What the P&C industry can expect during this year’s legislative session

The Iowa Legislative Session began its 91st session on Jan. 13, and the Iowa Insurance Division (IID) helped prepare Iowa Insurance Institute (III) members on what the property and casualty insurance industry can expect going into session this year.

III’s Breakfast with the Iowa Insurance Commissioner, hosted this year by III member Chubb, is the industry’s pregame to get everyone on the same page before it all gets lost in the political whirlwind. Our three main takeaways from Iowa Insurance Commissioner Doug Ommen, Chief Examiner Daniel Mathis, Chief Operations Officer Chance McElhaney, and Deputy Insurance Commissioner Jared Kirby are below.

The Iowa Insurance Division wants to work with you: When Commissioner Doug Ommen said he wants the people to tell him how to do his job, he meant it. Government organizations like the IID can only work with what they know, which is why it encourages partnerships among insurance companies and the department to shape policies. This is especially critical when it comes to more complex issues like AI and the fallout of Iowa’s turbulent storm. The IID wants to know how it can help.

The storms have not passed: The news media may have stopped writing about 2020’s derecho and the tornados that ripped through the state last year, but Iowa is still feeling the effects. Infrastructure still needs to be rebuilt, and the threat of another potential hundred-year storm looms. The property and casualty industry has already been hit hard and so have the people.

Humans, let’s be humane: Last spring, many Iowans faced significant property damage, financial setbacks, and even homelessness. Insurance company executives want to help, but they’re not the ones on the ground. For many, the insurance agents working directly with them will represent the company as a whole. Open communication shouldn’t only exist between the IID and companies, but the customers too.

Breakfast with the Iowa Commissioner always sets the tone for the year, and this year we’re moving toward cooperation. Every insurance company is unique, but the Iowa Insurance Institute is a united front.

Special thanks to III member Chubb for hosting this year’s event. Stay tuned for session updates!