Chuck Chamness, President and CEO of the National Association of Mutual Insurance Companies (NAMIC), says the industry can take a victory lap after renewal of the Terrorism and Risk Insurance Act (TRIA) for seven years. Social Inflation and “nuclear verdicts” are on everyone’s mind now, according to Mr. Chamness, and NAMIC is studying the causes and potential solutions to judgments …

There were significant insured losses from natural disasters in 2019, according to Dr. Phil Klotzbach, a research scientist in the Department of Atmospheric Science at Colorado State University (CSU). While there $45 billion in losses reported, it is difficult to say home much is that was driven by climate change. Still, climate change is affecting occurences of flood, wildfires and …

David Sampson, president and CEO of the American Property Casualty Insurance Association (APCIA), discusses the current state of the “dysfunctional, hyper partisan” U.S. government, and that there is little on the horizon that suggests polarization will end any time soon. Still, Mr. Sampson points to several successes over the past year, including the reauthorization of TRIA (Terrorism Risk Insurance Act). …

Mica Cooper, CEO & President of Aisus/InsureCrypt opens up about so-called ‘disruption’ in the insurance industry. According to Mr. Cooper, we’re not seeing it… Mr. Cooper notes how much people are talking about innovation, disruption, evolution and revolution in the insurance industry. He sees innovation artificial intelligence (AI) and machine learning. He points out that some innovation is “not legal”, …

Insurance Information Institute (III) Chief Administrative Officer Laura Favinger shares her thoughts on major issues facing the U.S. insurance industry, including insurer and policyholder resilience, technology and cyber risk, the industry’s talent gap and global economic and political upheaval. For insurance customer, including homeowners and renters, Ms. Favinger addresses the need to ensure proper insurance coverage, “the right types, the …

National Association of Mutual Insurance Companies (NAMIC) President and CEO Chuck Chamness shared his thoughts on recent legislative successes and challenges during the recent NAMIC’s Annual Convention in National Harbor, MD. Mr. Chamness highlighted the Disaster Recovery and Reform Act (DRRA), signed into law in 2018, as a significant legislative success benefitting insurance companies and the members they serve. DRRA, …

In a world moving quickly, property casualty insurers need to keep their products up-to-date in a timely way, while taking advantage of new technologies used to deliver them. According to Mark Brannon, a Principal at Merlinos & Associates, keeping up with the competition and other changes in the marketplace is a challenge. Many carriers are partnering with companies with advanced …

According to Stefan Holzberger, Chief Rating Officer at A.M. Best, the property-casualty sector of the insurance industry saw improvements in performance. And with levels of capitalization “robust”, A.M. Best is maintaining a “Stable Outlook” on the Personal Lines, Commercial Lines and Reinsurance sector from a credit perspective. The reinsurance sector was only recently upgraded to “Stable” from “Negative”, despite heavy …

The uptick in GDP has had a positive impact on the insurance industry, according to Laura Favinger, Chief Administrative Officer for the Insurance Information Institute (III). In the first half of 2018, insurance carriers nearly doubled their net income over the same period in 2017. The III sees exposures broadening a bit due to business development, consumer consumption and construction, …

Cyber risk and insurance continue to evolve, but the insurtech explosion is the real news at the moment, according to Gavin Souter, Editor of Business Insurance. Like all things related to technology, cyber insurance is evolving rapidly. Insurers and brokers are keen to sell cyber policies, but commercial buyers do not believe the insurance offered is enough to cover their …

Kimberly Muccia, a Financial Analyst at A.M. Best Company, comments on the impact of catastrophic losses on the financial strength of insurers. Among the catastrophes affecting the auto and homeowner lines of business in 2018 were hurricanes and wildfires, resulting in about $17 billion for the Mutual Insurance segment alone. Despite the losses, Mutuals posted approximately a 6 percent increase …

Chuck Chamness, President and CEO of the National Association of Mutual Insurance Companies (NAMIC) admits insurance is a challenging business, and it’s changing rapidly. Among the contributing challenges facing the industry is technology, which is increasing the speed of change. The talent gap presents issues for companies looking to replace retiring workers while attracting a new generation of professionals. He …

AAIS President and CEO Ed Kelly discusses the major issues industry executives are concerned about heading into 2018, including technology, the new economy and buying behavior, as well as government regulation. While technology remains an enabler in the insurance industry, Mr. Kelly notes that the new uses of technology are the “disruptors.” “We’ve seen that with automation…the use if drones, …

Jerry Theodorou, a Vice President of Insurance Research at Conning, previews a strategic study that looks at Mutual property-casualty insurance companies. According to Mr. Theodorou, there is an elevated degree of concern in five areas: technology, expense ratios, the war for talent, demographic and sociodemographic changes, and the future for personal auto. Conning is finding Mutuals are reacting proactively with …

With the Hurricane Season underway, WRIN.tv speaks with Insurance Information Institute (I.I.I.) President and CEO Sean Kevelighan about the forecast for 2017, and a change in focus from ‘recovery’ to ‘resilience.’ Mr. Kevelighan drew from a recent announcement jointly published by the I.I.I., the Department of Atmospheric Science at Colorado State University (CSU) and the Tropical Meteorology Project (TMP), which forecasts “near-average …

Saad Mered, Group Chief Claims Officer at Zurich, lays out key concerns of risk managers today including the emergence of liability internationally, the frequency of claims, and the unexpected impact of “lone wolf terror” attacks. Mr. Mered sees the rapid evolution of liability frameworks in many countries as surprising to risk managers and carriers alike. The trend is emerging even …

Kevin Kelley, CEO of Ironshore, addresses the key concerns of risk managers today, including emerging technology, the “Trump effect”, PPPs, M&As, and more. One of the biggest concerns of risk managers is technology and how digital transformation will affect their business and how exposures may change as a result. Emerging technologies are having a significant impact on risk managers. According …

According to Paul Carroll, CEO and Editor-in-Chief of Insurance Thought Leadership (ITL), this is a “hugely important time in the (insurance) industry.” He describes “five stages of disruption“, which he has seen in other industries for some time. Mr. Carroll says the industry is out of the “denial phase” and now in the “Cambrian stage”, with billions of dollars being …

Healthcare fraud in the auto insurance industry is a focus of the National Insurance Crime Bureau (NICB). Roger Morris, Chief Communications Officer of the NICB, discusses schemes across the country that support fraud against the insurance industry, and an Aggregated Medical Data Base and Medical Fraud Task Forces set up by the NICB to combat major medical fraud. Mr. Morris …

John Heft, SVP and Director of the Real Estate Practice at New Day Underwriting, reviews the dynamics of today’s Environmental Liability marketplace.  He notes that Contractors Pollution Liability is the largest among segments of the market, with 50-60 carriers offering coverage.  Mr. Heft says Contractors Pollution Liability coverage is very profitable, and coverage continues to expand as a result. With …