Just when you think the economy is going swimmingly, there is a crisis.
Welcome to the insurance industry and especially to that business sector in our region. Typhoons, earthquakes — our insurance industry in the islands has seen it all.
Federal changes impact insurance constantly.
Still, in a good year, the insurance industry is buoyant.
U.S. insurance industry net premiums written totaled $1.32 trillion in 2019, with premiums recorded by property/casualty insurers accounting for 48%, and premiums by life/annuity insurers accounting for 52%, according to S&P Global Market Intelligence.
The U.S. insurance industry employed 2.8 million people in 2019, according to the U.S. Department of Labor.
But then, 2020 was not a good year.
If there was not pandemic insurance before 2020 — there will be now. Just check with your broker or provider.
Despite the challenges we have experienced in Micronesia, insurance remains one of our major business sectors, offering not only a safety net for our populations, but employment for hundreds of people.
So, we not only asked a number of our leading insurance experts on Guam to share their professional opinions, we also asked their companies to field executives to take time out to be part of this issue’s cover shoot.
Our cover shoot was on a Thursday.
Thursdays are a popular day of the week in Guam, whether in person or virtual. You can bet there will be government agency board meetings, mixers (even in 2021), press conferences, lunches — you name it. I despair and so do our news team and correspondents. If you want a great turnout or a positive response — pick a Tuesday, or a Wednesday.
And yet, by some miracle (and before deadline) a bevy of our leading insurance industry executives made time to zoom into our headquarters in person for a photo shoot at our office early on a Thursday afternoon.
Their good humor and professionalism was impressive. Our subjects sanitized at the door, exchanged greetings, stood up, sat down, grouped, re-grouped and smiled. With our Creative Team snapping at the speed of light we got several photos nicely stored away, and updated headshots.
And then away those executives zoomed. …