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 …

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 …

  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 …

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 …

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 …

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 …

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, …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …