Insurance news, interviews, rating announcements and more.
Optimism is being countered by an uncertain environment due to underwriting, economic, social and geopolitical factors, said Carlos Wong-Fupuy, senior director, AM Best.
Aon Edge President and CEO John Dickson said the number of people impacted by Hilary is far greater than those reporting flood losses “because not enough people in the area were carrying critical insurance…just another example of the growing insurance gap in this country.”
Sandee Perfetto, senior director, personal line coverage for products, Verisk, discusses the myriad of insurance risk differences between combustion engine automobiles and electric vehicles.
From adjusting to hybrid work to a new generation of employees, the future of work seems more uncertain than it was a few years ago. Chris Morbelli, EY Americas Life & Group Insurance transformation leader discusses the findings of a LIMRA-EY collaborative study that surveyed employees across industries and organization sizes.
Andrew Schwartz, insurance analyst at Celent, discusses a new company study on artificial intelligence that looks at the proliferation of the technology and how it is seeping into just about every facet of the insurance industry.
Karthik Ramanathan, vice president and principal engineer, research and modeling, extreme event solutions team, and Steve Clarke, government relations, both from Verisk, dissect Florida’s deadliest hurricane since 1935 in search of answers as to what made Ian such a catastrophic event.
Todd Giesing, assistant vice president, LIMRA Annuity Research, said total U.S. annuity sales climbed to $181.1 billion, setting a new record, in the first half of 2023, and LIMRA forecasts a strong second half of the year.
Alex Martin, CEO and co-founder of Clearspeed, the market leader in assessing risk in speech, said he sees voice technology as an important tool for insurers when it comes to the future of fraud detection.
Liz Kramer, newly appointed President of Excess and Surplus Lines, Munich Re Specialty Insurance, said the E&S market has almost doubled in the last four to five years.
Jamie Langes, vice president underwriting officer environmental for Philadelphia Insurance Companies sand that when considering the different impacts of environmental liability from a cleanup perspective to bodily injury and property damage it's very unique.
Ed Malaspina, chief executive officer and president, HAI Group, said the affordable housing sector is also vulnerable to cyberrisk. Malaspina spoke with AM Best TV at the annual Vermont Captive Insurance Association conference in Burlington.
Theresa Severson, vice president of insurance and risk management, Kite Realty Group, said captives are considered good options for safety and benefits programs. Severson spoke with AM Best TV at the annual Vermont Captive Insurance Association conference in Burlington.
Steve Bauman, global programs and captives director, Americas, Axa XL, said organizations face risk if their captives are noncompliant. Bauman spoke with AM Best TV at the annual Vermont Captive Insurance Association conference in Burlington.
Sandy Bigglestone, deputy commissioner, Captive Insurance Division, Vermont Department of Financial Regulation, said the attractiveness of cells lies in their existing infrastructure. They can be used to test the climate before possibly transitioning to a single-parent captive. Bigglestone spoke with AM Best TV at the annual VCIA conference in Burlington.
David Piner director of the captive program, Michigan Department of Insurance and Financial Services, said Michigan's program is growing, with about $2.5 billion in premiums written last year. Premiums could exceed $3 billion by the end of 2023. Piner spoke with AM Best TV at the annual Vermont Captive Insurance Association conference in Burlington.
Paul Shimomoto, president of the Hawaii Insurance Council, said the state hosts 40 Japanese-owned captives, with seminars planned for Tokyo and Osaka. Shimomoto spoke with AM Best TV at the annual Vermont Captive Insurance Association conference in Burlington.
Sam Komo, captive insurance manager, Missouri Department of Commerce and Insurance, said the state aims to implement technological changes to streamline premium tax and financial filings. Komo spoke with AM Best TV at the annual Vermont Captive Insurance Association conference in Burlington.
Stephen Taylor, Delaware's director of the Bureau of Captive and Financial Insurance Products, said certain proposed IRS rule requirements are considered overly broad. Taylor spoke with AM Best TV at the annual Vermont Captive Insurance Association conference in Burlington.
Vermont Captive Insurance Association President Kevin Mead said the association has conducted a trade mission in Mexico, with representatives from that country and others attending this year's VCIA conference, held in Burlington.
Mark Wiedeman, director, Captive Insurance Section, Tennessee Department of Commerce & Insurance, said the state recently licensed its 1,000th risk-bearing entity.
Lori Gorman, deputy commissioner, N.C. Department of Insurance, said legislation to modify the state's Captive Insurance Act includes extending premium tax holiday provisions. Gorman spoke with AM Best TV at the annual VCIA conference in Burlington.
Travis Wegkamp, director of captive insurance, Utah, said changes to the state's captive regulations are aimed at helping small- and medium-size businesses meet their risk needs.
A panel of AM Best rating analysts at the Vermont Captive Insurance Association conference attributed rated captives' strong performance over the past five years to minimal volatility, improved combined ratio and operating performance.
AM Best's Fred Eslami said a limited number of rated captive insurers are employing parametric coverage. Panelists spoke with AM Best TV at the annual Vermont Captive Insurance Association conference in Burlington.
Brittany Nevins, captive insurance economic development director, Vermont, said regulators, associations and legislators meet regularly to fine-tune the state's captive laws.
With oil prices at a relatively high level and COVID-19 lockdowns ended, MENA regional insurance markets are showing strong growth, said Vasilis Katsipis, general manager, market development - MENA, South & Central Asia, AM Best.
In its 2023 State of the States Municipal Credit Report, Conning shifted its outlook on state credit quality to “declining” from “stable.” States, however, are well equipped to weather an economic slowdown, said Conning’s Head of Municipal Research Karel Citroen.
Workers’ compensation has been consistently more profitable than other P/C lines from 2012 to 2022 said AM Best Associate Director David Blades and Senior Industry Analyst Christopher Graham, referencing a new Best's Market Segment Report.
Meteorologist Mark Bove, senior vice president of natural catastrophe solutions, Munich Re, discusses what the greater intensity of storms is doing to the insurance industry, and what can be done to mitigate the losses.
Maroun Mourad, president of Verisk Claims Solutions, explains how insurers continue to struggle with legacy technology when it comes to claims, and how a solution could be an interconnected claims ecosystem.
