April 2017 Preview: Historical Catastrophe Activity

April is an active month for violent tornadoes, though overall tornadic activity typically peaks in May and June. We saw more violent tornadoes—EF4 and EF5—in April than any other month from 1950 through 2013. The past decade saw an average of 267 U.S. tornadoes in April. The April 2011 tornado outbreak is ranked as the […]

March 2017 Preview: Historical Catastrophe Activity

Property Claim Services® (PCS®) has designated 32 weather-related catastrophe events for the month of March between 2007 and 2016. Those events caused approximately $14.3 billion in insured losses and resulted in 2.2 million claims. The largest designated March event in the past ten years was CAT 67, a 2012 winter storm. The catastrophe involved six […]

MSVIVS Ramping Up

MSVIVS – OLV Testing In addition to requiring a book of business (BoB) file by the first Tuesday of each month, Mississippi is currently testing the online verification (OLV) portion of the new Mississippi Vehicle Insurance Verification System (MSVIVS). The 6 month pilot program for OLV services is expected to begin once the state reaches […]

February 2017 Preview: Historical Catastrophe Activity

It’s midwinter in the Northern Hemisphere, and we’re looking ahead to February with a review of historical catastrophe activity. In the ten years from 2007 through 2016, PCS® designated 28 catastrophes during the month of February. These included 26 weather-related events and two workers’ compensation events, which together caused approximately $9.8 billion in insured damages […]

Four Killer Blockchain Use Cases for Insurance

Is blockchain really a solution in search of a problem? At first glance, it may appear that way. Aside from developments in the industry loss warranty (ILW) market, clear use cases have been slow to emerge. That’s largely because blockchain innovation has focused on smart contracts that use of an independent third-party as the ‘oracle’, […]

Are We Missing the Real Blockchain Opportunity for Insurance?

Blockchain has taken the global insurance industry by storm. Insurtech start-ups have begun to probe this emerging technology, and insurers and reinsurers have watched, explored, and tested. So far, however, blockchain remains a discussion topic more than an implementation effort. The likely reason for this is a lack of insurance industry knowledge amongst blockchain-focused companies. […]