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The Hartford’s CEO Swift on the Future of Insurance
This article is part of Carrier Management's series on the Future of Insurance. Christopher Swift, CEO, The Hartford Q: What major changes do you see on the horizon for the property/casualty ...
Tesla, Liberty Mutual Partner on Electric Car Insurance for U.S.
Tesla Inc. is partnering with Liberty Mutual Insurance Co. to offer an auto insurance plan designed specifically for its electric cars in the U.S. The plan made available to U.S. customers starting ...
AIG CEO Duperreault Embraces Empathy, Other Millennial-Centric Changes at Insurer
American International Group CEO Brian Duperreault said his company has recently taken some important steps to make its job environment more amenable to younger, tech-savvy employees. Among the ...
42% of Workers Comp Premiums Set to Evaporate by 2030 as Jobs Get Automated
Piggybacking on the research of academics and researchers who studied the impact of automation on jobs a few years ago, two insurance analysts recently calculated an important impact for workers ...
Survey Says: Millennial Insurance Workers Would Recommend Career to Others
Executives trying to attract more young people to the insurance industry as its workforce ages out can take heart in a new survey that shows millennials employees like what they see. About 82 percent ...
Promoting the Wrong Person Can be Right for Your Company
Consider this: Sometimes it can be in a company's best interest to promote the wrong person for the job. Yes, that sounds counterintuitive, and a new blog posting based on research by Daniel Barron ...
Zubretsky Out, Roche in as CEO of The Hanover
The Hanover Insurance Group announced Tuesday that John C. Roche has been appointed president and chief executive officer, effective Nov. 4, succeeding Joseph M. Zubretsky. The news came about a half ...
AIG Reorganizing Again; Commercial Now Part of General Insurance, Schimek Leaving
American International Group is reorganizing its underwriting businesses into three main segments—General Insurance, Life & Retirement, and a standalone technology-enabled platform—the ...
A.M. Best Slaps Canal Insurance With Ratings Downgrade
Canal Insurance Co., a family-owned insurer focused on commercial trucking and specialty transportation, is dealing with a big ratings downgrade from A.M. Best. A.M. Best knocked down the A- ...
Eight Steps to Creating a Loyalist Team
Teams work or they fail to work. And often, the people on them can't give specific reasons for either outcome. When teams fail, they often dissolve into cliques riddled with blame or confusion. You ...
Channeling Disruption: Why Underwriters Need to Rally Around Small Biz Insurance Brokers
The role of the small business insurance broker is under assault as the rise of InsurTech disrupts the traditional insurance value chain. With more than $5 billion invested in InsurTech startups ...
Apple, Google, Facebook, Amazon Give Insurers Innovation Inspiration
As insurers seek inspiration to drive innovation, it makes sense to turn to modern-day tech titans to find useful ideas that might be adapted for the insurance industry. Innovation is the lifeblood ...
A Roundup of Major Insurer/Reinsurer Hurricane and Quake Losses Thus Far
Losses from Hurricane Maria and other recent 2017 natural catastrophes—including hurricanes Irma and Harvey, the Mexico City earthquakes, and other events—have led global insurers and reinsurers ...
AIG Warns of Possible $3.1B Catastrophe Loss Hit for Q3 from Hurricanes, Earthquakes
American International Group warned it faces as much as $3.1 billion in pre-tax catastrophe losses for the 2017 third quarter, largely from three hurricanes and two Mexico earthquakes. The ...
Concerned About Natural Disaster Exposure, A.M. Best Hits Nationwide With Negative Outlook
Nationwide's size and market presence may count against it in the short term, according to A.M. Best. The insurer has been saddled with a negative outlook issued by the ratings agency, in part, over ...
What Harvey and Irma Say About the Accuracy of Catastrophe Models
Four hours after Hurricane Andrew made landfall near Homestead, Fla. in 1992, catastrophe modeler AIR issued a statement that the insured losses could exceed $13 billion in Florida. Actual losses ...
Looking Back: How the Top 25 P/C Insurers Changed in the 25 Years Since Andrew
Twenty-five years ago in August, Hurricane Andrew shook up the property/casualty insurance and reinsurance markets, analysts from Assured Research noted in two recent research reports recognizing the ...
How Smartphones Can Reduce Road Crashes and Strengthen the Insurance Industry
As roads become increasingly more dangerous, due in part to drivers using their mobile phones, attempting to reduce distracted driving through laws is a step in the right direction. Ten years ago, ...
AIG Shoots for Expansion Now That ‘Too Big To Fail’ Status Is Going Away
Now that American International Group Inc. is no longer too big to fail, it has a goal: Get bigger. The U.S. freed the New York-based insurer from enhanced regulation, removing the scarlet letter it ...
A.M. Best Puts Carriers, Reinsurers on Review in Conjunction with BCRM Update
Insurance rating agency A.M. Best announced the publication of the updated Best's Credit Rating Methodology (BCRM) on Friday, and also announced the names of several insurance and reinsurance groups ...
Less Than Half of Chief Actuaries ‘Fully Satisfied’ With Reserve Accuracy: WTW
Only 48 percent of property/casualty actuaries surveyed by Willis Towers Watson last year said they were fully satisfied with the accuracy and confidence of their reserving, the global advisory, ...
As InsurTechs Make Waves, Consumers Still Trust Traditional Insurers More
InsurTechs are changing the face of insurance, Capgemini and Efma said, announcing results of a consumer survey last month in which nearly one-third of respondent said they now rely on InsurTechs. ...
Executives On The Move at Liberty Mutual, Allianz and Arch Capital Group
Liberty Mutual Insurance hired a veteran Travelers executive in a leadership role. Allianz promoted two executives in Germany and Italy. Arch Capital Group promoted three executives to fill various ...
Now Open: Lemonade Shares API Platform With ‘The World’
Lemonade announced Tuesday that it launched a public API (application programming interface), allowing anyone to seamlessly offer Lemonade policies through their apps or websites. "Today, we're ...
CEO Viewpoint: How Biz Insurers Can Jump on the E-Commerce Bandwagon
It seems like InsurTech has become the term du jour over the last nine months. It is often used to imply destruction, disintermediation, disruption and disaster (the four Ds) for the insurance ...
Empathy Can Help Employees Feel Better About Their Jobs and Selves
A company stands to benefit if its employees form connections with others built on empathy, according to a new Harvard Business Review article, which argues that employees who show they care about ...
Pie Insurance Debuts, With Small Business WC as a Target
Pie Insurance, an InsurTech startup focused on the small business workers compensation market, recently closed a $4.3 million seed financing round and the company is debuting this week with an online ...
Chubb Estimates Over $1B in Losses From Hurricanes Harvey and Irma
Chubb Ltd. reported more than $1 billion in estimated third-quarter losses stemming from Hurricanes Harvey and Irma, reflecting a substantial hit for the insurer and reinsurer. Further details will ...
Hurricane Maria Insured Loss Estimates Vary Widely in Focus
Catastrophe modeling firms are beginning to issue preliminary estimates of the insured losses left in Hurricane Maria's wake. RMS Said Insured Losses Could Have Been Worse RMS predicted that the ...
Zurich North America CEO Will Depart; Savio to Replace Him on Jan. 1
Zurich North America CEO Mike Foley plans to leave his position at the end of 2017 after more than a decade with the Swiss insurance giant. His successor has already been chosen: Kathleen Savio. ...
Trump Admin Fix for Cyber Breach Risk: Do Away With Social Security Nos.
The Trump administration is exploring ways to replace the use of Social Security numbers as the main method of assuring people's identities in the wake of consumer credit agency Equifax Inc.'s ...
Executives On The Move at The Hartford, Starr Companies and JLT Specialty USA
The Hartford has a new treasurer. Starr Companies promoted an executive in its Domestic Accident & Health division. JLT Specialty USA named a new director.***
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Snapsheet Execs: Virtual Claims Tech Need Not Take Away Field Staff Jobs
The application of technology in the insurance industry is accelerating at a rapid pace, yet the constraints of legacy infrastructure make it difficult to leverage and integrate new tools to enhance ...
Eyewitness to Hurricane Destruction: TOPA Insurance CEO Shares Caribbean Experiences
When Topa Insurance Group President and CEO John Donahue arrived in the U.S. Virgin Islands (USVI) just a few days after Hurricane Irma hit, one of the first things he noticed aside from the utter ...
S&P Revises Berkshire Insurance Subs’ Outlook to Negative
While affirming the "AA+" financial strength and long-term counterparty credit ratings on Berkshire Hathaway operating insurance subsidiaries, S&P Global Ratings said Monday that it revised the ...
‘Trust Falls’ Don’t Work: Understanding the Real Building Blocks of Corporate Culture
A common myth around corporate and HR circles is that team building activities and similar approaches like "trust falls" and other artificial (and often meaningless) contests pitting co-workers ...
Report: Zurich CEO Greco Claims 2019 Cost-Cutting Goal at Halfway Point
Zurich Insurance will have cut costs by $700 million by the end of the year, nearly halfway to its goal to save $1.5 billion by 2019, Chief Executive Mario Greco said in an interview published on ...
InsureTech Connect Conference Highlights: Does Anyone Need a Toothbrush?
Insurance company employees wondering where all their bosses are this week should not be worried. It's a good bet the executives are safe in Las Vegas at the second annual InsureTech Connect ...
Over Half of Allstate $553M August Hurricane Harvey Losses Were Auto Claims
Hurricane Harvey slammed The Allstate Corp. with an estimated $553 million in catastrophe losses in August, the insurer said. More than half related to auto claims. The pre-tax gross estimate is a ...
Executives On The Move at Everest Re, Chubb and Willis Towers Watson
Everest Re Group Ltd. picked an executive to lead its newly-created Dublin subsidiary, established for Europe's post-Brexit financial climate. Chubb made some new property/casualty appointments. ...
Who Said It? Executives Predict the Future of Insurance
"The property/casualty insurance industry will look very different in the next 10 years than it has in the last 30." The prediction, delivered by Standard & Poor's Director Tracey Dolin-Benguigui ...
AI With a Human Touch: Hi Marley CEO Says Insurers Should Strive to Be Loved
This article is part of Carrier Management's series on the Future of Insurance. Mike Greene, CEO and Co-Founder, Hi Marley, says that "love" and "trust" aren't terms currently used by customers to ...
Q3 Commercial Lines Rates a Mixed Bag: MarketScout and IVANS
The MarketScout and IVANS commercial insurance market indexes are revealing a mixed bag in terms of rates for the 2017 third quarter. First, the MarketScout composite rate index for commercial ...
The Competitive Advantage: On the Other Side of the Desk
It is always interesting to be on the other side of a desk. I consult and write on "all things" insurance, but I'm not always buying insurance. This year I purchased a couple of new policies, causing ...
Hurricane Maria Could Tip Scale Above $100B for Q3 Insured Losses: Morgan Stanley
Insurers and reinsurers alike will see Q3 insured losses that risk surpassing $100 billion in the wake of Hurricanes Harvey, Irma and Maria as well as two major earthquakes in Mexico, Morgan Stanley ...
Texting Isn’t to Blame for Still-Rising U.S. Traffic Deaths
Traffic fatalities in the U.S. jumped for the second straight year in 2016 despite a dip in crash deaths linked to distracted driving, according to data released by federal highway safety regulators. ...
New Quake/Hurricane Loss Estimates From Renaissance Re, W.R. Berkley, PartnerRe, State Auto
RenaissanceRe, W.R. Berkley Corp. and State Auto Financial Corp. are among the latest insurers and reinsurers to issue Q3 catastrophe loss estimates from Hurricanes Harvey, Irma and Maria, and the ...
InsurTech Innovation Updates From Lemonade and Roost
Lemonade has come out with a new product that offers new and existing members a "zero deductible" upgrade, letting them make up to two claims annually with no deductible payments or rate hikes. ...
AmWINS Acquiring 15 Willis Towers Watson Programs
Specialty broker AmWINS Group reports it has agreed to acquire 15 insurance programs from broker Willis Towers Watson. Among the programs being acquired by AmWINS are MountainGuard, which provides ...
