Chuck Chamness, President and CEO of the National Association of Mutual Insurance Companies (NAMIC), says the industry can take a victory lap after renewal of the Terrorism and Risk Insurance Act (TRIA) for seven years. Social Inflation and “nuclear verdicts” are on everyone’s mind now, according to Mr. Chamness, and NAMIC is studying the causes and potential solutions to judgments …

New York Insurance Association (NYIA) Vice President Cassandra Anderson provides insights into the challenges and opportunities facing New York insurers, including consumer needs, technology, and emerging regulatory and legislative issues. Ms. Anderson believes among the biggest issues facing companies are ever-changing and diverse consumer needs, particularly in a highly regulated environment where change can be slow. Insurtech, including innovations in …

National Association of Mutual Insurance Companies (NAMIC) President and CEO Chuck Chamness shared his thoughts on recent legislative successes and challenges during the recent NAMIC’s Annual Convention in National Harbor, MD. Mr. Chamness highlighted the Disaster Recovery and Reform Act (DRRA), signed into law in 2018, as a significant legislative success benefitting insurance companies and the members they serve. DRRA, …

Chuck Chamness, CEO of the National Association of Mutual Insurance Companies (NAMIC), discusses the challenges of working with a new Congress. He notes that there several major issues to address with the House Financial Services Committee, Senate Banking and the Trump Administration such as the National Flood Insurance Program (NFIP) and the Terror Risk Insurance Act (TRIA). Mr. Chamness points …

The year was 2000, and the annual reinsurance industry’s St. Patrick’s Day party, held at Jim Brady’s pub in Manhattan, becomes the first St. Baldrick’s event. The goal of shaving 17 heads and raising $17,000 turns into 19 bald heads and $104,000 donated to fund the research of the Children’s Oncology Group. NAMIC CEO Chuck Chamness explains the history of the …

Chuck Chamness, President and CEO of the National Association of Mutual Insurance Companies (NAMIC) admits insurance is a challenging business, and it’s changing rapidly. Among the contributing challenges facing the industry is technology, which is increasing the speed of change. The talent gap presents issues for companies looking to replace retiring workers while attracting a new generation of professionals. He …

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 …

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 …

WRIN.tv spoke with Chuck Chamness, President and CEO of the National Association of Mutual Insurance Companies (NAMIC), about the state of the Mutual insurance sector. Mr. Chamness says 2016 was a good year for Mutuals; it was a good year for the insurance industry overall. Most Mutuals had profitable years and growth. He does, however, point to several challenges facing …

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 …

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. …

Truman Esmond, VP of Customer Engagement at American Association of Insurance Services (AAIS), discusses technology trends affecting insurers, and how they will shape target marketing and the customer experience going forward. Speaking from the 2016 NAMIC Convention, Mr. Esmond says insurers are concerned about several major issues including technology and data, challenges with the customer experience, traditional and nontraditional competitors. He says the hottest trends affecting insurance products surround the …

Bryon Ehrhart , Global Head of Strategic Growth & Development at Aon Benfield, discusses the threats and opportunities in today’s insurance market. Mr. Ehrhart says the threats do not surround the same issues faced 20 years ago after Hurricane Andrew and the Northridge Earthquake.  Now that the industry has managed the risk down to lower levels of earnings and capital, …

AAIS President and CEO Ed Kelly speaks with WRIN.tv about technology challenges and opportunities posed by “disruptors.” While ‘retaining talent’ and ‘competition’ are among the major issues facing all insurers, Mr. Kelly sees technology as the biggest challenge. He says cyber risk is on everyone’s mind, particularly CEOs. Unfortunately, much of the focus for insurers revolves around legacy systems, and should be more about …

WRIN.tv spoke with NAMIC President and CEO Chuck Chamness during the Annual Convention of the National Association Mutual Insurance Companies in Vancouver. Mr. Chamness sees the creep of international regulation and technology among the issues facing mutual, and all insurers today. Technologies, he says, can provide ways for Mutuals to stay in touch with the customers…to help policyholders feel part …

Shaun Tarbuck, Chief Executive of ICMIF, the International Cooperative and Mutual Insurance Federation, comments on the growth in market share among Mutual Insurers, as reported by Swiss Re in a recent Sigma Report.  He sees three main reasons for the expansion: Trust, Improved Marketing, and greater customer awareness of alternatives that are “mutual.” Mr. Tarbuck also address challenges Swiss Re …

In this segment of a full-length interview with Shaun Tarbuck, the ICMIF Chief Executive  comments on the growth in market share among Mutual Insurers, as reported by Swiss Re in a recent Sigma Report.  He sees three main reasons for the expansion: Trust, Improved Marketing, and greater customer awareness of alternatives that are “mutual.” Mr. Tarbuck also address challenges Swiss …

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 …

The evolution and innovation in drone technology appears to be outpacing the regulatory process. While initial FAA regulations for commercial drone use go into effect by the end of August, the FAA has assembled an Unmanned Aircraft Safety Team to assess drone-use more closely. The FAA’s Safety Team will provide recommendations to ensure that drones do not put people or …