Why February is the best time to buy life insurance

February is the month of romance. The month of championships and big games. The month of movie awards and … Presidents’ Day. Can’t forget that.

Anyway, what better way to get in the February spirit than by buying some life insurance coverage? Hear us out. A term life insurance policy provides affordable financial protection to the people you love. And here are a few reasons to get that coverage right here, right now, in the glorious second month of the year.

It’s romantic.

What better way to say “I love you” than by giving the gift of financial protection to your loved ones?

Sure, getting a life insurance policy might not seem like a romantic gesture. But ensuring that a policy payout will be available to help financially support your beneficiaries if you pass away? That’s a selfless act your partner will appreciate.

It shows you care. It shows you can commit. It shows you can think long-term. (But yeah, maybe include a bouquet of roses with the printout of the policy.)

It shows you’re sticking to your New Year’s resolutions

You resolved to get or stay healthy. You resolved to be better with money. Well, here’s some great news: Getting coverage will help you check both those resolutions off your list.

You see, with life insurance, generally, the younger and healthier you are, the less you pay for coverage. In fact, you might already be seeing the benefits in February. And your improved health score on your medical exam — if it’s needed — could help you get a lower term life insurance rate.

Take advantage of your improved health status to lock in a low monthly life insurance premium for the amount of coverage you need. The following are sample quotes for a Haven Term policy, for people in excellent health. (These are for a 20-year policy, but you can also get term lengths of 10, 15, 25 and 30.)

30-year term life insurance rates
Age Coverage $250,000 $500,000 $750,000 $1,000,000
25 Male $20.03 $31.51 $44.27 $57.02
Female $16.59 $25.69 $35.54 $45.38
30 Male $21.91 $34.88 $49.32 $63.77
Female $18.01 $27.69 $38.54 $49.38
35 Male $24.84 $40.25 $57.38 $74.51
Female $21.10 $33.53 $47.29 $61.06
40 Male $34.31 $59.11 $85.66 $112.22
Female $29.47 $46.83 $67.25 $87.67
20-year term life insurance rates
Age Coverage $250,000 $500,000 $750,000 $1,000,000
25 Male $13.61 $19.76 $26.64 $33.52
Female $12.07 $16.95 $22.42 $27.90
30 Male $13.82 $20.19 $27.28 $34.37
Female $12.50 $17.82 $23.72 $29.63
35 Male $14.93 $22.34 $30.51 $38.67
Female $13.39 $19.33 $25.99 $32.66
40 Male $21.32 $34.59 $48.88 $63.17
Female $18.01 $28.27 $39.41 $50.54
10-year term life insurance rates
Age Coverage $250,000 $500,000 $750,000 $1,000,000
25 Male $10.53 $13.95 $17.92 $21.90
Female $9.86 $12.66 $15.99 $19.32
30 Male $10.53 $13.95 $17.92 $21.90
Female $9.86 $12.66 $15.99 $19.32
35 Male $10.83 $14.38 $18.57 $22.77
Female $10.08 $13.09 $16.64 $20.18
40 Male $14.05 $20.32 $27.49 $34.65
Female $12.95 $18.53 $24.79 $31.06
Source: Haven Life

And suffice it to say that getting a term life insurance policy is a staple of those “10 Things to Do Right Now” articles on financial websites. This is a no-brainer.

You’ll be the MVP of your family.

As the clock winds down and the confetti begins to pour, one person will stand on the field hoisting the most valuable trophy: You. Because you’ve just bought life insurance, a quick, easy way to feel virtuous and relieve stress. You’re on your own for the halftime entertainment, though.

Speaking of, it’s possible to get coverage in place, or at the very least apply online, before the third quarter begins. All that’s left is planning your victory parade.

The best performance in a supporting role goes to… life insurance.

Look: Winning a major award isn’t just about one glorious night in an evening gown or a tuxedo. It takes months, even years, of discipline and practice to get there, and then that award can sit on your mantle for a lifetime.

That’s kind of like purchasing life insurance. (Except the part about hard work and practice.) You take out a policy, and it will be there for you for up to 30 years.

So no matter the month, don’t let the time you think it will take you to get coverage be an excuse for not getting life insurance. Your loved ones can use the death benefit payout from a policy for expenses like the mortgage, child care, shared debts and the many other day-to-day bills. Just don’t forget to thank your agency…

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About Cameron Huddleston

Cameron Huddleston is the author of Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances. She is an award-winning journalist with more than 18 years of experience writing about personal finance. Her work has appeared in Kiplinger’s Personal Finance, Business Insider, Chicago Tribune, Forbes, MSN, Yahoo and many more print and online publications. U.S. News & World Report named Cameron one of the top personal finance experts to follow on Twitter, and AOL Daily Finance named me one of the top 20 personal finance influencers to follow on Twitter. She has appeared on CNBC, MSNBC, CNN and “Fox & Friends” and has been a guest on ABC News Radio, Wall Street Journal Radio, NPR and more than 30 podcasts. Cameron has also been interviewed and quoted as an expert in The New York Times, Chicago Tribune, BBC.com, MarketWatch and more.

Read more by Cameron Huddleston

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Start-up The Yorkshire Broker targets SME

Managing director Martin Weaver-Parker and commercial director Phil Hodgson of The Yorkshire Broker

A new commercial insurance broker, The Yorkshire Broker, is set to launch officially in the SME market in February with a target of £1m gross written premium in 2024.

The new broker, which will specialise in property, business, and hospitality insurance, was founded by managing director Martin Weaver-Parker and commercial director Phil Hodgson, both former employees at Lockyers.

Its headquarters will be in Castleford and the firm currently has a headcount of two, with the prospect of adding another member of staff this year.

Weaver-Parker detailed that the main challenge of starting-up was the authorisation process conducted by the Financial Conduct

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Southern Marine increases binding authority for bulk liquids

Southern Marine increases binding authority for bulk liquids

Southern Marine – a managing general agent under the CRC Group – has increased cargo and stock throughput binding authority for bulk liquids to $200 million.

A release explained that Southern Marine was able to increase its binding authority through “extended partnerships with several Lloyd’s of London syndicates.” Bulk liquids include oil, gas, petrochemicals, and renewables.

Previously, Southern Marine’s binding authority limit was at $100 million, in respect of any one conveyance or storage location, including catastrophe perils.

“We are very excited to be able to offer our clients and brokers this level of capacity under one policy, especially given recent fluctuations in commodity prices and current levels of inflation,” said Southern Marine SVP and underwriter Graham Jenks. “We have always understood the importance of long-term relationships and continuously collaborate with our partners in the marketplace to solve problems for our clients.

“This increased capacity means that we are better placed than ever to meet the needs and challenges of the ever-evolving oil, petrochemical, and renewable energy sector.”

Southern Marine explained that its bulk liquid cargo insurance policies can extend coverage to unexplained contamination and shortage losses for waterborne conveyances, and also cover unknown expenses related to weight discrepancies between loading and discharge. The coverage is subject to a “trade allowance” deductible and must comply with specific coverage warranties and conditions.

In other CRC Group-related news, the company named Kristyn Smallcombe as casualty practice group director two weeks ago. Smallcombe has more than 20 years of industry experience. She joins the company from Argo Group US. She has also held senior casualty positions at Swiss Re and AIG/Lexington.

Share your thoughts on this story below.

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Florida Auto Legislation, on Heels of 2022 Reforms, Suggests State is Serious About Insurance Crisis Fix

Florida legislation proposed last week would prevent the state’s motorists from assigning their legal rights in auto insurance claims to repair shops.  

Assignment of benefits (AOB) is a standard practice in the insurance world. In Florida, however, this efficient, customer-friendly way to settle claims has long served as a magnet for fraud. The state’s legal environment has encouraged vendors and their attorneys to solicit unwarranted AOBs from tens of thousands of Floridians, conduct unnecessary or unnecessarily expensive work, then file tens of thousands of lawsuits against insurers that deny or dispute the claims.

Legislation approved in the closing weeks of 2022 took several crucial steps toward resolving the state’s property/casualty insurance crisis, including elimination of the state’s AOB laws with respect to property claims. But it didn’t affect auto-related AOBs.

Intended to help consumers

Florida’s auto glass law – originally intended to encourage drivers to repair or replace damaged windshields by prohibiting insurers from charging deductibles for windshield damage – is being exploited by glass-repair shops all over Florida. Unscrupulous vendors hire workers to canvas neighborhoods, enticing vehicle owners to sign up for “free” windshield replacements. They get car owners to sign an AOB contract that assigns the owners’ legal rights to the repair shop.

The shop then can sue the consumer’s insurer if it doesn’t pay what the shop demands. The result is a lawsuit by the vendor in the consumer’s name.

Lawyers have a strong incentive to file suits, as the insurer is required to pay their fees if it loses in court.  This has resulted in a “sue-to-settle” system, in which lawyers file suits over very small disputes to force a settlement.

Hope for the future

“What began as a small regional issue a decade ago with a few lawyers and some auto repair shops has blown up to become a major problem throughout the state,” said Mark Friedlander, Triple-I’s director of corporate communications and a Florida resident. Between 2011 and 2021, the number of auto glass lawsuits in Florida rose more than 4,000 percent, from 591 to more than 28,000. A National Insurance Crime Bureau (NICB) analysis found that Florida had the highest number of questionable auto-glass claims among the 50 states in 2020.

WhileFlorida is a “no-fault” state – meaning both parties in an accident submit claims to their own insurer, regardless of fault – it ranks high for attorney involvement in accident claims, the Insurance Research Council (IRC) has found. Attorney involvement is associated with higher costs, and IRC also has found Florida to be among the least affordable auto insurance markets.

The new measure, filed for the 2023 legislative session that starts March 7, offers hope that Florida is finally serious about solving the decades-old mechanisms that have fed the state’s current insurance crisis. Taken together, the two pieces of legislation will help stabilize Florida’s insurance market, but it will take years for the impacts of fraud and legal system abuse to be wrung out of the system.

Learn More:

Fraud, Litigation Push Florida Insurance Market to Brink of Collapse

Florida’s AOB Crisis: A Social-Inflation Microcosm

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Coalition launches new insurance carrier business

Coalition launches new insurance carrier business

Active cyber insurance provider Coalition has announced that it has launched its own full-stack insurance carrier called Coalition Insurance Company (CIC).

With an A- rating from AM Best, CIC is backed by Coalition’s Active Insurance platform. The carrier will allow brokers to secure cyber protection for a broader range of clients while providing coverage that meets specific client needs, the company explained. Policies issued by CIC will include robust cyber protection for both small and midsize businesses that lack the tools and resources to mitigate cyber risks.

“The launch of Coalition Insurance Company marks a critical step in our company’s mission to protect the unprotected,” said Coalition co-founder and CEO Joshua Motta. “Cyber risk exists for any business—regardless of size or industry. With our own carrier, we can innovate faster to protect the broadest set of businesses from emerging cyber threats and make cyber insurance more accessible to small businesses who need it most.”

CIC will begin quoting its admitted cyber product in several states starting March 2023, a release said. A national rollout is expected in the months to come.

Last year, Coalition acquired Digital Affect Insurance Company from Munich Re Digital Partners US Holding Corporation. The acquisition allows Coalition to offer insurance policies through its own admitted insurance carrier.

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Surety Bonds Offer Protections and Economic Benefits to Both Public and Private Sector Construction

This post is part of a series sponsored by IAT Insurance Group.

Surety Bonds Offer Protections and Economic Benefits to Both Public and Private Sector Construction from IAT

The perfect storm of inflation, supply-chain disruptions and ongoing labor shortages is adding additional risk factors to construction projects in 2023.

Despite year-over-year growth, the construction industry is still facing a 400,000-plus worker deficit.[1] At the same time, inflation is contributing to the rising cost of construction materials, and supply-chain bottlenecks continue to affect the timely delivery of critical materials and products. These pressure points threaten the profitable completion of construction projects, which has the potential to impact the viability of construction firms.[2]

To stay on track despite economic headwinds, public and private project owners leverage surety bonds. In fact, surety bonds have provided this assurance to the federal government since the enactment of the Miller Act of 1935, which mandates bonds for federal construction projects exceeding $150,000. Many states have a version of the Miller Act commonly referred to as Little Miller Acts.

Like the government contracting space, a key benefit of surety bonds for private owners includes decreased likelihood of default since contractors have been pre-qualified by a surety company and can take comfort that the project will ultimately be completed, even if the bonded contractor is unable to do so on its own.

3 economic protections provided by surety bonds

While their chief goal is to mitigate the risk of a contractor default, surety bonds offer several economic benefits for any bonded project according to the November 2022 Ernst & Young report “The economic value of surety bonds,”[3] prepared for The Surety & Fidelity Association of America (SFAA).

There are three significant ways surety bonds add economic value to private and public construction projects.

  1. Lower cost of project completion. In the event of a contractor default on a project, the cost to finish it can balloon significantly. In fact, projects with no surety insurance cost 85% more to complete than surety-bonded projects, according to the EY report. Substantial mitigation of completion costs is driven by the expertise of a contractor’s surety. Sureties can help the contractor work through financial hurdles on the back end or they can utilize their vast network of resources to complete the project by other means. More than 90% of respondents to the EY report believe project owners and developers do not have the same high level of expertise and resources as the surety company to get a construction project to completion.
  2. Lower rate of project default/great timeliness of completion. According to the report, 50% of owners/developers believe projects with surety bonds are more likely to finish on or ahead of schedule, while only 10% say surety-bonded projects are less likely to finish on or ahead of schedule. In addition, nearly five times as many property owners agreed that contractors put a higher priority on surety-bonded projects in the face of financial difficulties, versus those that are unbonded. The construction manager or architect is more likely to be involved in oversight of a bonded project as well, potentially helping to prevent loss.
  3. Lower contractor pricing. Surety bonding reduces contractor pricing, according to 75% of owners/developers surveyed. This cost reduction is based on confidence that the contractor will meet its requirements for project completion and payment of subcontractors that can only be gained when a third-party is backing the contractor. Furthermore, contractor pricing on surety-bonded projects is, on average, 3.2% below project value.

Bonus protections offered by surety bonds

These economic benefits give project owners peace of mind on individual projects, but the overall greater impact may come from the behind-the-scenes involvement of the surety company itself.

During the underwriting process, surety underwrites the contractor using the three Cs:

  • Character: Examines how a construction company interacts with those they do business with, such as their suppliers and subcontractors. It also reviews their credit reports to see if bills are paid in a timely manner, their claims history, and if they are involved in lawsuits. In short, the reputation of the business and its key executives and owners are closely evaluated.
  • Capacity: Focuses on the organization’s experience, area of expertise and the type and size of work completed. The surety evaluates the firm’s previous expertise based on scope of work, contract value, location, and the project owners. These factors are then used to evaluate new bond requests.
  • Capital/competency: Digs into the financials of the company, including evaluation of current and prior project profitability. Do profits hold from inception to completion? The surety evaluates the balance sheet and determines if companies have the necessary capital to support their business plan. The types of financing and credit access the company has are given a comprehensive review. Finally, the surety will view the company’s financial trends and whether they are pointing up or down.

Sureties also act as consultants and business advisors. With a surety bond, owners and developers gain a higher level of oversight across the project timeline from the underwriting team. Once a contract is executed and a bond is issued, the surety will monitor the project for any significant changes during its lifecycle that could increase risk to the project: Examples of how the surety may work with the contractor during the course of a project include:

  • Evaluating project priorities and fostering discussion about adjustments that may need to be made
  • Analyzing engineering and architectural plans and mediating any disagreements
  • Assisting in managing the contractor/owner relationship
  • Helping understand the need for a new strategy should the risks change over the course of the project
  • Advising on the significance of any issues that arise and making suggestions on priorities in the new risk landscape
  • Working with the contractor to chart a revised approach to resolve any issues before they become claims

Surety bond underwriters and claims professionals often work quietly behind the scenes, keeping the project going in the face of challenges that threaten to halt a project. For example, if a contractor runs into unforeseen financial distress during the project, the surety company may step in (at its discretion) and keep the contractor afloat financially to ensure project completion without incurring loss or the need for another contractor to be sourced.

With a surety bond and a contractor’s surety prequalification, project owners can minimize their risk and manage their budgets. Whether it’s a public agency who routinely engages in the construction and surety procurement process or a private owner looking for a solution to mitigate risk, the EY study provides a compelling, fact-based discussion of the economic value these risk mitigation tools provide.

Reach out to the IAT surety team to learn more about how a surety bond can help see your next project through to completion and minimize your risk.

[1] Associated Builders and Contractors “October Construction Employment Ticks Up by 1,000, Says ABC,” November 4, 2022.

[2] Associated General Contractors of America “2022 Construction Inflation Alert,” February 2022.

[3] The Surety & Fidelity Association of America “The economic value of surety bonds,” November 2022.


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Gallagher Re report unveils $100 billion nat cat loss price tag

In the US, while Hurricane Ian’s preliminary insured losses fell between $50 billion and $65 billion, it caused an overall economic loss of $112 billion, making it one of the most expensive natural catastrophes ever recorded. 

According to Gallagher Re’s natural catastrophe report, the country also suffered a $9 billion drought paid in crop insurance indemnity payouts and three severe convective storm (SCS) outbreaks which, all in all, aided in making 2022 the 15th consecutive year with aggregate insured SCS losses over $10 billion and the 8th year since 2010 that SCS losses topped $20 billion. 

“The financial cost of natural hazards continues to increase, and we are further recognizing that a consistently high global protection gap – 61% in 2022 – means that much more opportunity exists to help people prepare before and after a disaster occurs,” said Gallagher Re chief science officer Steve Bowen. “As catastrophe losses grow more expensive, we again look to the connected nature of climate change, exposure growth, and social inflation as important issues enhancing eventual loss costs. 

“The increase in severity – and in some cases the frequency – of ‘secondary’ peril events, presents (re)insurers with a multi-faceted and complicated challenge when it comes to risk protection and mitigation.”

Outside the US, Gallagher Re’s natural catastrophe report revealed that the costliest natural catastrophe event in 2022 was the prolific seasonal monsoon flooding in Pakistan, which caused over 1,700 fatalities, with 2.3 million homes damaged and 33 million people affected across 90 districts, according to Pakistan’s National Disaster Management Authority.  

Historic flooding also impacted several regions of Africa, while the aftermath of a third consecutive La Niña brought record-setting rainfall to parts of Eastern Australia and resulted in nearly $5 billion in payouts according to the Insurance Council of Australia, Gallagher Re reported.  

 “The fingerprints of climate change were visible on virtually every major weather and climate event in 2022, once again highlighting the urgency to implement proper planning and investment strategies that will limit the risk to life and property,” Bowen said. “The implications of climate change on daily weather and climate events continues to be more evident and better understood. 

“While we are still trying to account for uncertainties that exist in how climate change may influence events on a regional and per peril basis, it is clear that impacts from the phenomenon are not future tense. They are already being felt today.” 

What are your thoughts on Gallagher Re’s natural catastrophe report 2022? Let us know in the comments below.

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AIG fires interim finance chief

AIG fires interim finance chief

Mark Lyons has been fired by American International Group (AIG), two weeks after being appointed as the insurer’s interim chief financial officer.

Earlier this month, Lyons – who was also executive vice president, global chief actuary, and portfolio management head – took over the finance function in an interim capacity due to CFO Shane Fitzsimons being on medical leave of absence effective January 10.

Now the company revealed Lyons’ termination, citing violations of confidentiality/non-disclosure obligations. AIG, however, clarified that the violations were not related to the firm’s financial statements or financial reporting.

Meanwhile, in a US Securities and Exchange Commission Form 8-K filing, AIG said it entered into a settlement agreement with Lyons, pursuant to which he will be paid a gross cash amount of $7.5 million in recognition of his contributions since joining in 2018.

According to the filing seen by Insurance Business, the first half will be paid not later than February 15, 2023, while the second batch of payment will be made on or before the same date next year. In the document, it was noted that Lyons was let go on January 24.

Stepping in as interim finance chief and interim global chief actuary, respectively, are Sabra Purtill and Turab Hussain. The latter has served as AIG’s general insurance chief risk officer since 2021, while Purtill has been chief investment officer of the group’s life & retirement business Corebridge Financial since 2022.

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Property/Casualty Insurers Aren’t Slowing Down in 2023

By Martina Conlon, Head of P&C Insurance Practice, Aite-Novarica Group

Insurance has traditionally been viewed as resilient to recession and economic uncertainty. Yet, besides the tough economic conditions, the insurance industry is facing an unprecedented number of business challenges: increasing claims severity rates due to supply chain issues and rising inflation, climate risk and ever more frequent natural catastrophes, increased regulatory oversight, and greater customer expectations.

Normally, in a difficult environment, insurers would be tightening their belts, yet in 2023, Aite-Novarica Group anticipates many insurers taking a different approach by increasing investment in IT and implementing new technologies to improve operational efficiencies, increase revenue, and enhance customer experience.

Here are some of the top trends Aite-Novarica Group sees dominating the property/casualty space in 2023:

  • The new insurance core ecosystem will expand. Insurers often identify point solutions with use cases across their organization but lack the resources necessary to integrate with so many in parallel. Core system technology providers are expanding their “hubs” or “marketplaces” for preintegrated and certified third-party applications that add value to an insurer’s solution and allow them to compete in today’s market.
  • Speed of business will continue to accelerate despite a recession. Competitive pressures on insurers mean that slowing down on strategic IT delivery is not an option, and insurers will be expected to find expense reduction while continuing to accelerate the pace of technology delivery.
  • Transformation will move beyond core systems. As many insurers’ core modernization projects conclude, transformational efforts are shifting to the next round of business capabilities to be optimized and revolutionized. Ongoing revenue and expense pressures, coupled with talent shortages, are pushing insurers to look for operational efficiency gains across the enterprise.
  • Innovation will shift from hobby to competitive advantage. The pandemic and other evolving changes such as climate risk, supply chain disruption, and volatile global economies have pushed insurers to embrace innovation. New technologies will become a crucial element of an insurer’s ability to stay ahead of future disruption and changing market conditions.
  • There is a growing AI conundrum. As insurers expand their adoption of AI, they need to contend with forthcoming regulations and address potential model bias. Insurers may begin to implement AI risk management programs to monitor and understand decisions made by AI models and ensure fairness and transparency.

To learn about the rest of the top 10 trends Aite-Novarica Group foresees impacting the property/casualty market in 2023, please register for our webinar on February 9: Top 10 Trends in P/C Insurance, 2023: Turning Disruption into Opportunities. If you can’t make it, you can read about these areas of the industry in our report, Top 10 Trends in Property/Casualty, 2023: Turning Disruption into Opportunities or reach out to me at [email protected].

About Aite-Novarica Group

Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. For more information, visit aite-novarica.com.

Source: Aite-Novarica Group

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Nurturing Tomorrow’s Risk & Insurance Leaders

By Loretta L. Worters, Vice President, Media Relations, Triple-I

Forget the stereotype of the boring door-to-door life insurance salesperson – aka Ned Ryerson from the movie Groundhog Day.  Insurance is not just about sales – it is a purpose-driven industry with countless opportunities to make a positive impact on individuals, businesses, and communities.

The insurance industry employs more than 2.8 million people spanning an incredible range of skills and talents, from art historians to actuaries; data scientists to drone pilots; marketers to M&A specialists; and, of course, from underwriters to claims professionals.

February’s annual celebration of Insurance Careers Month offers a reminder of the industry’s opportunities.

First organized in 2016, Insurance Careers Month seeks to inspire young people to choose insurance as a career, share what makes the industry a great one to work in, and collaborate to recruit, nurture, and retain emerging leaders.

“Insurance is the backbone of the global economy, providing security, recovery, and sustainability,” said Triple-I CEO Sean Kevelighan. “Whether just starting out in the workforce or thinking about a career enhancement, there are a wealth of opportunities across a broad spectrum of pursuits.”  

To raise awareness about insurance as a career path, Triple-I continues to partner with the HBCU I.M.P.A.C.T Initiative, Inc.® (IMPACT), a campaign aimed at recruiting students at historically Black colleges and universities (HBCUs) to the insurance industry. 

Lack of exposure to the insurance industry and to professional networks are the top barriers for Black professionals, according to a study conducted by Marsh. That’s why the Black Insurance Industry Collective (BIIC), a nonprofit organization affiliated with The Institutes, is focused on accelerating the advancement of African-American insurance professionals. The goal of BIIC is to empower these professionals to expand their leadership development opportunities by emphasizing mentorship and sponsorship while collaborating with like-minded organizations.  

“We contributed to the formation of the BIIC as part of our overall Diversity, Equity, and Inclusion initiative,” said Peter L. Miller, CPCU, president and chief executive officer of The Institutes. “We look forward to working with the BIIC Leadership Council as they cultivate and preserve a culture of inclusion for all who work in and are served by the risk-management and insurance community.”

The Insurance Industry Charitable Foundation (IICF) has a Talent HubTM, an online resource center created to help job seekers learn about opportunities in the insurance industry and for the insurance carriers, reinsurers, brokers, and agents to reach a new and diverse talent pool. 

“As the Baby Boomers near retirement, the insurance industry will need to fill a generation’s worth of jobs,” said IICF CEO Bill Ross.  “The goal of the IICF Talent HubTM is to introduce a new audience of non-traditional job seekers to the industry and the rewarding jobs and careers that are available.”

Talent development and the future of work will also be two key topics at the IICF Inclusion in Insurance Global Conference, June 13-15, 2023, in New York City.

Other organizations – like RIMS, the Spencer Educational Foundation and Gamma Iota Sigma – promote and advance risk-management and insurance education at the undergraduate and graduate levels.

In conjunction with Insurance Careers Month, the American Property Casualty Insurance Association’s (APCIA) 5th annual Emerging Leaders Conference, to be held February 5-7 in Charleston, S.C., will give younger industry professionals access to executive thought leadership, networking opportunities across job functions, and an agenda focused on professional and personal development. 

“The insurance industry is facing the most competitive labor market in decades, making retaining and developing talent a top priority,” said Marguerite Tortorello, managing director, Insurance Careers Movement, an industry initiative designed to raise awareness of the diverse career options risk management and insurance offer. “The Insurance Careers Movement is designed to bring together and recognize exceptional rising stars in our industry; an industry we are most proud to be a part of.”

As the next generation of professionals embark on their careers, they will find it’s an exciting time to join the insurance industry – an industry that embraces people who can drive change, innovate, and solve problems.  They will find that with a career in insurance they can contribute meaningful work, making a difference in the world every single day

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