Novel classes of risk on the horizon could create a situation that is just too large for the insurance industry to handle on its own. Partnerships between the public and private sectors, such as those in Florida and California, could step in as needed to fill any gaps.
Life insurers posted their biggest sales gain since 1983 during the first half of 2021, as they hoped to leave behind a year marked by uncertainty caused by the pandemic. But is it a one-off gain or the beginning of a sustained trend for an industry that was fighting the "low-for-long" interest rate environment even before a novel disease upended life as we know it?
AM Best: All three companies have expanded rapidly in recent years. The five-year annual compounded membership growth rate was 48% for Oscar and 52% for Clover; the annual compounded growth rate for Bright Health was 165% over its three most recent years of operation.
This sector is adding term life, pet insurance and e-scooter coverage to its array of products.
The anticipated rise of space tourism and several billionaires’ recent ventures into space have insurers examining products that for the first time would offer bodily injury coverage to spaceflight travelers.
Homeowners insurers in California are bound by the state's far-reaching and retroactive rules regarding policy non-renewals and cancellations.
Battered by losses, cyber insurers have begun to work with the government and each other to mitigate losses and find solutions to an emerging threat.
The pandemic and a looming lowering of the estate-tax exemption, paired with potentially further reductions and increases discussed in Washington, D.C., have cast a light on the role of irrevocable trusts as part of a life insurance and estate plan.
The Insurance Library celebrates its special role as a centralizing hub for the insurance industry and risk management.
AM Best: A positive outlook on innovation in the auto insurtech space is reinforced by a continued record-breaking flow of funding.
Insurers are having to adapt to changes created by the pandemic, including the addition of communicable disease limitations to policies.
Insurance policies could be a “guide” for cybercriminals to determine how much to demand in ransomware attacks, said Erik Weinick, attorney and co-founder, Otterbourg P.C.’s Privacy & Cybersecurity practice.
Derivative litigation continues to be one of the major exposures for directors and officers insurance.
The International Monetary Fund estimates that, in aggregate, tourism-dependent countries’ GDP contracted by almost 10% last year due to curtailed international travel.
The bill removes the existing statutory exclusion for “farm risks,” narrowing the exclusion to “commercial agricultural commodities or livestock, or equipment used to cultivate or transport agricultural commodities or livestock.”
The October issue also focuses on the auto insurtech sector and includes AM Best’s exclusive rankings of the top auto writers.
More also has been put on the insurers through the Terrorism Risk Insurance Program. Every time it’s been renewed, more exposures have been put back to the insurers, said AM Best’s Christopher Graham.
Application Programming Interfaces are not a “single-bullet” solution that can simply be thrown at every problem.
The writers are ranked by 2020 direct premiums written.
Insurers are ranked by 2020 market share.
The PeerWell app combines clinical expertise with technology to help manage workers’ comp claims, providers say.
Dave Gordon also highlights the importance of taking personal responsibility for one’s reputation and results.
Also, Lloyd’s appoints first woman deputy chair and the Bermuda Monetary Authority welcomes a new chairman this month.
The rise of online insurance sales created by COVID-19 has agents looking for new ways to build their online and digital presence.
Flooding and devastating hail storms probably will make 2021 the year with the highest natural hazard losses for German insurers in at least 50 years.
Texas auto insurers are dealing with impactful changes and regulators are taking action against a Michigan health ministry.
Other trending research includes reports on wildfires, captives and trade credit insurers.
Professionals also discuss the effects of the COVID-19 pandemic on U.S. mutuals and marketing strategy for growing specialty insurance revenue.
Fremont Life and Motorists Mutual are among the U.S. life/health and property/casualty insurers that have experienced a corporate change.
Balancing the industry’s solid financial position is a higher incidence of secondary perils that by definition are less well understood and are more difficult to price and to model.
The development means Jackson Financial Inc., a U.S. retirement services provider, is now an independent company.
USAA and Progressive lead web analytics provider Semrush's ranking of the top 10 US Private Passenger Auto Writers based on direct premiums written.
Also, industry professionals discuss an increase in vaccine mandate claims, the use of AI to make intersections safer and ransomware.
|Cyberattacks: Insurers Defend Against Ransomware|
|Top Global Insurance Brokers - 2021 Edition|
|Taking a Leap: Life Insurers Attract New Agents Seeking to Make Career Moves|
|The Billion-Dollar Question: What’s the Allure of Investing in Insurtechs?|
|The Evolution of Work: Our Post-Pandemic Return to the Office|
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