Mark A. Male has been named executive vice president of The Independent Insurance Agents of Rhode Island. He has more than 25 years of experience in the insurance industry, including service as senior vice president and sales leader of Swiss Re America’s commercial insurance division and as executive vice president of the Independent Insurance Agents of Pennsylvania. In his new role, Male will oversee the association’s goals and objects as well as day-to-day operations.
PBN: What is one thing that consumers most often overlook when choosing an insurance company or agent?
MALE: Consumers traditionally look at price first and last. That’s understandable, but people need to be cognizant of the correlation between price and value. Sometimes the most inexpensive policy means minimal coverage. Tailoring insurance to your needs should always take precedence over price.
PBN: Is flooding a major concern in Rhode Island?
MALE: It is. Recent industry trends raise concern for wind, too – however flooding has always been an issue, and that’s independent of our proximity to the coast. Flooding can occur along streams, rivers, and even in residential neighborhoods without nearby water sources, [from causes] such as water-main breaks. Many people make a decision on flood insurance based on a mortgage company’s request, which is a dangerous litmus test for purchasing flood insurance. Fortunately, Rhode Island enjoys the distinction of having all 39 cities and towns as participating communities in the National Flood Insurance Program – which means every Rhode Islander is eligible to apply for flood insurance.
PBN: Do you see any environmental trends in the insurance industry?
MALE: One potential concern arising from environmental issues is global warming and its influence on climate and weather patterns. The impact – a potential increase in hurricane frequency, for instance – may evolve into availability and affordability issues for consumers.
On the matter of new environmental practices, the cost of “green” construction is higher than more traditional methods. So, to have adequate coverage for a “green” structure, home or office, the cost will be higher to insure per foot. On the bright side, as “greening” practices become our “traditional methods,” the costs for construction and insurance will both go down by comparison. •
