A.M.BestTV: Insurers Identify Wide Range of Emerging Risks

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FOR IMMEDIATE RELEASE

OLDWICK - MARCH 23, 2015 02:38 PM (EDT)
This ^A.M.BestTV episode looks at the 2015 CPCU Society Reinsurance Symposium, which recently took place in Philadelphia, PA. At this year's symposium, insurers and reinsurers identified cyber liability, accumulation risk, regulatory issues and contract wording as leading issues.

"Cyber liability is the number one issue confronting attendees. Everyone wants to know how big this problem is going to become, since there have been some significant breaches in the corporate world,' said Todd Cunningham, head of strategic risk solutions at Zurich North America. "It is definitely a subject that boardrooms are confronting their risk managers with. Executives want to know: do we have enough coverage, how is this problem going to play out and what kind of preventive measures are we taking."

Frank Nutter, president at Reinsurance Association of America, addressed one growth opportunity that is available. "Routinely, when I speak to reinsurance companies and brokers, flood insurance emerges as their first opportunity for growth. To that end, the industry is trying to position itself to undertake that topic by developing flood models and working with the federal government to incorporate better sharing of data as well as funding and passing legislation that improve flood management."

Other people who appear in this episode include:

• Nancy Bewlay, head of North American Casualty, Swiss Reinsurance Corporation;


• Clive O'Connell, partner, Goldberg Segalla;


• Connor Harrison, director of custom products, The Institutes; and,


• Fred Karlinsky, attorney, Greenberg Traurig.

Click here to view the entire video program: http://www.ambest.com/v.asp?v=cpcu315.

Recent episodes of ^A.M.BestTV include:

• Cyber Risk Information Sharing Takes Spotlight in Congress: In Washington, D.C., insurance executives addressed U.S. senators concerning their general support of legislation that will reduce barriers to the sharing of cyber risk information. However, although these executives generally support the bill, they did warn that not all exposures can be covered by private insurance: http://www.ambest.com/v.asp?v=cyber315.


• Axis' CEO Albert Benchimol: PartnerRe Deal Will Move Company Up: An interview with Albert Benchimol, president and chief executive officer at Axis Capital Holdings Limited, who looks at the upcoming closing of the merger between two equals, his company and PartnerRe Ltd: http://www.ambest.com/v.asp?v=benchimo315.


• Younger Managing General Agents Make Their Pitch to Global Markets: Recently the members of the American Association of Managing General Agents' Under 40 Organization visited with Lloyd's and London market representatives, where the members received a better understanding of the market and how it operates: http://www.ambest.com/v.asp?v=aamga315.


• Insurer Turns to Arson Dogs to Sniff Out and Prevent Crimes: State Farm Mutual Automobile Insurance Company's Arson Dog Program, trains dogs to sniff out accelerants, giving fire and law enforcement agencies a powerful weapon to fight arson and ultimately reduce claims: http://www.ambest.com/v.asp?v=arson315.

^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.

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