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, …

Florida Insurance Commissioner David Altmaier discusses issues that are top-of-mind among regulators, including the amount of data in the public domain regarding consumers. While there are many positive uses of data, regulators are looking to make sure that insurance carriers are using it appropriately. Commissioner Altmaier, acknowledges the “good work” being done by companies like AAIS to educate consumers, regulators …

Connecticut Insurance Commissioner Andrew Mais discusses the challenges and opportunities facing the insurance industry. While products like Long Term Care pose issues for the market, it is technology having the biggest impact on the industry.  He admits the “industry needs to change” fast enough to keep up. Both regulators and regulated need to adopt the new technologies available to benefits consumers …

In this edition of “Focus”, WRIN.tv speaks with Bob Rusbuldt, President & CEO of the Independent Insurance Agents & Brokers of America (IIABA) about the health of “Independent Agents”, which Mr. Rusbuldt describes as “robust and well.” Mr. Rusbuldt notes an Agency Universe Study of the independent agency system, conducted by the “Big I”, which found that revenues are up, …

Chuck Chamness, CEO of the National Association of Mutual Insurance Companies (NAMIC), discusses the challenges of working with a new Congress. He notes that there several major issues to address with the House Financial Services Committee, Senate Banking and the Trump Administration such as the National Flood Insurance Program (NFIP) and the Terror Risk Insurance Act (TRIA). Mr. Chamness points …

During the IBM Blockchain Summit for Insurance in New York, AAIS CEO Ed Kelly, and Craig Bedell, IBM Global Insurance Industry Executive, as well as Bertrand Portier, a Distinguished Engineer in IBM’s Financial Services Sector all commented on the promise that blockchain holds for the insurance industry. Mr. Kelly believes it’s the inherent features of blockchain itself that make it …

Regulation and technology are the biggest challenges facing insurers today. That, according to Fred Karlinsky, Co-Chair of the Insurance Regulatory and Transactions Practice Group at Greenberg Traurig. On the regulatory front, Mr. Karlinsky notes a large amount of regulation affecting carriers at the federal and State level, as well as internationally at the IIAS (International Association of Insurance Supervisors). He …

NAMIC President & CEO Chuck Chamness comments on the major disruptors affecting the insurance industry, during the 2018 Joint Industry Forum.  While he notes technology is a considerable disruptor, he suggests public policy and the political environment within Washington and the State capitals may be the biggest factor affecting insurers.  He sees the populist movement creating difficulty for an industry …

Insurance Information Institute (I.I.I.) CEO Sean Kevelighan sees the “disruption continuum” as the “new normal” for the insurance industry, and outlines the ways insurers can embrace resiliency when contending with catastrophes, geopolitical unrest, technological change.  He says the I.I.I. will “be doing our best to fulfill our mission, and hopefully it will promote a positive sense of the disruption that’s …

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, …

Petra Riga, Head of Distribution for Zurich in Europe, Middle East and Africa (EMEA), joins WRIN.tv to discuss the issues risk managers face when dealing with multinational regulations and rules and expectations of local regulators around the world. Ms. Riga says risk managers are challenged by increased international regulation. She notes that risk managers of multinational companies must consider insurance …

Michael Consedine, the new CEO of the National Association of Insurance Commissioners (NAIC), speaks at the AAIS Main Event about his priorities; technology, innovation and disruption; the IAIS and international capital standards; and Trump Administration goals to create a more competitive healthcare market through cross-border insurance sales. Mr. Consedine says some of his propitiates encompass innovation and technology, as well …

WRIN.tv catches up with Bradley Kading, President and Executive Director of the Association of Bermuda Insurers and Reinsurers (ABIR), to discuss the state of the Bermuda (re)insurance market, international concerns over Brexit and the U.S. presidential election, and opportunities he sees on the horizon. The Bermuda market suffered from soft pricing in 2016, with the ability to earn a profit …

WRIN.tv spoke with Chuck Chamness, President and CEO of the National Association of Mutual Insurance Companies (NAMIC), about the state of the Mutual insurance sector. Mr. Chamness says 2016 was a good year for Mutuals; it was a good year for the insurance industry overall. Most Mutuals had profitable years and growth. He does, however, point to several challenges facing …

WRIN.tv speaks with David Sampson, President and CEO of the Property Casualty Insurers Association of America (PCI), about trends in insurance regulation, the new Trump administration, the National Flood Insurance Program (NFIP) and growth in cyber and energy-related sectors. Mr. Sampson believes the industry had reached a “tipping point” In 2016 with regard to State insurance regulators overstepping their authority. …

On the Road at the Joint Industry Forum in New York, WRIN.tv asked several insurance trade association executives to consider the impact of the new Trump Administration on various sectors of the insurance industry. Here, we share the hopes, concerns and expectations of: Michael Morrissey, President & Chief Executive Officer of the International Insurance Society (IIS) David Sampson, President and …

WRIN.tv goes “On the Road” to the Joint Industry Forum, hosted by the Insurance Information Institute (III).  Here, III President and CEO Sean Kevelighan reflects on 2016, contemplates the challenges ahead in 2017, including the impact of the new administration in Washington, and the outcomes of the 2017 Joint Industry Forum. Looking back at 2016, Mr. Kevelighan says industry professionals had …

The major legislative issues facing property casualty insurance companies today is that many legislators do not understand the business of insurance. According to Fred Karlinsky, Co-Chair, Insurance Regulatory & Transactions Practice at Greenberg Traurig, since the 2008 financial crisis, the industry is seeing significantly more corporate governance requirements on insurers. He believes there will be continued scrutiny of activities and …

Overall, the insurance markets are very strong, with record capital and record policyholder surplus, but there are several troubling trends in the market. Combined ratios and loss trends are deteriorating, and policyholder surplus is growing at a rate slower than the GDP. Robert Gordon, SVP – PCI Policy Development and Research, sees a “tale of two cities” with commercial lines …

Institutional investors in the insurance industry face challenges from record low or negative interest rates, slow and slowing economic growth, and a wave of increasing regulation. According to Conning Chairman and CEO Woody Bradford, these are the same challenges faced by other institutional investors around the world. These factors are forcing investors to take more risk in their portfolios, and to …