Monday Morning Headlines: March 16, 2015 WRIN.tv’s Monday Morning Headlines, compiled by SNL Insurance, is a video digest of the news you need to know about the U.S. Insurance industry. Today’s Monday Morning Headlines: FIO sees cyber insurance as deterrent to cyberattacks…u/w guidelines coming Aon Benfield says winter weather losses could top $1 billion Sharp premium decline affects Citizens’ net underwriting income Deloitte reports reinsurance M&As … Read More
A.M. Best reviews “Stable” U.S. Life/Annuities Segment The low-interest rate environment has had a negative impact on Life and Annuity insurers causing them to redesign and re-price products with less generous features. In highlights from A.M. Best’s First Monday series, Vice President Steven Irwin and Assistant Vice President Rosemarie Mirabella review the challenges and opportunities within the U.S. Life/Annuity sector. According to Mr. Irwin “A.M. Best has … Read More
Bermuda Stock Exchange had over 50% of all Cat Bond issues WRIN.tv caught up with Greg Wojciechowski, President of the Bermuda Stock Exchange (BSX), at the SIFMA IRLS Conference. He gives his perspective on the growth in the Cat Bond market and its impact on the Bermuda market, which is the leading global domicile for ILS with about $16 billion listed on the BSX. There were about 115 listed securities on … Read More
Cat Bond Lite securities reduce frictional costs…show signs of growth – AVP at ISO. It was a record year for Insurance Linked Securities in 2014, and new approaches to alternative capital are have emerged. Here Tom Johansmeyer, AVP Reinsurance Services at ISO, speaks with WRIN.tv about Cat Bond Lite at the recent IRLS Conference in New York. According to Mr. Johansmeyer, Cat Bond Lite “is a streamlined way to transfer risk in a securitized format.” It … Read More
Brokers must add value to keep capital from “jumping the chain” – Aon Benfield Securities President World Risk and Insurance News speaks with Paul Schultz, President of AonBenfield Securities, about current trends in the insurance linked securities and Cat Bond market, as well as the evolving role of the reinsurance broker in executing these deals. According to Mr. Schultz, “2014 was a big year for Cat bonds and collateralized reinsurance.” There were a couple of very large … Read More
Monday Morning Headlines: March 9, 2015 WRIN.tv’s Monday Morning Headlines, compiled by SNL Insurance, is a video digest of the news you need to know about the U.S. Insurance industry. Today’s Monday Morning Headlines: IAIS Task Force on cybersecurity includes NAIC and FIO, not the Fed Courts give FSOC to respond to MetLife SIFI challenge XL CEO says size matters… Aon Benfield CEO sees broker role … Read More
Bitcoin acceptance is growing, as is the need for insurance cover On March 1, Grayscale Investments announced that it had received regulatory approval from FINRA to trade its Bitcoin currency on an electronic platform operated by the OTC Markets Group. Experts believe this could pave the way for more stability in the price of Bitcoin. Here, Ty Sagalow, president of Innovation Insurance Group, discusses recent developments in Bitcoin and its potential … Read More
More capital and comfort with modeling spurring growth in ILS – S&P WRIN.tv reports from SIFMA’s Insurance and Risk Linked Securities (IRLS) Conference in New York, where the discussion centered on the record-setting insurance linked securities (ILS) and catastrophe bond markets. Here, Standard and Poor’s Director Gary Martucci discusses the drivers of growth in alternative capital and if it will continue. According to Mr. Martucci, he does expect 2015 to be an … Read More
III’s Hartwig on his 2015 Outlook on Commercial P&C, Personal Lines, Agents/Brokers, Reinsurance Dr. Robert Hartwig, President of the Insurance Information Institute (III), shares his outlook on key segments of the insurance industry, including the commercial P&C market, personal lines, agents and brokers, and reinsurance. Among the highlights: Economy, jobs, infrastructure investment hitting Commercial P&C market Millennials postponing household formation affecting Personal Lines Insurance agents/brokers still consolidating and attracting next gen Will return … Read More
III’s Bob Hartwig tackles the economy, cyber risk and industry growth opportunities Dr. Robert Hartwig, President of the Insurance Information Institute (III), joins WRIN.tv for a broad discussion on the impact of economic conditions on the insurance industry, cyber risk, and growth opportunities. Among the highlights: Economic tailwinds and interest rate headwinds are affecting insurers It’s “early days” of rapidly evolving cyber risk and cyber insurance Is “risk management” at risk with growth … Read More
Monday Morning Headlines: March 2, 2015 WRIN.tv’s Monday Morning Headlines, compiled by SNL Insurance, is a video digest of the news you need to know about the U.S. Insurance industry. Today’s Monday Morning Headlines: Fed chair grilled about FSOC approach to SIFI designation FIO Director implies capital standards may not be in place until 2016/2018 NAIC seeking bids to enhance its own cybersecurity Small cut in … Read More
IICF/McKinsey say over $1Billion given to charity by P&C industry The Insurance Industry Charitable Foundation (IICF) worked with McKinsey to update its survey on philanthropic giving in the industry. WRIN.tv speaks with IICF CEO Bill Ross and Insurance Information Institute President Bob Hartwig about the increase in charitable giving among companies in the P&C industry, and the shift toward more money going to “health and social services.” According to Mr. … Read More
Can cyber insurance for small/mid-sized companies be profitable? In part one of WRIN.tv ‘s interview with Rick Betterley, the editor of the Betterley Report discussed the exposures small and medium-sized companies (SMEs) have to cyber-attacks. In part two he looks at the market dynamics at work for SME cyber coverage. There is a lot of cyber insurance available at reasonable prices, according to Mr. Betterley. “Most cyber insurance … Read More
Monetary policy is big story in 2015, as US economy grows – rest of world eases In a recent edition of A. M. Best’s First Monday series, host John Weber welcomed Jim Gillard, VP of Credit Rating Criteria, to discuss how U.S. economic growth is highlighting the divergence between the United States and the rest of the world. Mr. Gillard estimates that U.S. GDP will grow an average 3% in 2015, which will stimulate job growth … Read More
Monday Morning Headlines: February 23, 2015 WRIN.tv’s Monday Morning Headlines, compiled by SNL Insurance, is a video digest of the news you need to know about the U.S. Insurance industry. Today’s Monday Morning Headlines: Cincinnati Insurance Co. criticizes IAIS capital standards California Insurance Dept. warns insurers against price optimization FEMA steps in on allegations vs. insurers over Sandy claims Progressive posts first increase in agency auto … Read More
Small and medium sized companies are “soft underbelly of cyber security” Hi-profile cyber-attacks against large companies, such as Anthem and Sony, garner much of the attention in the media. However, small and medium sized companies (SMEs) are exposed to cyber risk as well. Rick Betterley, the editor of the Betterley Report, discusses how exposed small and medium sized companies are to cyber threats. According to Mr. Betterley, small to medium sized companies … Read More
Insurers must raise standards to reduce cyber threats/improve cyber security In the last of a three part series looking at “Cybersecurity and the Insider Threat”, ACORD host Johnell Johnson welcomes Erik Matson, a Director with BLACKOPS Partners Corporation and Head of BLACKOPS Insurance Industry Group. Here, he focuses on how insider threats can impact the insurance industry. The insurance industry is facing a number of factors related to cyber risk, … Read More
Monday Morning Headlines: February 16, 2015 WRIN.tv’s Monday Morning Headlines, compiled by SNL Insurance, is a video digest of the news you need to know about the U.S. Insurance industry. Today’s Monday Morning Headlines: Cyber Threat Intelligence Integration Center for public-private cybersecurity Anthem cyber breach should be wake-up call for vulnerable health insurers NY State to strengthen regulations on insurer cybersecurity Connecticut Governor concerned about DC negotiating Covered … Read More
St. Baldrick’s shows kids that being bald is ok, even valuable in funding cancer research Chuck Chamness is President and CEO of the National Association of Mutual Insurance Companies (NAMIC). , Mr. Chamness is also Chairman of St. Baldrick’s, a volunteer charitable organization focused on raising money to fight childhood cancer. He reminds us that the charity was started by three reinsurance executives at a St. Patrick’s Day Party in 1999. A challenge bet resulted … Read More
A.M. Best negative on Russian market due to oil, economy, sanctions, lack of quality. In a recent edition of First Monday, host John Weber welcomed Deniese Imoukhuede, Associate Director of Analytics, to discuss the Russian market. With crude oil prices collapsed and the Ruble valuation low, the Central Bank of Russia raised interest rates from 10.5% to 17% in December 2014. And with continuing economic sanctions against Russia putting further pressure on the economy, … Read More
