Augmented Reality (like Google Glass/3D printing) changing business, risk and insurance operations. In this edition of ACORD Tech Talk, host Johnell Johnson and her guests, Hartnett Advisors President Bill Hartnett, discuss how augmented reality and 3D printing are impacting the insurance industry. Mr. Hartnett sees virtual reality and augmented reality as very similar in nature. Google Glass, for instance, enables user to have information presented in front of their eyes, no matter where … Read More
Insurers, Uber, and Lyft support law requiring insurance for ride-share companies An agreement between leading U.S. insurance providers and Transportation Network Companies, like Uber and Lyft would clarify how much ride-share services must insure drivers…anytime they are working. Ride-share companies have been criticized for gaps in their insurance coverage and cab drivers and local governments have sought regulations that would put companies like Uber and Lyft on a more level playing … Read More
Government programs and medical cost trends support “stable” outlook for Health insurers – A.M. Best In highlights from the First Monday series, A.M. Best Assistant Vice President Joseph Zazzera and Senior Financial Analyst Bridget Maehr discuss how health insurance carriers are navigating health reform provisions that began in 2014, and the sector’s “stable” outlook. More than 11 million people have selected health plans through the Affordable Care Act (ACA) in 2015, 3.1million more than in … Read More
Combination of coverage can protect contractors against losses from drilling tools “lost in hole” Luke Butler from All Risks, Ltd. speaks with WRIN.tv during the 2015 IRMI Energy Risk and Insurance Conference about the risk of loss to contractors from expensive drilling equipment. There are different types of Bottom Hole Assembly (BHA) used to give contractors both measurement and logging information. They provide real-time data on the performance of the drill, where it is … Read More
BP is now model for ERM with Board-level involvement/risk mitigation programs Scott Uhl, a SVP at EWI Specialty Casualty, speaks with WRIN.tv during the 2015 IRMI Energy Risk and Insurance Conference, about the challenges facing risk managers in managing operational risk, and the way Enterprise Risk Management (ERM) “should work.” Mr. Uhl says ERM in the post-BP (Deepwater Horizon) environment “still remains more aspirational…” While there has been movement towards ERM, … Read More
M&As among reinsurers looking for scale and relevance likely to continue – A.M. Best In highlights from the First Monday series, A.M. Best VP Robert DeRose, along with Senior Financial Analysts Greg Reisner and Mariza Costa, discuss the M&A trend among global reinsurers and the desire for scale and relevance. For some reinsurers, Mr. Reisner says M&As are part of a strategy, while others see it as an “ultimatum” because current strategies are not … Read More
Not all environmental risk policies cover gradual pollution associated with fracking John Heft, an SVP at New Day Underwriting Managers, speaks with WRIN.tv during the 2015 IRMI Energy Risk and Insurance Conference about the use of new technologies, and risks they pose to oil and gas companies. According to Mr. Heft, there are many types of environmental risks that are typically covered under a standard energy General Liability (GL) policy. For … Read More
Aging/Retiring workforce a significant challenge to energy companies, especially risk managers Bijan Bijarchi, a VP at York Risk Services, speaks with WRIN.tv during the 2015 IRMI Energy Risk and Insurance Conference about trends in workers compensation. According to Mr. Bijarchi, “the price of oil has a direct impact on claims in the oil and gas industry and we are seeing a marked increase in claims frequency as a result of lower … Read More
Shale gas production litigation centers on product failures/accidents – not ground water pollution WRIN.tv speaks with Julia Palmer during the 2015 IRMI Energy Risk and Insurance Conference, a partner at the law firm of Gray Reed and McGraw, about claims litigation and emerging legal trends. According to Ms. Palmer, the advent of shale gas production brought with it concern about contamination of ground water. She says those cases are not going to trial, … Read More
“Risk managers can never buy enough insurance” to cover human error WRIN.tv speaks with Catherine Duffy, an SVP with XL Insurance (Bermuda), during the IRMI Energy Risk and Insurance Conference about emerging risks in the oil and gas industry. According to Ms. Duffy, the greatest threats to oil and gas companies “stem from the decrease in oil prices…which is creating talent scarcity and talent retention issues.“ The energy industry is letting … Read More
Monday Morning Headlines: March 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: U.S. regulators say international capital standard must be good for U.S. Premera Blue Cross working with FBI after cyberattack affecting 11 million NAIC keeps captive financials confidential to stem public confusion Life … Read More
Faulty Workmanship Exclusion/Loss Provision Prompt Litigation Over Builders Risk Tracy Alan Saxe, a partner at the law firm of Saxe Doernberger & Vita, speaks with WRIN.tv during the 2015 IRMI Energy Risk and Insurance Conference about litigation stemming from Builders Risk in the oil and gas industry. Mr. Saxe sees a number of litigation issues affecting the energy industry directly related to a recent court decision regarding additional insured’s … Read More
Environmental risks from fracking not supported by science – Towerstone Director Jeff Hubbard, Director of Environmental Practice at Towerstone, a wholesale insurance broker and MGA, discusses emerging environmental risks associated with drilling for oil and gas. Hydraulic fracturing (Fracking) and the risk to water supply have been concerns, but environmental risks to air quality are now complicated by government regulations at the federal and state level. The most pressing environmental issues … Read More
Juries make unsympathetic audiences for insurers during litigation, according to Covington & Burling partner WRIN.tv speaks with David Goodwin, a partner at the law firm of Covington & Burling, about trends in insurance litigation, during the 2015 IRMI Energy Risk and Insurance Conference. Mr. Goodwin says insurance companies are afraid of litigation because juries do not like insurance companies “…when an insurance company is in front of a jury, they know that they are … Read More
Mixed Outlook for U.S. Property/Casualty Industry – A.M. Best There is a mixed outlook for the U.S. Property and Casualty industry according to A.M. Best. While the industry as a whole is on its second straight year to a strong performance competitive pressure and emerging risks could impact insurers bottom lines. Here, Group Vice President Anthony Diodato discusses the reasons for concern for the U.S. Property and Casualty Industry … Read More
Rewind: St. Baldrick’s 15 years shaving heads to fight childhood cancer To honor all those who have given their hair, and their money, to fight childhood cancer, we are Rewinding our interview with Chuck Chamness. Chuck Chamness is President and CEO of the National Association of Mutual Insurance Companies (NAMIC) , and is also Chairman of St. Baldrick’s, a volunteer charitable organization focused on raising money to fight childhood cancer. He … Read More
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
