of the Property and Casualty Insurers Association (PCI) warned his members to prepare for a long campaign to ward off attacks by lawmakers who want to micromanage insurers. David Sampson said in addition to the revenue pressures brought on by the nation’s financial crisis, insurers face a policy and advocacy environment that is “the most challenging since the second World War.” His comments came October 27 during an address at PCI’s annual meeting.

“We’re entering the blame phase…the show trial phase,” he said, noting that there have been 10 congressional hearings dealing with the country’s financial situation. Some analysts, he said, say that upcoming actions by Congress on will make the legislative reforms of 1933 “pale by comparison.” All trade groups, he added, must be more cooperative in educating lawmakers in “the vital role we [insurers] play” and that those who want to micromanage the insurance industry are ruthless opponents who will attack the industry’s image and use “any means necessary” to undermine it.

PCI CEO: Insurance Foes Gathering Steam (National Underwriter 10/28/08)

November 4, 2008