”A victimized company always makes the choice whether or not to pay the ransom and it is not a decision entered into lightly. The victimized company may involve law enforcement, legal counsel, and security experts. Importantly, a cyber insurer does not pay the ransom, it only provides reimbursement once the policyholder makes the decision to pay the ransom.” David A. Sampson – APCIA president and CEO
Source: Insurance Journal
About David A. Sampson:
David A. Sampson is the president and CEO of the American Property Casualty Insurance Association (APCIA). He has been in this role since 2007.
APCIA is the primary national trade association for home, auto, and business insurers, with a legacy dating back 150 years. APCIA members represent companies of all sizes, structures, and regions–in the U.S. and across the globe. APCIA’s mission is to advance private competitive insurance markets to protect consumers, businesses, and communities. APCIA supports a strong, state-based regulatory system and proactive U.S. engagement in international regulatory discussions, to facilitate market growth and stability through proactive education, thought leadership, and advocacy.
Sampson has led the industry through some of the most consequential insurance issues of the last decade, including the COVID-19 response, preserving state statutory accounting during once-in-a-generation tax reform, and ensuring that the Dodd-Frank Act recognized the strong consumer protections already provided by state insurance regulators and the guaranty fund system.
As a respected industry voice and proponent of private markets, Sampson is a frequent keynote speaker at industry and business events. In addition, he is a leading spokesperson for the property casualty industry in the media.
Sampson also is the president of the Independent Statistical Service, Inc. (ISS), a wholly owned subsidiary of APCIA and one of the industry’s largest and most trusted statistical agents. He serves on the Board of Directors of the Insurance Institute for Highway Safety as well as on the Biden-Harris Administration’s Wildland Fire Mitigation and Management Commission.
Before joining the industry, Sampson served in the George W. Bush Administration in two presidential-appointed and Senate-confirmed positions. From 2005 to 2007, he served as the Deputy Secretary of the U.S. Department of Commerce and was a member of President Bush’s Management Council.
Previously, Sampson served in the Governor George W. Bush Administration as Chair of the Texas Council on Workforce and Economic Competitiveness and Vice Chair of the Texas Strategic Economic Development Planning Commission. He also led the Arlington, Texas Chamber of Commerce as the President and CEO.
Sampson graduated from Lipscomb University, where he serves as a distinguished professor of public policy. He earned his doctorate at Abilene Christian University. He completed the Program for Senior Executives at Harvard University’s John F. Kennedy School of Government in 1999. He and his wife Karen have two grown sons. Sampson serves on the vestry of St. Paul’s Episcopal Church in Gainesville, Texas and is an executive committee member of the Traditional Cowboy Arts Association.
