Insurance news, interviews, rating announcements and more.
Payouts fund three main areas of response: damage assessment, removal of debris and reattaching broken coral heads, said Simon Young, senior director, Climate and Resilience Hub, WTW.
Cyber and homeowners are among the risks beyond traditional auto exposures that insurers should consider when underwriting electric vehicles, said Sandee Perfetto, senior director, personal lines coverage products, Verisk.
The frequency and severity of coastal risk is increasing, so insurers should explicitly consider nature-based solutions such as the restoration of natural infrastructure to mitigate risk, said James Doona, managing director, Munich Re Capital Markets, and Raghuveer Vinukollu, senior vice president, Climate Insights and Advisory, Munich Re.
The policy will provide coverage for rapid coral-reef repair and restoration in Hawaii following damage from hurricanes and tropical storms, said The Nature Conservancy's Makale'a Ane, community program manager in Hawaii; Julia Rose, Hawaii Island marine project manager; and Eric Roberts, senior manager, Climate Risk and Resilience Global Adaptations team.
Steve Kinion, captive director at the Oklahoma Insurance Department, said “I’m taking all that knowledge that I learned in Delaware over the past couple of years and bringing it to Oklahoma.”
Lisa Katterman, president, PAMIC, said the Philadelphia Contributionship, founded by Benjamin Franklin, is one of the oldest mutual insurers in the United States.
Guillermo Franco, head of research, Guy Carpenter, said many mutual insurers have a high degree of trust, making them good candidates to offer parametric coverage. Franco spoke with AM Best TV at the Pennsylvania Association of Mutual Insurance Companies' annual conference, held in Hershey, Pennsylvania.
Robert Pignataro and Frank Fazio, both of Ultimate Risk Services, said smaller businesses may enact cyber defenses but many have difficulty maintaining them.
Adam Pichon, vice president and general manager of auto insurance for LexisNexis Risk Solutions, discusses the latest company report that examines shopping and buying trends that detail how both shopping and buying increased in the fourth quarter of 2022.
Jeff Huebner, chief risk officer for CSAA Insurance Group, discusses the company’s backing of a fund that supports the remediation of excess wood from California forests in an effort to mitigate the spread of wildfire.
Risk management and insurance are changing and so too must today's risk professionals, said Peter Miller, president and CEO, The Institutes. Going forward, more emphasis will be placed on pre-loss: risk mitigation and risk control.
Allister Yu, senior vice president of operations at Rhoads, a provider of insurance technology solutions, explains that as insurance markets rapidly change, companies must make sure their distribution partners are properly credentialed.
Despite new challenges on the horizon, U.S. life/annuity insurers navigated the pandemic and emerged with solid balance sheets, capitalization and liquidity, said Edward Kohlberg, director, AM Best, referencing a new Best's Market Segment Report.
Despite numerous economic challenges, surety bond underwriters have maintained profitability by keeping losses relatively low, said AM Best Associate Director David Blades and Senior Financial Analyst Robert Valenta.
Live audiences, effects and high-profile individuals are among insurers’ safety and order concerns for awards shows such as the Academy Awards, said Kurt Miner, managing director of Allianz Risk Consulting’s Entertainment Division.
U.S. title insurers' net underwriting income again grew 40% in 2021, but the segment faces several headwinds, said Kourtnie Beckwith, senior financial analyst, AM Best, referencing a new Best's Market Segment Report.
EVs can be heavier than combustion engine cars due to the weight of the batteries, said Robert Passmore, department vice president of personal lines, American Property Casualty Insurance Association. Electric vehicles also tend to accelerate faster.
A recent Broadridge survey found only 11% of consumers believe the insurance industry provides a quality customer experience and 26% are confused by insurers’ communications, said Matt Swain, head of communications insights and experience at Broadridge.
Eric Coleman, senior vice president, commercial lines, Nationwide, said the restaurant industry has recovered from the pandemic, and most owners are increasing focus on insurance while face growing pressures such as rising costs and changing building valuations.
Nicholas Aiola, chief executive, Priority Life, a health and life insurer, says that now that the pandemic is waning, so too are life insurance sales. Health policies, meanwhile, are on the upswing.
Andrew Schwartz, an analyst with Celent, discusses the decline in insurtech funding and the associated factors, including lackluster return on investment from past spending.
Ashley Moffatt, SVP Brokerage, Primary Casualty for Nationwide E&S, said their ultimate goal is to be a top 10 carrier with their key distribution partners.
Kristin Stein, vice president, PHLY E&S Insurance Solutions, said the company focus this year is on the value of human connection and relationship building.
Tandeka Nomvete, director of external engagement, Spencer Educational Foundation, said the organization helps connect financial supporters with targeted scholarship opportunities.
Marion Townes, senior district sales manager, Erie Insurance Group, said military veterans bring discipline and adaptability to their work. Townes spoke with AM Best TV at the Emerging Leaders Conference in Charleston, South Carolina.
Juan Andrade, president and CEO, Everest Re Group, said the rate of change continues to increase, putting greater emphasis on the use of data, analytics and effective leadership.
Kirstin Marr, chief analytics officer, Insurity, said studies show that many workers must upgrade skills or retrain to fill available jobs. Marr spoke with AM Best TV at the Emerging Leaders Conference in Charleston, South Carolina.
Insurers can help transition pandemic remote hires with "soft skills" into collaborative team members by employing effective strategies, said Judy Busby, senior vice president of executive search and corporate strategy, The Jacobson Group.
Margaret Spence, founder, Inclusion Learning Lab, said insurers should be open to recruiting candidates with diverse backgrounds, attention to detail and abilities to succeed with customers.
Andrew Robinson, CEO, Skyward Specialty Insurance Group, said the organization has instituted professional development plans for all employees. Robinson spoke with AM Best TV at the Emerging Leaders Conference in Charleston, South Carolina.
