Parametric Progress
AI Question: Leading AI Platforms Disagree on Pinpointing Industry’s Most Pressing Issue: Artificial intelligence’s large language models have different takes on what is the single biggest issue facing today’s insurance industry.
AM Best TV & Audio: IBI Officials: Prevalence of Long COVID Spurs Increasing Disability Claims, Work Absences, Health Expenses: Also, professionals examine challenges facing farm bureau insurers and discuss the importance of a nonjudgmental workplace environment.
AM Best Webinars: Insurance Adjusters Panel Explores Strategies for Building, Retaining Experienced Workforce: Professionals also examine auto insurance quote manipulation and discuss issues expected to affect the insurance industry this year.
AM Best’s Media Program – Publisher: In Other News ...: A roundup of news from publishers around the globe. Access to some sites may require registration or subscription.
Artificial Intelligence: AI-Powered Prying in Social Media Raises Ethical Concerns in Insurance: With social media turning life into an open book, the temptation to use artificial intelligence to gather lifestyle information is great when assessing risks or preventing fraud, insurance leaders say.
Asia-Pacific Insurers: AM Best: China’s Motor Segment Regains Growth Momentum: AM Best is maintaining a Stable outlook on China’s non-life insurance segment. The non-motor lines of business will likely be the main drivers of growth, according to a Best’s Market Segment Report.
At Large: The Impact of Technology on Insurance: Past, Present and Future: Insurers can benefit by taking a quantitative approach to the impact of technology in the industry over time.
Best's Rankings: Asia-Pacific: Largest Asia-Pacific Insurers – 2024 Edition: Ranked by 2022 gross premiums written.
Birnbaum Interview: After More Than 20 Years, Birnbaum Ends Run as NAIC Consumer Rep: Over the years, David “Birny” Birnbaum said he achieved some successes on issues such as credit-related insurance, lender-placed insurance and mortgage guarantee insurance. He also cited efforts to expand the data regulators collected through market conduct examinations and to test for racial bias in artificial intelligence.
Book Store: Authors: Cultivating Effective Habits Can Produce Fruitful Results: Q4intelligence’s Kevin Trokey and Wendy Keneipp discuss methods to grow a business and how to thrive.
CEO Interview: New Syndicate Tackles Carbon Credits Advancing Climate Goals: Voluntary carbon credits are tradable intangible instruments issued by a carbon crediting program. A carbon credit represents one metric ton of carbon dioxide reduced, removed or avoided in the Earth’s atmosphere.
Executive Changes: State Farm Promotes Chief Financial Officer to President as Chairman-CEO Announces Impending Retirement: Northwestern Mutual names successor to retiring CEO, CVS Health appoints permanent CFO and Great West Lifeco leadership shifts as president steps down.
From the Editor’s Desk: Uncovering Tomorrow’s Risk Challenges: The April issue reports on emerging risks and growing interest in parametric insurance to tackle less-insurable risks. Best’s Review also asked AI platforms about the industry’s most pressing issue. This issue also includes a ranking of the largest Asia-Pacific insurers.
Insurance Media: For Insurance Dudes, Podcast Is Totally Awesome Way To Connect With Agents: Hosts Craig Pretzinger and Jason Feltman discuss how The Insurance Dudes Podcast attempts to help with the challenge of running a consistently profitable and productive agency that can be—from one dude to another—the life of the party.
Insurance Professional Resources: Connecticut Law Firm Wins Defense Verdict: Russo & Gould successfully defended a case against a restaurant, where a person fell and sought an award of $23 million in damages.
Insurance Professional Resources: Two Cooper & Scully Attorneys Certified in Texas Insurance Law: The lawyers are among the first group in Texas to receive certification in the specialty of insurance law by the Texas Board of Legal Specialization.
Issues & Answers: ISSUES & ANSWERS: Risk Analytics, Data and AI: Insurers discuss how they’re collecting data and utilizing technology to push the industry forward.
Life Insurance: Best Interest: California Governor Signs Legislation Requiring ‘Best Interest’ Standard To Reveal Charges on Annuity Sales: Under terms of the new law, producers will be required to act in the best interests of clients by disclosing how the transaction would benefit them and revealing any hidden fees or charges.
Life Insurance: Genetic Testing: Delaware Bill Would Ban Life Insurers From Buying Some Consumer Data: The bill would bar life insurers from nonrenewing or rejecting applications based on genetic characteristics, genetic information or the result of any genetic test not in a medical record as a basis for an individual’s medical diagnosis.
Life Insurance: PPLI: Senate Committee Report: PPLI Is a Multibillion-Dollar Tax Giveaway: An 18-month investigation found the domestic private placement life insurance market amounts to a $40 billion tax shelter for a few thousand individuals with a net worth of hundreds of millions or billions of dollars each.
Parametric Insurance: Parametric Insurance Contracts May Apply to Tougher Risks: Parametric insurance contracts, which offer objective “trigger events” and quicker payouts to those who need relief after a catastrophe, are gaining traction in the market.
Parametric Insurance: Parametric Plans May Offer Quicker Resolution After a Cyber Crisis: Greater connectivity among smartphones, computers, transportation vehicles, fitness apps, medical devices, business supply chains and other assorted gadgets can make data gathering easy.
Parametric Insurance: Rapid Growth Highlights the Value of Parametric Insurance : Parametric insurers create contracts for those risks that the traditional property market “may struggle with while also providing broader coverage that protects more of an insured’s loss,” said Derrick Easton, managing director, alternative risk transfer solutions, Americas, WTW.
Risk Adviser: Following Ben Franklin’s Adage About Protecting a Prime Asset: Life: In a world where employee life insurance might be a person’s only coverage, why can’t employers extend the benefit after a layoff?
Risk Initiatives: Insurers See Generative AI, Climate and Cyber as Key Risks: Insurers launch initiatives to respond to an array of emerging and evolving risks.
State Rate Filings: Illinois Homeowners Multiperil Approved Rate Filings by Overall Effect With Increases of 15% or Greater: Based on an effective date beginning July 1, 2023, through Feb. 1, 2024.
State Rate Filings: Largest Illinois Homeowners Carriers Enact Double-Digit Rate Hikes, Driven by Construction Material and Labor Costs: The five largest insurer groups were approved to enact at least 31 rate increases since the latter part of 2023, according to Best’s State Rate Filings.
The Last Word: Don’t Get Carried Away With 2023 Cat Bond Returns: After a strong 2023, cat bonds are still likely to see strong demand. As terms weaken for new bonds, investors need to be cautious about risks, AM Best and others warn.
Trending: Best’s News: Top Stories Include an Article About Workforce Reductions at Lincoln Financial: Other popular items include sections from the Guide to Understanding the Insurance Industry and coverage of insurance leaders who passed away in 2023.
Trending: Best’s Research: Trending Research Includes Special Reports on Annuity Surrenders and Parametric Solutions: Other trending research includes reports on farm bureaus, cyber and P&I clubs and a commentary on IFRS 17.
Underwriting & Loss Control: For Solar Panel Makers, Tapping Into the Sun’s Power Could Have a Dark Side: Best’s Underwriting Reports and Best’s Loss Control Reports provide insights into the risks and lines of coverage solar panel manufacturers need to consider.
What AM Best Says: AM Best Managing Director Highlights Record Year for Insurance-Linked Securities Amid Cat Bond Renewals: The ILS market grew by $4 billion last year to its current size of $100 billion, said Emmanuel Modu, noting most of that growth was based on cat bond issuance, which had a record of $15 billion this past year.