FEATURED INDUSTRY NEWS Markets Recent Stories WRIN.tv Newswire Insurance industry joins with UN, World Bank to tackle global risks. 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 … Read More
Companies INDUSTRY NEWS Recent Stories Reinsurance Markets Blue Marble Microinsurance leads industry consortium to develop risk protection in developing world Blue Marble Microinsurance (formerly Microinsurance Consortium and Venture Incubator) was established during the World Economic Forum in January 2015 to provide insurance and risk protection in developing countries. WRIN.tv spoke with Blue Marble CEO Joan Lamm-Tennant during the IIS Global Insurance Forum at the United Nations, about microinsurance, the problems it can address, and where Blue Marble will focus in … Read More
Companies FEATURED INDUSTRY NEWS P&C Recent Stories KPMG Head of Insurance believes public-private partnerships can help close huge protection gap The importance of Public-Private Partnerships (PPP) was a key theme at the Global Insurance Forum. Here, Gary Reader, Global Head of Insurance at KPMG, discusses developments in PPPs, and the importance of collaboration between industry and governments. According to Mr. Reader, there are many issues facing governments today, including climate change, resiliency of infrastructure, and economic stability. Given the … Read More
Legislation/Regulation Global CommFrame is a noble goal, but consistent, sensible insurance regulation is critical James Vickers, Chairman of Willis Re International & Specialty, speaks with WRIN.tv during the 2015 IIS Global Insurance Forum on the impact of regulation, Solvency II equivalency and CommFrame. Mr. Vickers sees Solvency II equivalency as helpful for a number of regimes. He believes regulation is necessary, but commonality will make the load lighter. Mr. Vickers feels CommFrame is noble … Read More
Reinsurance Markets Reinsurance business morphing to manage risk for alternative capital providers WRIN.tv speaks with James Vickers, Chairman of Willis Re International & Specialty, during the 2015 IIS Global Insurance Forum at the United Nations, about the changing mindset toward the use of capital in the industry. He says there is a new model emerging, with regard to the source and use of capital. “There is about $65 billion invested in the … Read More
INDUSTRY NEWS Legislation/Regulation Recent Stories Tom Leonardi on cyber risk regulation, unintended regulatory consequences and goals going forward Tom Leonardi, a Senior Advisor at Evercore and former Connecticut Insurance Commissioner, speaks with WRIN.tv during the recent IIS Global Insurance Forum at the United Nations. He addresses regulator focus on cyber security, regulations that are harming industry growth, and what he feels regulators should focus on. Regulators focus on cyber risk in the wake of Anthem/Premera Blue Cross breach … Read More
Legislation/Regulation Unintended consequences of insurance regulation and U.S. regulatory goals going forward In a speech during the IIS Global Insurance at the United Nations, former Connecticut Insurance commissioner and Senior Advisor at Evercore Tom Leonardi, discussed unintended consequences form some insurance regulation. He says Market Consistent Valuation, for instance, will hurt long-term investment strategies, long-term insurance products. WRIN.tv speaks with Tom Leonardi, a Senior Advisor at Evercore and former Connecticut Insurance commissioner, … Read More
Data/Tech/Modeling EMERGING TRENDS Regulators focus on cyber risk in the wake of Anthem/Premera Blue Cross breach WRIN.tv speaks with Tom Leonardi about regulator focus on cybersecurity during the recent IIS Global Insurance Forum at the United Nations. He is the former Connecticut Insurance Commissioner and now a Senior Advisor at Evercore. According to Mr. Leonardi, until the hack on Anthem and Premera Blue Cross, regulators had not concentrated on cyber risk. Now, he says, the NAIC … Read More
FEATURED INDUSTRY NEWS Markets Recent Stories ICMIF Chief Exec intros “Smart Investing” $3 trillion to help build resilience and sustainable growth Can the insurance industry direct its vast assets under management to invest in socially relevant issues like resilience and disaster recovery? Shaun Tarbuck, Chief Executive of the International Cooperative and Mutual Insurance Federation (ICMIF), addressed the 2015 IIS Global Insurance Forum during a session at the United Nations. He unveiled what he called a “Smart Risk” Investing Framework, which would … Read More
Homeowner/Renter/Auto INDUSTRY NEWS Markets P&C Recent Stories How to finance and protect against extreme events Extreme events can destroy lives, disrupt economies and have devastating consequences to the insurance sector. At the 2015 IIS Global Insurance Forum, WRIN.tv spoke with Professor Howard Kunreuther, a Professor of Decision Sciences and Business Economics and Public Policy at the Wharton Business School. He discussed the role of public-private partnerships in managing risks to extreme events. Highlights of his … Read More
Homeowner/Renter/Auto P&C Multi year insurance policies could stabilize market for extreme risks, like flood exposures Howard Kunreuther, a Professor of Decision Sciences and Business Economics and Public Policy at the Wharton Business School speaks with WRIN.tv about using multi year insurance policies to cover extreme risk. Professor Kunreuther advocates for the use of multiyear insurance policies to pay for extreme risks. He suggests adding a home improvement-type loan to the policy to encourage mitigation. The … Read More
P&C How to include cyber risk in TRIA Howard Kunreuther, a Professor of Decision Sciences and Business Economics and Public Policy at the Wharton Business School, speaks with WRIN.tv about covering cyber risk as part of TRIA. According to Professor Kunreuther, cyber risk needs to be protected by the federal government, for two reasons: There is no way to determine the likelihood is of a cyber-attack The potential … Read More
Homeowner/Renter/Auto Subsidized public-private flood programs should be replaced with risk-based insurance premiums At the 2015 IIS Global Insurance Forum, Howard Kunreuther a Professor of Decision Sciences and Business Economics and Public Policy at the Wharton Business School, discussed the need for public-private partnerships for flood insurance. Professor Kunreuther sees flood risk in need a better public-private partnership program. With flood insurance, you now have highly subsidized rates with no discounts, even if … Read More
Homeowner/Renter/Auto P&C Extreme events like earthquake, flood and terror, require “public” participation in insurance Howard Kunreuther a Professor of Decision Sciences and Business Economics and Public Policy at the Wharton Business School, describes the type of risks associated with extreme events. He describes an extreme event as “an event that has a very low probability of occurrence, but …can create very serious consequences.” Three examples of an extreme event include flood risk, terrorism and … Read More
Accident/Disability INDUSTRY NEWS Life Insurance Markets P&C Recent Stories EY Insurance Leader looks at aging populations, regulation, cyber and other issues facing the sector Shaun Crawford, Global Insurance Sector Leader at Ernst & Young, spoke with WRIN.tv at the 2015 Global Insurance Forum, about major issues facing the insurance industry, including an aging population, regulatory changes, data and cyber risk…and more. Highlights of his discussion include: The challenges of an aging population and the burden it places on the healthcare system Regulatory standards could … Read More
Claims Management Data/Tech/Modeling EMERGING TRENDS Homeowner/Renter/Auto Life Insurance Growth opportunities exist for insurers in aging population and improved info on CAT events Shaun Crawford, Global Insurance Sector Leader at Ernst & Young, speaks with WRIN.tv during the 2015 Global Insurance Forum, about growth opportunities presented by demographic changes and ways to prevent catastrophes. Mr. Crawford sees opportunity for insurers in changing demographic and retirement. When a person retires in a developed market at 60-65 years of age, they will likely live another … Read More
Data/Tech/Modeling EMERGING TRENDS Insurers look to control their own cyber risk while finding ways to cover their clients Shaun Crawford, Global Insurance Sector Leader at Ernst & Young, spoke to WRIN.tv during the 2015 Global Insurance Forum, about challenges the insurance industry faces in managing data while helping its clients manage cyber exposures. According to Mr. Crawford, the insurance industry has not been very good at managing data and its integrity. Insurance carriers have many data sources and … Read More
Legislation/Regulation Regulatory standards could make it harder for international insurers to compete in local markets At the 2015 Global Insurance Forum, WRIN.tv spoke with Shaun Crawford, Global Insurance Sector Leader at Ernst & Young, about the impact of Solvency II on regulatory standards around the world. He comments on the EU endorsement of insurance rules used in seven countries, including the U.S., Switzerland and Bermuda, saying it raises the level of how insurers are analyzed … Read More
Accident/Disability The challenges of an aging population and the burden it places on the healthcare system Shaun Crawford, the Global Insurance Sector Leader at Ernst & Young spoke to WRIN.tv during the recent Global Insurance Forum about the aging population and in its impact on the healthcare system and the insurance sector. Mr. Crawford points to a number of challenges related to an aging population. In undeveloped markets, there is a younger population moving to middle … Read More
CONSUMER RISK Homeowner/Renter/Auto Recent Stories Health risks and aging populations require governments, insurers and providers working together Jay Sheehy, Global Head of Health Consumer Business at AIG, spoke with WRIN.tv about the aging population and its impact on the health insurance market during the 2015 Global Insurance Forum in New York. It is a growing issue for governments and the insurance industry around the globe. Mr. Sheehy points to a number of trends affecting health and populations … Read More