Sunday, August 28, 2016
ACLI Supports Efforts to Promote Infrastructure Investment
San Diego, Calif. (August 28, 2016) — American Council of Life Insurers President and CEO Governor Dirk Kempthorne discussed how the life insurance industry’s investments can support the nation’s infrastructure during the National Association of Insurance Commissioners (NAIC) summer national meeting.
“There is a growing urgency to improve the critical capital infrastructure of our nation,” said Governor Kempthorne. “The American Society of Civil Engineers estimates that in the next three years alone that $3.6 trillion in infrastructure investment will be needed in the United States. This investment will improve not just our roads, bridges, and hospitals. It will also improve our economy.
“Life insurers make long-term promises to our customers and their beneficiaries. Our promises are financed by long-term investments that align with the long-term financing that accompanies most infrastructure investments.”
Governor Kempthorne was the first speaker at a special session of the NAIC Valuation of Securities Task Force that examined infrastructure investment.
Industry leaders following Governor Kempthorne discussed different aspects of the infrastructure market and explored ways to encourage more investments by insurers.
“The life insurance industry is well-placed to support long-term investment,” said Governor Kempthorne. “Last year bonds owned by life insurers had an average maturity of more than 18 years at the time of purchase.
“Let me suggest this represents a “win-win-win.” The states win by accessing valuable capital that further stimulates economic growth. The industry wins by matching its liabilities with high-quality, long-term assets. And we all win by living better lives with safer roads, trustworthy bridges and state-of-the-art care at modern hospitals.”
The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 280 member companies operating in the United States and abroad. ACLI advocates in state, federal, and international forums for public policy that supports the industry marketplace and the 75 million American families that rely on life insurers’ products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing 95 percent of industry assets. Learn more at www.acli.com.
The American Council of Life Insurers (ACLI) advocates on behalf of 280 member companies dedicated to providing products and services that promote consumers’ financial and retirement security. 90 million American families depend on our members for life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, dental and vision and other supplemental benefits. ACLI represents member companies in state, federal and international forums for public policy that supports the industry marketplace and the families that rely on life insurers’ products for peace of mind. ACLI members represent 95 percent of industry assets in the United States. Learn more at www.acli.com.
Date Posted: August 28, 2016
Document ID: NR16-033