Verisk Chairman, President, and CEO Scott Stephenson spoke to A.M. Best about how data can help insurers stem the flow of auto premium leakage.Listen Now
Verisk Chairman, President, and CEO Scott Stephenson spoke to A.M. Best about the need to make communities more resilient in the aftermath of the recent hurricanes in Texas and Florida.Listen Now
Barbara Russo, managing director of excess and surplus at ISO, and other insurance leaders at the 2017 RIMS Annual Conference and Exhibition in Philadelphia agreed that the insurance industry is in for major changes. Russo’s comments start at 1:30.
While several factors affect a firm's cyber risk, people remain the critical vulnerability, says Scott Stransky, assistant vice president and principal scientist with AIR Worldwide. He explains the evolving risk and what firms can do to mitigate cyber risk in this audio interview with Denise Johnson.
A steady trend upward since 2012 suggests catastrophe losses will continue to rise in frequency and severity, according to Ted Gregory, director of PCS Operations. Gregory discussed catastrophe loss expectations for 2017 and what insurers can do to mitigate cat losses.
Though earthquake modeling has been around for a while, Andrew O’Donnell, senior engineer with AIR Worldwide, says updates and refinements have helped in better assessing risk. He explained why earthquake models are valuable to insurers and how new updated earthquake models will view both man-made and induced quake risk.
According to Christopher Miller, technical director for ISO’s Building Code Effectiveness Grading Schedule (BCEGS®), when building codes are adopted and enforced, there is a substantial reduction in loss. He discusses the states that have improved because of changes to their building codes and why it’s not just about adoption and enforcement. The way building codes are modified is important as well.
Insurers have several concerns when it comes to selecting an Internet of Things provider, according to Dawn Mortimer, AVP IoT/telematics claims product management for Verisk. Insurers also need to consider the challenges associated with offering an IoT experience, such as the platform used, the adoption and customer engagement strategy, and determining what data to leverage.
Professional liability claims and coverage are evolving, according to Steve Whelan, director of management/professional liability product development for ISO. With increasing cyber attacks come coverage for ransomware and even blended coverage with other lines. Among other trends, healthcare claims are expected to grow in conjunction with an aging population.
Changes in ownership, coverages, and the way claims are evaluated are just a few of the ways self-driving cars will affect the auto insurance industry, says Jared Smollik, actuarial director of personal auto product development for Verisk. Though there is expected to be a transition period, Smollik says auto insurers need to begin planning for autonomous vehicles sooner rather than later.