AM Best TV – APCIA: Insurers Should Not Be Liable for Pandemic BI Losses, Now or Ever
Robert Hartwig, director, Risk and Uncertainty Management Center, University of South Carolina, and Robert Gordon Sr., vice president, APCIA, discuss their white paper on pandemic economic losses amid plunging demand for services (Oct. 28, 2021).
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Recent episodes of AM Best TV include:
AM Best: COVID-19, Social Inflation, Cat Activity Shape Reinsurance Environment
Ghislain Le Cam, director, analytics, AM Best, said firmer pricing could improve some reinsurers' results. Le Cam was interviewed at AM Best's Insurance Market Briefing Europe in London (Oct. 27, 2021).
Cyber Insurance Market On Track to Reach $20 Billion by 2025
Record premium growth in the cyber insurance market is largely due to "a rapidly developing risk landscape," driven by ransomware and people working from home, Alex Rafferty, associate director, analytics, said at AM Best's Insurance Market Briefing Europe in London (Oct. 26, 2021).
AM Best: Global Reinsurance Capital Grew in 2020, Despite Volatile Investment Markets
Dedicated reinsurance capital reached an estimated $517 billion in 2020, an increase of $35 billion over 2019, AM Best Director, Analytics, Mathilde Jakobsen said at the AM Best Insurance Market Briefing Europe in London (Oct. 25, 2021).
AM Best: Global Risks Becoming More Complex, Nat Cat Costs Rising
Emerging and intangible risks are expanding and natural catastrophe costs are also rising, AM Best Senior Director Catherine Thomas said at AM Best's Insurance Market Briefing Europe in London. COVID-19 demonstrates the interconnected nature of global risk, she said (Oct. 22, 2021).
AM Best: Number of Rating Actions Indicate Insurance Industry's Stability
Rating actions over the last 12 months accounted for less than 5% of companies rated by AM Best, indicating "a very stable industry," said AM Best Managing Director, Analytics EMEA & Asia Pacific, Greg Carter. He presented at AM Best's annual Insurance Market Briefing Europe on October 20 in London (Oct. 21, 2021) .
Skan's Misra: Insurers Have Evolved 10 Years Technologically in the Last Year and a Half
Pressure to utilize advancing technology and the availability of AI and machine learning are driving the technological transformation, said Avinash Misra, CEO and co-founder, Skan.ai (Oct. 20, 2021).
Mitchell International: Indemnity Claims Dominate During Pandemic
Data shows that 73% of COVID-19 workers' compensation claims since the beginning of the pandemic were indemnity only, said Tina Queen, senior manager of product management, Mitchell International. Indemnity claims are lost wages expected to be paid to a worker recovering from a work-related injury or illness (Oct. 19, 2021).
Beazley: US Executives Feel Better Prepared to Handle Cyberrisk Than Their UK Counterparts
In general, "business leaders feel quite resilient and prepared for these risks," said Raf Sanchez, global head of cyber services, Beazley, referencing a new study (Oct. 18, 2021).
New App Reminds Consumers to Shop Around When Car Insurance Renews
Carinsurance.com has a new app that can remind consumers when their car insurance is up for renewal, and gives them a tool to shop for new coverage, said Penny Gusner, senior consumer analyst, carinsurance.com (Oct. 15, 2021).
Breeze: One-Third of Americans Would Get Vaccinated if Insurers Raised Costs for the Unvaccinated
A new survey concludes that higher premiums or out-of-pocket COVID-19 medical care costs would motivate many Americans to get vaccinated, said Mike Brown, director of communications, Breeze (Oct. 14, 2021).
AM Best Analysts: US Title Insurance Premium Saw Historic Growth in 2020 Despite COVID-19
Kourtnie Beckwith, financial analyst, and Ann Modica, associate director, both of AM Best, said historically lower borrowing rates and elevated demand have contributed to the segment's largest annual premium increase since 2012 (Oct. 13, 2021).
Author: Insurance 'Entangled With the Political Conflicts of the Time'
When researching her new book, "Underwriters of the United States -- How Insurance Shaped the American Founding," Hannah Farber, assistant professor of history at Columbia University, discovered insurance to be woven through historical intrigues and adventures on the high seas (Oct. 12, 2021).
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