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 …

Autonomous vehicles will have a huge impact on the personal insurance industry. Automation, robotics and the potential for on-shoring of manufacturing could have a major impact in the commercial insurance space. That, according to Kevin Surace, renowned American technology innovator, speaker, creator of a AI Based Software QA platform, and Inc. Magazine’s 2009 entrepreneur of the Year. He adds that …

According to James Dodge, the “umbrella disruptors” to the insurance industry are the Internet of Things (IoT) along with the data it provides and the cyber risk that is inherent. Mr. Dodge is Practice Leader, Advanced Analytics & Data Solutions at Milliman. He sees profound changes in computing technologies and the “as a service cloud business model” mitigating the advantages …

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 …

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 …

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 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. …

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 …

New York, November 28, 2016: New risks such as cyber incidents and data privacy, rising regulator and shareholder activism and the influence of third party litigation funders are putting corporate leaders under more pressure of falling foul of investigations, fines or prosecution over alleged wrongdoing, according to a new risk report by Allianz Global Corporate & Specialty (AGCS), a leading …

Businesses Opting To Buy Policies That Reflect Sizable Economic Costs Of Cyberrisk NEW YORK, November 10, 2016 — U.S. insurers are becoming more skilled at underwriting and pricing stand-alone cyber insurance policies as businesses show a greater interest in protecting themselves from data breaches and attacks, according to the Insurance Information Institute (I.I.I.). “More than 60 carriers offer stand-alone cyber …

WRIN.tv speaks with Arthur Dougherty, SVP at Holborn, about new technologies, terror risk and emerging markets in cyber risk, flood and mortgage insurance. Hurricane Matthew could have had a big impact on the reinsurance market, but it changed course and the size of the loss will not have an effect on the market. While some cedents may have significant losses, …

Sustained increases in casualty pricing in the auto insurance lines are due in part to losses penetrating primary insurance and penetrating the umbrella level. That, according to Gerry Skalka, SVP and Head of Casualty Underwriting at Munich Re. He also notes higher awards from jury verdicts are having an impact on casualty pricing. He remains confident that the market will …

The top three challenges facing reinsurance underwriters today are too much supply versus demand, new technology and data, and cyber risk. That, according to Martin Neuhaus, Chief Underwriting Officer of the Reinsurance Division at Munich Re America. Mr. Neuhaus says the oversupply of capital demands discipline from underwriters, and new technology and the amount of data now available require underwriters …

 THE INTERNATIONAL ASSOCIATIONS OF ENGINEERING INSURERS  PRESS RELEASE  Cyber risk; silent threat underestimated by engineering insurance Doha, Qatar – 4 October 2016 – The Internet of Things (IoT) and cloud computing have a direct influence on the engineering insurance risk landscape but are being underestimated by underwriters according to The International Association of Engineering Insurers (IMIA). A specialist working group …

According to Symantec,  a record-setting nine mega-breaches were reported in 2015, each compromising more than 10 million records. But cybercrime affects more than just large companies. Microsoft says 20 percent of small to midsized businesses have been victims of cybercrime as well..  Fitch estimates the 2015 cyber insurance market to be close to $1 billion in direct written premium, and estimates the …

The 2016 Monte Carlo Rendez-vous drew many of the industry’s top reinsurance professionals to discuss the state of the market. The top ratings agencies also released their verdict on the market. A.M. Best maintained its negative outlook due to weak operating fundamentals exacerbated by continued weakened demand from primary insurers as they retain more business to leverage their own excess capacity. According to …

In this edition of WRIN.tv Headline News (click on the headline for the full story): • The 2016 Olympics are underway thanks in part to insurers writing over a billion dollars in coverage for terror, crime, safety and the Zika virus  • The augmented reality game Pokemon GO is spawning lawsuits and liability questions • A new RIMS Report provides …

In a new report, the Council of Insurance Agents and Brokers (CIAB) says Commercial Property-Casualty rates decreased by an average of 3.9 percent in the second quarter of 2016. Carriers appear to be pricing new business aggressively, while trying to hold rates steady on renewals. According to CIAB President & CEO Ken Crerar, The Council is keeping a close eye …

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 …

NAIC CEO Senator Ben Nelson gave the keynote address at the NRRA Annual Conference in Chicago. Here, he discusses his participation in the meeting and how relations between NRRA and the NAIC could improve going forward. Senator Nelson was happy to participate in the meeting to help build a better understanding between NRRA and RRGs and the NAIC and State …