Given the fact that neither Democrats nor Republicans can be trusted to resist the temptation to exploit the public's misunderstanding and ignorance about insurance, isn't it about time the industry formed its own party and fielded its own candidates for elective office–starting with this year's presidential race?
Face it, no matter who is in office, in Washington or the state houses, insurers are almost always the scapegoats for whatever ails a particular market.
New York Gov. David Paterson just signed a law freezing medical malpractice insurance rates–but did he freeze malpractice suits or damage awards as well? No chance.
Florida, run by supposedly business-friendly Republicans, are hammering carriers left and right about their homeowners rates, but are they stopping people from building in hurricane zones? Nope.
It goes on and on. Insurance is an easy target with deep pockets. No one understands how insurance works or appreciates how critical it is in their daily lives until a claim occurs.
So, with tongue firmly planted in cheek, I suggest the industry launch an Insurance Party and field its own national and local slates.
At the very least, having candidates running for office will increase the media exposure given to the industry, which currently commands the spotlight only when insurers do something “bad.”
Election coverage would give insurers, agents and brokers a chance to put a public face on the industry, as well as an opportunity to talk about all the good insurers do, and how they help society recover from minor losses to the worst of catastrophes.
A number of producers are already serving in state legislatures. Why not Congress? Or the White House???
You might say people wouldn't believe what the Insurance Party's candidates tell them. Perhaps, but I can't imagine insurers having any less credibility than your run of the mill politician, can you? And maybe voters and reporters will actually learn something about the industry and realize all that insurers contribute to their communities.
There are some fine insurance candidates out there for President, in any case. How about Alex Soto, former president of the Independent Insurance Agents and Brokers of America? Or Marc Racicot, the former governor of Montana who is now president of the American Insurance Association? Or Bob Hartwig, president of the Insurance Information Institute, the industry's most articulate spokesman and most passionate defender?
Do you have anyone else in mind? Nominate them here and now! The more, the merrier!
Of course, even if the industry managed to form its own party, it would no doubt implode at the first national convention. After all, the industry–seen as a monolith by the public and many politicians–is split on key issues.
Could you imagine the Insurance Party Platform Committee battle over state versus federal regulation? A national catastrophe fund? Combining flood with wind coverage? Whether to permit or ban broker contingency fees? It could get ugly in a hurry.
What do you folks think?
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