The 2017 Annual Meeting of the Property CasualtyInsurers Association of America explored the "Future ofInsurance," and how we will embrace the unparalleled innovation,disruption and promise that lie ahead for the property &casualty industry.

P&C insurers are no strangers to change or risk. The industry's ability to adapt to change andunderstand evolving risk makes us an integral part of thenational and global economy, propelling innovation forward. Ourcharge as a trade association is to help our member companiesmanage the business operation and consumer anxieties associatedwith change, while looking to new opportunities for the benefit ofthe property & casualty insurance marketplace.

The first step is laying the foundation with the appropriatepublic policy infrastructure for innovation — and working withregulators and legislators to establish these building blocks.Today, property & casualty insurers are writing new lines ofprivate insurance coverage to meet the rapidly changing and growingmarket demands. We help businesses and communities protectthemselves financially from cyber-security and terrorist threats.Insurers are expanding into the flood insurance marketplace to helpexpand consumer options and coverage.

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How far we've come

The industry is developing better dataanalytics that are saving lives through telematics programspromoting safer driving and are expanding consumer options.Additionally, insurance companies are on the cutting edge,developing products for the sharing economy and the future withautonomous vehicles.

Look at how far we've come with transportation network companies (TNCs)coverage. The industry worked with lawmakers and regulators toestablish rules to provide clarity regarding what insurancecoverage is being provided, when and by whom, as well asappropriate disclosures for drivers and passengers. Just a fewyears later, 48 states and the District of Columbia have enactedTNC legislation addressing insurance.

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The road ahead

We now look to the future of automated vehicles. They holdgreat promise to save lives by reducing the number of deaths andaccidents on our nation's roads as well as providing increasedmobility for disabled and aging populations. However, thetransition to "self-driving" cars will take place over many yearsduring which the automated cars will interact, and sometimescollide with, cars driven by humans.

Insurers will again need to help set the ground rules orestablish a framework for sharing crash data, addressing liabilityand setting safety standards to make this innovation a reality. Atthe state level, 33 legislatures considered legislation onautonomous vehicles in 2017. Presently, 21 states have passedlegislation to study or develop a regulatory framework forautonomous vehicles, with four more states regulating autonomousvehicles by executive order. Both houses of Congress also haveactive legislation on autonomous vehicles.

We live in an era of unparalleled innovation, disruption andpromise. Our industry's role is to respond with creativity andinnovation to make the promise a reality, because the one constantin every age is risk. Our role as a trade association is to pavethe regulatory and legislative way forward.

David A. Sampson is the president and chiefexecutive officer of the Property Casualty Insurers Association ofAmerica (PCI). Find out more online at http://www.pciaa.net/.

See also:

Insurers, actuaries and the future of automatedvehicles

Insuring autonomous vehicles