The uptick in GDP has had a positive impact on the insurance industry, according to Laura Favinger, Chief Administrative Officer for the Insurance Information Institute (III). In the first half of 2018, insurance carriers nearly doubled their net income over the same period in 2017. The III sees exposures broadening a bit due to business development, consumer consumption and construction, …

NAMIC President & CEO Chuck Chamness comments on the major disruptors affecting the insurance industry, during the 2018 Joint Industry Forum.  While he notes technology is a considerable disruptor, he suggests public policy and the political environment within Washington and the State capitals may be the biggest factor affecting insurers.  He sees the populist movement creating difficulty for an industry …

Pypestream Chief Customer Officer, Donna Peeples, discusses realities insurers face as disruptive innovation creates greater symmetry between insurance companies and consumers. According to Ms. Peeples, in recent years, “the pendulum of control has swung hard away from brands in favor of customers.” Over the past hundred years, insurance has been a “low interest, low involvement category.” Insurers need to thing …

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 …

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 …

Last week on World Risk and Insurance News…. Monday Morning Headlines from SNL Insurance featured NAIC’s IT guidance for Cybersecurity; Florida’s Governor seeking advice on new insurance commissioner; the PartnerRe/AXIS Capital merger is expected to create the 5th largest P&C reinsurer, ACE’s CEO commenting on consolidation in reinsurance , Progressive’s declining  agency auto business, and Travelers’ ascent. Retired General Keith …

Through a special arrangement with ACORD, WRIN.tv offers a glimpse of what went on during the CEO Panel that took place during the Joint Industry Forum in New York.  On the panel were Paula Downey from  California State Auto, Jaime Tamayo from MAPFRE U.S.A., Christopher Swift from The Hartford, Steven Linkous from The Harford Mutual Insurance Companies, Thomas Lawson from …

Through a special arrangement with ACORD, WRIN.tv offers a glimpse of what went on during the Expert Panel that took place during the Joint Industry Forum in New York.  On the panel were V.J. Dowling from Dowling & Partners, Thomas Leonardi from Evercore Partners, Matthew Mosher from A.M. Best, Howard Kunreuther from the Wharton School, Randy Kunreuther from the law …

Howard Mills is a Senior Advisor at Deloitte. Recently, he spoke with WRIN.tv about issues surrounding capital in the (re)insurance industry, as well as global and U.S. regulatory efforts to develop appropriate capital standards. Mr. Mills says the impact of “new capital” coming into the insurance market is a key issue in 2015. He wonders if new entrants into the …

Last week on WRIN.tv… Monday Morning Headlines from SNL Insurance featured President Obama  State of the Union The Department of Homeland Security and a cyber incident repository for insurance companies The New York Department of Financial Services and IT exam guidance for insurers The NAIC’s announced a new  chair for its International Insurance Relations Committee KKR’s deal to acquire QBE’s …

“Technology and the Web have definitely affected the work environment”, according to Sharon Emek, CEO & President of WAHVE.  Laptops enable employees to work from virtually anywhere, eliminating the need to have people work in a particular office or cubicle.  Ms. Emek suggests executives manage more by results and less on the work environment. “Imagine (a) work environment at home …

World Risk and Insurance News speaks with Roger Morris from the National Insurance Crime Bureau about developments in workers camp fraud, cybercrime, auto theft and medical fraud.  Among the hot topics he discusses: “Malingering” driving up workers comp fraud in the U.S. Insurance Industry wants NICB to get more involved in cybercrime Vehicle theft is down, though non-traditional theft is …

One of the biggest concerns for insurance companies today is medical fraud, tied to the medical component of an auto policy.  Roger Morris from the National Insurance Crime Bureau, says common approached to fraud include staged accidents, victim recruitment, and billing fraudulent claims through health clinics, particularly in No Fault States like New York, Florida and Michigan. He says “there …

Cargo theft takes up a lot of attention at the National Insurance Crime Bureau (NICB), according to NICB Chief Communications Roger Morris. “Why steal from a bank and risk 30 years in prison for $10,000, when you can steal a load of cargo for a million dollars and very little chance of being caught?” Many hard-core thieves have moved from …

Vehicle theft continues its downward trend. That’s the good news, according to Roger Morris from the National Insurance Crime Bureau (NICB).  He says the most recent figures from 2013 put vehicle theft in the United States fell below 700,000 – the lowest t’s been in many years. It is particularly good since there are more cars on the road, a …

Roger Morris from the National Insurance Crime Bureau (NICB) tells WRIN.tv that cybercrime and Identity Theft are “huge problems. The NICB Chief Communications Officer. A recent survey of insurance companies has now officially engaged the NICB. According to Mr. Morris, the insurance industry is principally concerned with Identity Theft.  During the underwriting and/or claims proves, Mr. Morris says it is …

Roger Morris, Chief Communications Officer at the National Insurance Crime Bureau (NICB) says employees who take advantage of the system are driving up workers compensation costs in the United States. Mr. Morris notes that “malingering” is a major contributor to fraud in workers comp.  Malingering happens when an employee collects indemnity checks and drives up medical costs beyond the period …

Tom Leonardi, former Connecticut Insurance Commissioner and now with Evercore Partners, commented on two legislative issues for the Affordable Care Act (ACA) in 2015: a bill attempting to change the definition of “Full Time Employee”, and an court appeal to reverse a decision on payment of subsidies to buyers of health insurance on the Federal exchange. The new definition of …

Former Connecticut Insurance Commissioner Tom Leonardi speaks with WRIN.tv about the alternative capital that has come into the (re)insurance industry. Mr. Leonardi joined the investment banking firm of Evercore Partners in January. He mentioned a survey that said the influx of capital into the property-casualty market, through CAT Bonds or ILS, was one of the top disruptive forces in the …