Best’s News & Research Service - January 19, 2018 08:51 AM (EST)
A.M. BestTV: Property/Casualty Insurers Brace for New Risks, New Technology and Plentiful Capital
- January 19, 2018 08:51 AM (EST)
Oldwick //BestWire// - In this A.M.BestTV episode, insurance leaders at the 2018 Insurance Information Institute Joint Industry Forum in New York said 2017’s wave of catastrophes barely dented the industry’s financial posture, but a host of new risks, technologies and competitors await. Click on http://www.ambest.com/v.asp?v=pcjf118 to view the entire program.
Attendees at the 2018 forum said they were really concerned about the various facets of disruption and how these will impact the industry in 2018.
“I think 2018 is the year that the industry answers some of the questions around how these new challenges are impacting the insurance industry,” said Andrea Keenan, senior managing director - industry relations, A.M. Best. “I think by the end of the year, we should have a clearer picture of what insurance technology is going to do to disrupt the industry.”
“The outlook for the industry is bright,” said David Sampson, president and chief executive officer, Property Casualty Insurers Association of America. “Look at how well the industry performed in 2017, in the mist of two historic storms, and yet, there were no regional or national media stories targeting the industry in either Florida or Texas. That is truly a testament to how well the industry responded to the policyholders in those states.”
Joshua Motta, co-founder & chief executive officer, Coalition, Inc., believes that the big story of 2018 is going to be the growth in cyber crime, since more and more companies are going to experience it. “One emerging trend is an explosion in the coordination by criminal actors on the Internet. There are marketplaces where criminals from all over the world can collude to launch attacks. So the business models for crime will continue to evolve.”
Other people that appear in this episode:
- Sean Kevelighan, president and chief executive officer, Insurance Information Institute;
- Paul McCaffrey, chief financial officer, CSAA Insurance Group;
- Dan Riordan, president, political risk, credit and trade, XL Catlin;
- Howard Mills, director & chief advisor, insurance industry group, Deloitte;
- John Huff, president & chief executive officer, Association of Bermuda Insurers and Reinsurers;
- Julie Rochman, president & chief executive officer, IBHS; and
- Mark Watson III, president and chief executive officer, Argo Group International Holdings.
For full video coverage of the 2018 Insurance Information Institute Joint Industry Forum, including exclusive executive interviews, click on the “Interviews” tab at http://www.ambest.tv.
Recent episodes of A.M.BestTV include:
- Record California Wildfire Season Puts Spotlight on Insurers: A.M. Best Financial Analyst Lewis DeLosa and Industry Analyst Bobby Skrabal examine the impact of recent catastrophic wildfires in California, including how these fires might affect insurance underwriting, modeling and reinsurance: http://www.ambest.com/v.asp?v=wildfires118 .
- Series Highlights Program Administration Industry: Taking It Slow on Tech But Moving Fast to Stay Ahead: Highlights from the most-recent survey research project by the Target Markets Program Administrators Association on the size and dynamics of the program business market:
Part one: http://www.ambest.com/v.asp?v=tmpaapanel1118 .
Part two: http://www.ambest.com/v.asp?v=tmpaapanel2118 .
Part three: http://www.ambest.com/v.asp?v=tmpaapanel3118 .
A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html . View A.M.BestTV episodes at http://www.ambest.tv.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.