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 …

Attracting talent remains biggest challenge for insurers. According to Matt Masher, EVP and COO at A.M. Best, the need for talent is greatest in the information technology (IT) area. The industry has done a lot to attract underwriting and claims professionals. But attracting the industry struggles in attracting IT talent needed to deal with insurtech issues, efficiencies in distribution and …

Roger Morris, Chief Communications Officer with the National Insurance Crime Bureau (NICB), says technology has been a disruptor  when it comes to insurance fraud.  Anti-theft devices have helped deter crime and provide better analytics to detect fraud. The industry also has to contend with hackers trying to defeat the system. Mr. Morris points to electronic devices that can open and start …

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 …

2017 has been a very active year for catastrophes…and traditional seasons are shifting. That according to Sean Kevelighan, President and CEO of the Insurance Information Institute (I.I.I.). Mr. Kevelighan points to 367 tornadoes in the first quarter of 2017, which surpasses the average of 93 by a large margin. The I.I.I. had estimated an active hurricane season, and forecasts were …

Phil Reynolds, CEO and Co-Founder of BriteCore, outlines the disruptive nature of insurtech companies, and what traditional companies are doing to access new and emerging technology services. Mr. Reynolds describes an online experience he had with one insurtech company that asked for his home address and was able to assemble county records, a visual flyover, the home’s square footage and …

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 …

In this edition of WRIN.tv’s Wide World of Risk, Mike Morrissey, President and CEO of the International Insurance Society, provides insight from his discussions with insurance company CEOs the world over. He sites four recurring themes dominating the minds of CEOs, including cyber risk, environmental risks, humanitarian disasters and insurtech. Mr. Morrissey says the “disaster aid mechanism that the world …

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 …

Over the next several years, multinational firms expect to expand trade in foreign markets or increase trade in international markets they already do business in. Managers dealing with international risk are challenged to manage their existing risk management programs, especially when exposures from physical plants, increased revenue and loss trends changing. That according to Richard Friesenhahn, Head of Multinational for …

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 …

Emy Donavan, Global Head of Cyber at Allianz Global Corporate & Specialty, provides an update on the world of cyber risk, including an increase in attacks on consumer devices, malware as a business, and tips for risk managers looking to prepare for inevitable attacks. More recent developments in cyber risk include an increase in attacks on consumer devices such as …

David Anderson, Head of Credit & Political Risk at Zurich Insurance Group, explains the key findings from a recent study released along with the Atlantic Council, a think tank in Washington DC. The report entitled “Our World Transformed: Geopolitical Shocks and Risks”, looks at global risks with geopolitical consequences and interconnections. Mr. Anderson says, for example, if multiple economies start …

Chad Hollingsworth, President of Triax Technologies, discusses the impact of wearable technologies on businesses and the management of risk and claims.  In order to be more attractive to business, wearables must be easy to use, deployable with a long battery life. Triax focuses on wearables as a safety tool for construction companies. He says simply knowing the number of workers …

Brian Elowe, Marsh’s U.S. Client Executive Leader, reviews the key findings from the 14th annual Excellence in Risk Management report, published jointly by Marsh and RIMS. He sees a gap between the use of ‘disruptive technologies’ and the understanding of the risks that come with it. Mr. Elowe, who co-authored the report, begins by recognizing examples of ‘disruptive technologies’ such …

Ron Davis, Chairman of the Spencer Educational Foundation and EVP/Head of Customer Management at Zurich, explains why the insurance industry needs to attract and encourage young talent. He says there is a large number of people leaving the industry right now, and that is causing a gap…a need for people with the right skillset and attitudes. He notes that the …

“We have disruption all over… (and) the insurance industry deals with it.” That, according to Sean Kevelighan, President and CEO of the Insurance Information Institute (III), who spoke at the recent AAIS Main event in Florida. He notes that the insurance industry is accustomed to dealing with natural and man-made catastrophes, even technology, which a major disruptor right now. Mr. …

Frank Nutter, President of the Reinsurance Association of America (RAA), says the reinsurance market has not changed much in previous years.  “Capacity exceeds demand…It’s a buyer’s market.” Reinsurance brokers report that the “rate threshold” has not been reached as of January, and probably won’t be for the foreseeable future. He believes that even a major catastrophe probably would not likely …

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 …