In a new report, the Council of Insurance Agents and Brokers (CIAB) says Commercial Property-Casualty rates decreased by an average of 3.9 percent in the second quarter of 2016. Carriers appear to be pricing new business aggressively, while trying to hold rates steady on renewals. According to CIAB President & CEO Ken Crerar, The Council is keeping a close eye …

The evolution and innovation in drone technology appears to be outpacing the regulatory process. While initial FAA regulations for commercial drone use go into effect by the end of August, the FAA has assembled an Unmanned Aircraft Safety Team to assess drone-use more closely. The FAA’s Safety Team will provide recommendations to ensure that drones do not put people or …

The augmented reality game Pokémon GO  has earned more than $200 million in net revenue since it launched in July.  Avid Pokémon GO players have chased cartoon monsters onto private property, cemeteries and national monuments….and here come the lawsuits. A New Jersey resident is seeking a class-action suit against Niantic and Nintendo on behalf of all Americans whose properties have …

The Global Risks Report 2016, published by the World Economic Forum and its Global Competitiveness and Risks Team, draws attention to ways that global risks may evolve and interact in the next decade. The 11th edition of the report includes perspectives from nearly 750 experts regarding the impact and likelihood of prevalent global risks, including economic risk, environmental, geopolitical, societal …

A.M. Best Vice President Andrew Colannino explains the rating agency’s ‘negative’ outlook on the commercial lines segment of the U.S. property/casualty (P&C) industry, despite relatively solid aggregate results over the past several years. He says A.M. Best’s expects more downgrades than upgrades in the coming year. The negative outlook largely reflects the concerns that have been prevalent in recent years: …

Low interest rates, pressure on pricing, M&A activity, and disruptive technology are all shaping the outlook for the risk and(re)insurance industry for 2016. Here, WRIN.tv summarizes several of the recent forecasts published by industry analysts and thought leaders. Swiss Re sees economic momentum supporting growth in the insurance sector, even with headwinds like slower growth in China, lower commodity prices …

In this edition of WRIN.tv’s Cyber Report, a Gartner study forecasts that 6.4 billion things will be inter-connected worldwide in 2016, with spending on support for the Internet of Things (IoT) to hit $235 billion. A cyber-security guru described the Internet of Things as “The Internet of Threats”, as the U.S. Federal Government says the global Internet of Things will …

In this edition of “Issues in Risk Retention”, Jim Cutts, Editor and Publisher of The Risk Retention Reporter, joins host Joe Deems, Executive Director of the National Risk Retention Association (NRRA), for a discussion on the state of the Risk Retention Group (RRG) industry. Mr. Cutts notes that there were only ten new RRGs formed in 2014. He believes the …

Wes Robinson, National Property President at Risk Placement Services (RPS), discusses the state of the E&S property insurance market with WRIN.tv during the recent NAPSLO Convention. He says the market conditions in the surplus property market as “very soft.” For the past several years property rates have been declining. This past year saw significant declines, particularly in the catastrophe market. …

David Kodama, Senior Director for Research and Policy Analysis at PCI, speaks with WRIN.tv about the opportunities for insurers arising due to technological advances, cyber risk, natural catastrophes, telematics and the “sharing economy.” He also reviews PCI’s role in regulation, public awareness and risk mitigation. Mr. Kodama notes that technological advances have propelled the U.S. economy. While innovations have created …

John Horton, EVP and Chief Marketing Officer at AMRISC, speaks with WRIN.tv about lessons learned in ten years since Hurricane Katrina, the still-softening property insurance market, alternative capital, big data risks and more. Ten years after Katrina, and beyond the human tragedy and poor government response, the insurance industry has seen many changes in demand surge and storm surge. Demand …

Risk Placement Services (RPS) President Joel Cavaness discusses the company’s acquisition strategy, the effects of El Niño and the Affordable Care Act on the insurance industry, cyber risk and more, during the recent NAPSLO Convention in San Diego. Mr. Cavaness acknowledge the effects of the changing weather patterns on heat, flooding and the types of storm activity the U.S. is …

Matt Power, EVP and Head of Strategic Development at Lexington, joins WRIN.tv to discuss the global economy, the ten year anniversary of Katrina, the Affordable Care Act and emerging risks from cyber-attacks, drones and more. When Mr. Power considers the economy, he focuses on how technology and globalization have created tremendous “connectivity.” He points to the impact of Greece and …

During the 2015 National Association of Professional Surplus Lines Offices (NAPSLO) Convention in San Diego, WRIN.tv spoke with Jeremy Johnson, President & CEO of Lexington Insurance, where he discusses the transformational impact data and modeling has had on all industries like insurance, the “benign” 2015 hurricane season and the danger of insurance being commoditized due to the influx of alternative …

  The importance of Public-Private Partnerships (PPP) was a key theme at the Global Insurance Forum. Here, Gary Reader, Global Head of Insurance at KPMG, discusses developments in PPPs, and the importance of collaboration between industry and governments. According to Mr. Reader, there are many issues facing governments today, including climate change, resiliency of infrastructure, and economic stability. Given the …

Extreme events can destroy lives, disrupt economies and have devastating consequences to the insurance sector. At the 2015 IIS Global Insurance Forum, WRIN.tv spoke with Professor Howard Kunreuther, a Professor of Decision Sciences and Business Economics and Public Policy at the Wharton Business School. He discussed the role of public-private partnerships in managing risks to extreme events.  Highlights of his …

Howard Kunreuther, a Professor of Decision Sciences and Business Economics and Public Policy at the Wharton Business School speaks with WRIN.tv about using multi year insurance policies to cover extreme risk. Professor Kunreuther advocates for the use of multiyear insurance policies to pay for extreme risks. He suggests adding a home improvement-type loan to the policy to encourage mitigation. The …

Howard Kunreuther, a Professor of Decision Sciences and Business Economics and Public Policy at the Wharton Business School, speaks with WRIN.tv about covering cyber risk as part of TRIA. According to Professor Kunreuther, cyber risk needs to be protected by the federal government, for two reasons: There is no way to determine the likelihood is of a cyber-attack The potential …

Howard Kunreuther a Professor of Decision Sciences and Business Economics and Public Policy at the Wharton Business School, describes the type of risks associated with extreme events. He describes an extreme event as “an event that has a very low probability of occurrence, but …can create very serious consequences.” Three examples of an extreme event include flood risk, terrorism and …

Shaun Crawford, Global Insurance Sector Leader at Ernst & Young, spoke with WRIN.tv at the 2015 Global Insurance Forum, about major issues facing the insurance industry, including an aging population, regulatory changes, data and cyber risk…and more.  Highlights of his discussion include: The challenges of an aging population and the burden it places on the healthcare system Regulatory standards could …