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It’s Not Over: Social Inflation Will Be Around for Some Time
Social inflation has become the industry's most talked about subject in recent quarters. The frequency and severity of tort claims has increased, and insurers have had to add to prior-year reserves ...
Lemonade CEO Schreiber Addresses 2020 Plans, Leadership and Hammocks
For Lemonade, 2019 was a banner year. The InsurTech, which launched in New York in 2016, attracted a $300 million financing round, bringing its total cash haul to nearly half a billion dollars. The ...
Property/Casualty Insurance Outlooks: What Experts Say to Expect in 2020
What does the year have in store for property/casualty insurers? There have been a lot of predictions published since late last year, with most forecasters commenting on insurance market conditions, ...
Remaking AIG: CFO Describes Changes in Underwriting, Distribution and More
When American International Group's chief financial officer spoke about "managing change in an evolving insurance industry" at a rating agency conference in November, Mark Lyons focused much of his ...
The New IoT Insurance Wave: Small Commercial!
The growth of the Internet of Things (IoT) is a relevant trend for our hyper-connected society. A few years ago it was estimated that on a normal day, 127 new devices were connecting to the Internet ...
What Executives Need to Know About Predictive Analytics in 2020
By this time, most leaders in the insurance industry have heard of using predictive analytics to study previous patterns that can help businesses understand what could happen in the future. However, ...
Social Inflation Is Back and Carrier Execs Should Worry: Berkley
If this week's move by Travelers to shore up prior-year liability loss reserves by nearly $300 million didn't convince carriers that social inflation is something to worry about, the words of W.R. ...
FBI Cyber Warning: Some TVs Too Smart, and Other CM Risk Alerts
A recent FBI warning says smart TVs could leave users vulnerable to cyber criminals. Deepfakes may soon become impossible to detect. Drug-resistant superbugs may be teaching each other how to fight ...
VC Funding Could Dry Up, InsurTech Exec Says
The days of VC funds and strategic investors throwing money at InsurTechs may be numbered, an InsurTech executive warned fellow startup leaders late last year during a presentation at an InsurTech ...
Balance Sheets at Risk? What’s Next for Workers Comp Insurers
Although workers compensation results remain strong—and the line continues to outperform all other commercial insurance lines—worries about continued soft pricing and loss reserve levels for ...
Allstate Plans to Retire Struggling Esurance Brand as Part of Broader Overhaul
Allstate plans to phase out its struggling Esurance brand as part of a broader overhaul in how the company does business, the Illinois-based insurer disclosed on Dec. 19. Executives are framing the ...
InsurTechs to Watch: The Distribution Channel
Carrier Management editors reached out to 15 InsurTech executives involved in the distribution of property/casualty insurance to ask questions about their missions, how they're changing the industry ...
InsurTech MGA Corvus Raises $32M, With Plans to Counter Complex Cyber Risks
Corvus Insurance disclosed it has attracted $32 million in new financing that will fuel further growth, in part by countering complex cyber risks. The InsurTech-focused managing general agent based ...
Parametric Insurance Fills Gaps Where Traditional Insurance Falls Short
Although parametric solutions have been generally available since the late 1990s, they have more recently found their way into corporate insurance. Parametric insurance solutions offer a means to ...
Root and Lemonade: Real Unicorns or Ponies in Halloween Costumes?
Insurance is fundamentally about protecting people's lives. The sector has evolved over millennia and continues to find ways to innovate as societal needs evolve and change. In ancient times, it is ...
AI Adoption High But Staffing an Obstacle for Carriers
Sixty-two percent of carrier professionals recently surveyed said their companies have already adopted artificial intelligence and machine learning initiatives, but a high percentage of those ...
Executives On The Move at Atlas Financial Holdings and Starr Insurance Companies
Atlas Financial Holdings promoted one of its founding members to a newly-created position at the company. Starr Insurance Companies appointed a veteran executive as Aviation Underwriting Manager.
What to Expect in 2020: USI Sees Rate Hikes In Most Lines
Ongoing rate increases and reductions in capacity are taking shape in most property/casualty lines—and for some, will continue into the new year, according to a recently released report from USI ...
Berkshire Names Investment Manager Combs GEICO CEO; Roberts Retiring
After just about a year-and-a-half in the role of chief executive officer, Bill Roberts is retiring at GEICO's president and CEO, to be succeeded by Todd Combs, one of Berkshire Hathaway's investment ...
The Risky Business of Insuring Shared Households
An estimated 79 million adults, or 32% of the adult population, lived in a shared household in 2017. This uptick in shared household living comes in many different types. According to recent Census ...
Executive Viewpoint: In 2020, InsurTechs Will Lead the Way
The year 2019 has been a defining one for InsurTechs and, in many ways, has set the pace for what's to come. No longer are legacy companies the presumed leaders of the industry, as we've seen ...
Zurich Insurance Sees Best Chance for Price Increases in Nearly 20 Years
Zurich Insurance Group AG expects to have more power to increase commercial insurance rates than it has seen in almost two decades as a shortage of supply and high natural catastrophe payouts help ...
Carrier Challenge: Adopting AI Quickly Enough
The adoption of artificial intelligence is having a profound impact on many industries, including insurance. As it becomes more common, AI will also allow insurers to introduce new products, ...
How Do Brokers Stay Relevant? Be Nimble With Your Value Props
Commercial brokers, the future is bright. As you contend with an increasingly automated, digitally-enhanced insurance industry, rest assured your expertise remains valuable for your clients. That is, ...
Will Emotion AI Make Human P/C Claims Adjusters Obsolete?
Renowned machine learning researcher and New York Times bestselling author Kai-fu Lee has described the era we are living in as "the age of implementation," a time period during which artificial ...
Jan. 2020 Reinsurance Renewals Vary Widely
The January 2020 reinsurance renewals saw significant variation in pricing and capacity depending on geography, line of business, cedents' loss record and client relationships, according to two ...
The Hartford To Stop Insuring Coal Mining, Oil Extraction Operations
The Hartford, an insurer that has been previously recognized for its commitment to environmental stewardship, announced that it will take further steps in the effort by refusing to insure—or invest ...
Lemonade, Root and Metromile: Can David Challenge Goliath With No Sling?
Continuing a series in which we evaluate and discuss the financial performance and operating results of the InsurTech carrier trio of Lemonade, Root and Metromile, we find continued growth and ...
Executives On The Move at W.R. Berkley, BHSI and Guy Carpenter
W.R. Berkley Corp. appointed an executive to run a subsidiary focused on workers compensation. Berkshire Hathaway Specialty Insurance promoted one of its executives to a leadership role focused on ...
What Is the ‘Next Opioids’ and What Will It Mean for Casualty Insurance?
Opioids litigation, with over 2,000 cases brought by state and local governments against dozens of defendants including opioids manufacturers, retailers and distributors, is being closely watched by ...
How ‘Intelligent’ Insurers Grow and Create Value: ACORD Study
Some insurance carriers grow but do not create value. Others shrink but still create value. Some fail at both. Then there are the "intelligent growers"—those that succeed at both, not only growing ...
Identified: High-Impact Technologies That Will Reshape the Insurance Industry
For more than 50 years, insurers have used technology to automate the systematic procedures and processes of the business. The focus has been on streamlining operations and managing large volumes of ...
American Financial Group Decides to Exit Lloyd’s of London
American Financial Group Inc. disclosed it will exit the Lloyd's of London insurance marketplace in 2020, an entity it joined in 2008 through an acquisition. The Ohio-based insurance holding company ...
How Cyber Insurance Will Reshape Cybersecurity
Cybersecurity is broken. It's a bold statement, but given the increasing frequency of cyber breaches, along with the presence of more varied and evolving threats, there is growing uncertainty about ...
How to Be Tech-Friendly Without Losing the Human Element
Technology is a great amplifier. It amplifies the power of humans and allows us to scale our ambitions. At Clearcover, we take this belief to heart—and it is motivating us to build a smarter car ...
Executives On The Move at Liberty Mutual and Argo Group
Liberty Mutual Re appointed a former Aspen Re executive to lead a new office in Singapore that will focus on growing business in the Asia Pacific region. Argo Group unit ArgoGlobal appointed two ...
As Legacy Acquisitions Boom, What Will Happen to Deal Pricing?
Activity in the legacy insurance market has boomed. However, as capital pours in, perhaps it is best to understand how pricing will develop in the space and whether increased capital will drive price ...
MGA Clearcover Pulls in $50M Financing, With Designs on Becoming Full-Stack Carrier
Clearcover, a managing general agent whose artificial intelligence-driven platform focuses on auto insurance, has raised $50 million in new financing. The money is designed to accelerate further ...
Executives On The Move at Sompo International, Starr and M.J. Hall & Co.
An XL Catlin and AIG veteran is joining Sompo International Holdings to run its U.S. Commercial Management Liability and Financial Institutions teams. Starr Insurance Companies appointed a veteran ...
Commercial Lines InsurTech Bold Penguin Snatches Up E&S Brokerage Tech Platform xagent
Bold Penguin, a commercial insurance exchange technology platform launched in 2016, announced it has acquired xagent, an independent, single-entry, multi-quote platform for standard and surplus lines ...
Machine Learning Today and Tomorrow
It is difficult to open an insurance industry newsletter these days without seeing some reference to machine learning or its cousin artificial intelligence and how they will revolutionize the ...
An Empathetic Approach to Leadership and Insurance
The first point of contact with an insurer for most consumers is when they take out a policy or when they make a claim—neither of these experiences are easy or straightforward at best. At worst, ...
Executives On The Move at AXIS Insurance and At-Bay
AXIS Capital Holdings' AXIS Insurance made two new executive appointments. A former Hiscox USA executive is joining cyber insurance startup At-Bay as General Counsel and Head of Claims.
QBE North America Hires Aon’s Fitzgerald as New Head of Specialty & Commercial
A former Aon executive is signing on with QBE North America as its new president of Specialty & Commercial. Tom Fitzgerald is taking on the new position in February 2020 after having served as ...
Philadelphia Insurance Companies CEO O’Leary Named Chairman; Glomb Becomes President
Philadelphia Insurance Companies has a new chairman and president. The Pennsylvania-based commercial property/casualty and professional liability insurance company said that its current president and ...
Before Seeking a Raise, Talk to Colleagues About What They’re Paid
Nearly everyone in corporate America contemplates asking for a raise at some point in their careers. Some people pull back from asking for more money, however, wary of how a supervisor or CEO might ...
Now Presenting: 13 InsurTechs for P/C Carriers to Know
Of the 17 InsurTechs invited to the Global Insurance Accelerator's InsurTech Week in mid-October, 12 had offerings that could benefit property/casualty insurance carriers. Below, we list them, along ...
Cyber Ranks as Top Peril for Companies Globally for 1st Time: Allianz Survey
Cyber incidents rank for the first time as the most important business risk globally, pushing the perennial top peril, business interruption (BI), into second place, according to the Allianz Risk ...
Munich Re Buys a Madison Avenue NYC High-Rise
Munich Re Group plans to acquire a 39-story Madison Avenue high-rise in New York City. Buyer and seller declined to disclose the purchase price. CBRE advised the unnamed seller, and MEAG, which had ...
AXA XL Makes More Changes in Reinsurance Leadership Team
AXA XL announced additional changes within its Reinsurance leadership team, as part of a simplified organizational structure for the unit announced in September. Effective January 1, 2020, in ...