Let’s talk some truth. Of all the challenges the insurance industry is facing today, chief among them is the reality that insurance is becoming very hard for people to afford. It is easy to develop a perception that this increase in cost is driven by greed and profit, and this is creating an untenable situation.

Consumers are understandably frustrated as they grapple with the high cost of insurance without clarity about what’s driving rates. Meanwhile, those of us within the industry are all too aware that insurance prices are rising because claims expenses are going up, fueled by simultaneous increases in frequency and severity that are driven by inflation and litigation costs.