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 …

Healthcare fraud in the auto insurance industry is a focus of the National Insurance Crime Bureau (NICB). Roger Morris, Chief Communications Officer of the NICB, discusses schemes across the country that support fraud against the insurance industry, and an Aggregated Medical Data Base and Medical Fraud Task Forces set up by the NICB to combat major medical fraud. Mr. Morris …

John Heft, SVP and Director of the Real Estate Practice at New Day Underwriting, reviews the dynamics of today’s Environmental Liability marketplace.  He notes that Contractors Pollution Liability is the largest among segments of the market, with 50-60 carriers offering coverage.  Mr. Heft says Contractors Pollution Liability coverage is very profitable, and coverage continues to expand as a result. With …

Lorie Masters, a Partner at Perkins Coie, looks at the risks associated with operating Unmanned Aerial Vehicles (UAVs) and drones, for operations and provides advice on ways to manage them. While still at the dawn in the use of UAVs, Ms. Coie sees several risks emerging from their use, including first-party risks associated with the cost of the drone, and …

WRIN.tv speaks with Frank Nutter, President and CEO of the Reinsurance Association of America (RAA), about the state of the reinsurance market, capital growth, a US/EU covered agreement, and growth. According to Mr. Nutter, the market remains highly competitive. Capacity and capital increased in 2016, which contributed to rates being flat to down – a good thing for buyers. Capital …

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 Global Risks Report 2017, published at The World Economic Forum in Davos, features perspectives from nearly 750 experts on the perceived impact and likelihood of 30 prevalent global risks as well as 13 underlying trends that could amplify them or alter the interconnections between them over a 10-year time-frame. This year’s findings include five key challenges that the world …

The insurance industry struggles to attract and retain next generation professionals.  Here, WRIN.tv speaks with Monica Ningen, Head Property Underwriting in the U.S. & Canada at Swiss Re about the Talent Gap in the insurance industry.  She was named to Business Insurance’s list of Woman to Watch in 2015, and shared her thoughts on the misconceptions about a career in …

Amidst accusations that Russia was involved in hacking that affected the U.S. Presidential election, President-elect Donald Trump met with executives from some of the largest technology companies to discuss support for their businesses …once he takes office. Yahoo announced that it had suffered the largest cyber breach in history back in 2013, exposing more than one billion accounts, double the …

With recent earthquake activity in the Pacific and new reports on major risks of loss in North America, insurers are taking note of an exposure that could have devastating consequences. According to Dr. Robert Muir-Wood, RMS Chief Research Officer, the November 22 earthquake off the coast of Sendai, Japan is probably another aftershock triggered by the Tohoku quake in March …

Current stability and underwriting profits are giving way to growing loss trends, investment headwinds and deteriorating profits. Still, that will not be enough to harden insurance markets in 2017, according to Jim Auden, Managing Director & Head of U.S. Property & Casualty at Fitch Ratings The overall industry is “pretty stable” right now, as is Fitch’s ratings outlook. That stability …

“For anyone that doesn’t think politics plays into the business of insurance, they’re wrong.” With the hotly contested U.S. Presidential election looming, WRIN.tv asked several attendees at the recent PCI Annual Meeting about how the outcome could affect the property casualty industry. Here with several points of view are Robert Gordon, SVP of PCI Policy Development and Research, Fred Karlinsky, …

Monica Ningen, Head Property Underwriting US & Canada at Swiss Re, discusses how Hurricane Matthew served as a reminder for insurers. She also addresses the Protection Gap and product development and distribution strategies evolving in the insurance and reinsurance market. Hurricane Matthew, while not as big a loss as was predicted, was a reminder that a big event is possible. As a …

NAMIC’s Chuck Chamness gives an update on St. Baldrick’s, a charity with deep ties to the insurance industry that raises money for childhood cancer research. NAMIC President and CEO Chuck Chamness also serves as Chairman Emeritus of the St. Baldrick’s Foundation, which supports childhood cancer research through unique fund-raising events where volunteers shave their heads to support the cause. Here, Mr. …

The Obama administration reports that the individual health insurance market has been steadily adding healthier and lower-risk consumers. The Centers for Medicare & Medicaid Services says per-member health costs rose between 3 and 6 percent across the U.S. market, with 154 million people getting coverage through their employer, and 55 million people through Medicare. Still, the number of Americans losing Obamacare coverage is adding …

In another edition of ACORD Tech Talk, Chris Ritter of Compare.com discusses how the ability for customers to comparison-shop online will continue to disrupt the insurance industry, first in the auto insurance sector and then in other peronal lines. For more on the technologies shaping the risk and insurance industry, visit the ACORD website.    

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 Assistant Vice President Greg Reisner discusses the rating agency’s ‘negative’ outlook for the global reinsurance sector and the new realities facing the market due to convergence capital and mergers and acquisitions. According to Best’s Assistant Vice President William Pargeans, the life reinsurance segment outlook remains ‘stable’ despite consolidation that has left the market top heavy with lower cession …