Insurance news, interviews, rating announcements and more.
Brian Grabek, executive vice president, Sompo International, said risk managers for multinational organizations must balance local compliance with organizational risk needs. Grabek spoke with AM Best TV at Riskworld, the RIMS 2023 annual conference.
Todd Jones, CEO, QBE North America, said insurers must scrutinize implementations of artificial intelligence for safety and issues of safety and fairness. Jones spoke with AM Best TV at RIMS' Riskworld, held in Atlanta.
Matt Scott, head of innovation, Hartford Financial, said new usage-based systems will become more prevalent in commercial lines, including workers’ comp. Scott spoke with AM Best TV at RIMS' annual Riskworld conference, held in Atlanta.
Saadia Savory, vice president, excess casualty, Aspen Insurance, said recent punitive court awards show that social inflation remains a priority issue for insurers. Savory spoke with AM Best TV at RIMS' annual Riskworld conference, held in Atlanta.
Joan Woodward, president, Travelers Institute, said the organization is working on programs that promote awareness of cyberrisk, worker health and more. Woodward spoke with AM Best TV at RIMS' Riskworld conference, held in Atlanta.
Sivan Iram, CEO of digital commercial risk marketplace Capitola, said communication between brokers and underwriters is made difficult by disparate systems and a deluge of information.
Tom Iorio, executive vice president, Nationwide, said outsized verdicts can drive other insureds to seek earlier settlements, which in turn can encourage additional litigation. Iorio spoke with AM Best TV at RIMS' Riskworld, held in Atlanta.
Scott Stransky, managing director and head of the Cyber Risk Analytics Center at Marsh McLennan, said organizations without active directory hardening are more than five times more likely to have a cyber issue.
Bob Parisi, head of Munich Re F&C Cyber Solutions, North America, said artificial intelligence is an immediate threat to cybersecurity, and ransomware appears to be resurging.
Allister Yu, vice president of operations, Rhoads Online Institute, said organizations that focus on learning from their own information can become more efficient and make informed decisions.
Insurers at RIMS' annual Riskworld conference, held in Atlanta, said next-generation customer experience will combine data, technology and expertise to create tailored solutions.
A panel of artificial intelligence and insurance experts said carriers should begin with a good understanding of their own data in order to leverage AI tools and in turn enhance customer experience and improve processes.
Insurance distribution experts at RIMS' annual Riskworld conference in Atlanta, said organizations have learned that acquiring appropriate risk protection is boardroom responsibility.
Ken Griffin, Managing Director, Head of Insurance Solutions for Barings, said that while asset market values have declined, so has the market value of their liabilities.
Leah Savageau, senior fixed income research analyst who covers the banking sector for AAM said one of the bigger issues she’s noticed was more intense migration of deposits out of smaller banks versus larger banks.
A panel of risk and insurance experts at the RIMS Riskworld conference in Atlanta said business interruption and secondary perils are also rapidly evolving risks.
Fergus Critchley, head of crisis management North America at Willis Towers Watson, and Morgan Shrubb, head of North America War, Terrorism and Political Violence, Axa XL, said insurers are adding coverage elements.
Chris Sparro, CEO of North America Insurance, Sompo International Commercial P&C, and Kristof Terryn, CEO, Zurich North America, said inability to attract sufficient talent to replace its aging workforce puts the sector at risk.
Industry experts at Riskworld, the RIMS 2023 annual conference, react to a projection that the market for embedded insurance could reach $2.3 trillion in 2032.
Jennifer Santiago, president, RIMS, said this year's event, held in Atlanta, should draw 9,000 participants. Santiago spoke with AM Best TV at RIMS' annual Riskworld conference, held in Atlanta.
Scott Smith, vice president, director of safety management, Selective Insurance, discusses a survey that found 91% of motorists who drove with their dogs over the past year admitted to interacting with them while driving.
Investment experts examine the asset management trends, opportunities and risks facing today's insurance organizations.
Alternative investments offer opportunities for yield, but they also require timing and focus.
Few are bidding the low-rate environment a fond farewell, but the next chapter in investing is still taking shape.
Investment and insurance professionals review investment categories and how insurers' strategies are changing.
Aviad Pinkovezky, president of First Connect, a Hippo subsidiary, says artificial intelligence tools, melded with comprehensive data, will allow specialized insurance organizations to more quickly negotiate any learning curve.
Eric Gesick, senior vice president for casualty analytics, Verisk, said companies should examine their business relationships to determine how they might be linked to emerging risks.
A panel of insurance and atmospheric science experts at the Verisk Insurance Conference said overall tropical storms may decrease, but the Atlantic basin has seen an increase in slower moving storms that produce more rainfall.
A panel of auto insurance experts at the Verisk Insurance Conference said auto insurers are recovering from a "double whammy" of mis-rated policies and inflation.
Charles Jackson and Antoine Blanchard, both with Verisk Extreme Event Solutions, said individual underwriting models can be combined via artificial intelligence to uncover previously unforeseen exposures.
