Published: June 2021

Winds of Change

AM Best TV & Audio: III: Retrofitting Buildings to Withstand Earthquakes Can Save Lives and Reduce Claims: Also, industry professionals discuss venture capital in insurtech and how most HVAC claims can be settled via repair instead of replacement.

AM Best Webinars: How to Minimize Difficulty and Better Understand Regulatory Filing Responsibilities: Professionals also discuss flood risk and how a better set of data tools is necessary for commercial underwriters to compete effectively.

App Store: App Helps Resolve Personal Injury Claims Efficiently, Without Going to Court: PainWorth researches relevant case law to find comparable judgments, said CEO and co-founder Mike Zouhri.

Asset Management: Insurers Scrambling to Switch Benchmarks Used for Setting Short-Term Interest Rates of Investments and Debt: The impending LIBOR cessation has forced a major shift for entitities used to the London Interbank Offered Rate, which has been the standard since 1986.

At Large: Insurers and Government Partners Can Work Together to Facilitate a Green Future: Reducing greenhouse gases and insuring at-risk communities can mitigate climate change.

Book Store: Author Finds New Technologies, Startups ‘Amazing’ and Full of Possibilities: Rob Galbraith’s book also addresses changing customer expectations and the demands of a millennial workforce.

Caribbean Insurers: New Trinidad & Tobago Insurance Rules Finally Implemented in 2021: New rules take effect a decade after they were proposed.

Catastrophes: A Framework to Assess the Role of Insurance in Future Pandemics: Insurers must establish a dialogue with policymakers to manage the risks of impending contagions.

Catastrophes: Guy Carpenter: Community-Based Catastrophe Insurance Can Close Protection Gap: Andy Read, public sector practice vice president, also said this innovative cover can help local governments provide affordable policies to residents.

Catastrophes: Hail, Wind and Fire: Extreme Weather Drives Up Rates for : Insurers also are increasing deductibles and placing sublimits in policies.

Catastrophes: Winds of Change: Derechos, Snowstorms and Other Catastrophes Are Becoming a Growing Problem for Insurers: This year’s deep freeze in Texas and last year’s derecho in the Midwest have gotten insurers talking about and moving toward better modeling, risk selection and pricing.

Corporate Changes: Name Changes, Mergers and Acquisitions, and State Action: GuideOne and Cigna Life among the U.S. insurers that saw a corporate change.

Executive Changes: Axa Veteran Breitburd Takes the Reins at Lloyd’s Europe as CEO Steps Down: Also, Indiana’s longest-serving insurance commissioner leaves, and Gary Gensler is confirmed as head of the Securities and Exchange Commission.

From the Editor's Desk: Catastrophes Generate Surprise Losses, Damage Renewable Energy Projects: This month’s issue also includes coverage of the LIBOR cessation, the outlook for fall events and the role of insurance in future pandemics.

Greening of Asset Management: Asset Managers See Rising Insurer Interest in Values-Based Investing: The push comes from a wide range of constituencies—the C-suite, shareholders, bondholders, employees, regulators and rating agencies.

Industry Events: Conference Organizers Say Live Events Could Resume in Fall: Many industry leaders welcome a return to in-person networking and in some cases, international travel to meetings.

Industry Updates: Property Insurers in Florida Are Pulling Back and Hiking Rates as Litigation Costs Surge: Carriers say Florida laws are tilted in trial lawyers’ favor, despite attorney fee limits in the 2019 reform of its Assignment of Benefits law.

Insurance Marketing: Seasons of Change: The Rise of a Corporate Rebrand and a Renewed Partnership: Marsh McLennan has a new look, and AIA Singapore continues its sponsorship of men’s soccer for two more seasons.

Life Insurance: U.S. Tax Changes Could Make Life Insurance More Popular: Changes to Section 7702 of the IRS tax code allow life insurance policyholders to squirrel away more cash at lower death benefits, effectively transforming policies into retirement vehicles in addition to, or instead of, protection.

Next Wave: Four Ways to Tout Insurance Careers and Recruit Talent: Connecting with elementary, high school and higher ed students can help companies find potential employees or at least inspire some to pursue a path in the industry.

Technology: Property/Casualty Carriers Invest in Bitcoin Services Company NYDIG: Outgoing TransRe CEO appointed to lead insurance segment.

Technology: The (Opt) Ins and Outs of Embedded Finance: Piggybacking is an effective way to reduce customer acquisition costs, but picking the right strategy and partner is a critical first step.

The Last Word: Professional Sports Teams Move Off the Field and Into the Courtroom Over COVID-19 Claims: Lost revenue caused by pandemic-related shutdowns has sparked a rise in litigation against insurers over the failure to pay for business interruption losses.

Trending: Best's Research: Trending Research Includes a Report on Delegated Underwriting Authority Enterprises: AM Best also comments on P/C and Life/Annuity industries as well as insurer defined benefit plans and the insurance markets in Mexico and Trinidad & Tobago.

What AM Best Says: AM Best: Rise in Litigation Complicates Improving Directors and Officers Market: The sector’s profitability has been particularly hit from lawsuits related to the COVID-19 pandemic and social issues, said Sridhar Manyem, director, industry research and analytics, AM Best.

What Readers Say: We Shouldn’t Rush Back to Pre-COVID Office Life: A reader shares his thoughts on how COVID-19 was “an unplanned catalyst of change for those in the office workspace.”