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8 Things That Will Never Be the Same in Insurance After COVID-19
More than any human, COVID-19 is driving a digital transformation of the insurance industry. Everything about the way the industry has traditionally worked is under challenge due to the quarantine, ...
Travelers, Adapting to a COVID-19 World, Will Hire Hundreds of Key Tech Experts
Travelers said it is hiring hundreds of people before the end of 2020, a large number of which will be in the technology space to help the insurer conduct business virtually. The Hartford-based ...
Psychic Leadership: Why We Need It During This Crisis
Week #1 = Shock (mandatory work from home, seriously?) Week #2 = Novelty (Zoom meetings, crazy hat day, check out my workspace!) Week #3 = Realization (wait, we need to actually run our business this ...
Carrier Groups Ready Proposal for Federal Pandemic Loss Fund–Not PRIA
Property/casualty insurance industry carrier groups are working to develop a proposed federal program to replace revenues lost by businesses shut down during pandemics like COVID-19, but it won't be ...
The Hanover CEO Roche on Working From Home: Adjust and Adapt
When the pandemic-related lockdowns came into force, John Roche shifted gears like legions of other workers globally and started working from home. Roche, president and CEO of Massachusetts-based The ...
North America Commercial Coverage Will See Extended Hardening Into 2021
Buyers of North America commercial insurance should see an extended hardening market as well as added pressure on coverage terms and conditions for the rest of 2020 and into 2021, Willis Towers ...
After Crisis, It Won’t Be Business as Usual—It Will Be Business Done Better: Opinion
As the insurance industry begins to settle into the new norm of working from home (WFH), most companies will be questioning the very fundamentals of their day-to-day operating models. Staff will, of ...
COVID-19 Pushes AIG’s P/C Insurance Business Into the Red
After years of losses and just 12 months of underwriting income, American International Group's property/casualty business has lost money again. For that, COVID-19 is to blame. AIG said the P/C arm ...
Insurance Groups Team Up on Federal ‘Business Continuity Protection Program’
Two property/casualty insurance industry carrier groups and an agents association have unveiled a proposed federal program to replace revenues lost by businesses shut down during pandemics like ...
AIG President Zaffino on Surviving COVID-19: Ongoing Adaptation Is Key
If there's one thing that AIG's top leaders have tried to get across, it is this: COVID-19 is like nothing else the industry has faced, it will impact nearly every part of what insurers do in 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, ...
Aon’s C-Level Execs, Most Employees Hit With Pay Cuts Due to Coronavirus Uncertainties
Aon announced it will temporarily cut the pay of the company's named executive officers by 50 percent in response to the COVID-19 crisis. In addition, 70 percent of its global workforce will see a 20 ...
At The Right Price, Berkshire Will Write Pandemic Cover, Buffett Says
The chairman of Berkshire Hathaway said that while his insurance units aren't heavily exposed to underwriting losses from the COVID-19 pandemic, they would be willing to insure pandemics in the ...
Chubb CEO Greenberg: Degree of Future COVID-19 Revenue Impact Is ‘Simply Unknowable’
Chubb Chairman and CEO Evan Greenberg insists the global P/C insurer has strong fundamentals, but warned at the same time that the ongoing pandemic crisis will spur unpredictable revenue challenges ...
Prioritizing Employee Well-Being in Difficult Times
Peter Kellogg, the owner of IAT Insurance Group, has always said: "Take care of your employees and they will take care of your business." For those of us with a direct role in talent management at ...
QBE NA Reveals Its Identity With Jones at the Helm
For Todd Jones, a great moment comes when a former client from his days at Willis Towers Watson calls and wants to do business with him. Now, as chief executive officer of QBE North America, Jones ...
S&P Predicts Failure for COVID-19 Business Interruption Retroactive Coverage Efforts
Standard & Poor's said it does not expect state legislators to succeed in their efforts to retroactively expand business interruption insurance coverage for COVID-19-related losses. The reason: ...
If Passed, Bills to Nullify BI Exclusions Could Prove Disastrous: AM Best
Legislation to nullify business interruption (BI) exclusions in some states could have disastrous consequences for the P/C insurance industry if passed, potentially wiping out up to 50 percent of ...
From Insurer COO to Reinsurer CEO: Andrade Rolls Up His Sleeves at Everest Re
Although his early dreams of covering world events as a foreign correspondent were never realized, Juan Andrade, the new chief executive of Everest Re, has seen and done almost everything in the ...
Why New York Circular Letter No. 1 Matters to P/C Insurers
The topic of New York's Insurance Circular Letter No. 1 (2019), issued on Jan. 18, 2019, came up frequently during conversations with insurers in January and February (before the 2020 Pandemic became ...
Multiple InsurTech Consolidation Pressures Are Underway: Brewer Lane’s Notaras
Before the coronavirus pandemic, observers were expecting InsurTech startups to begin a consolidation process as they matured and looked at long-term viability. In the COVID-19 era, mergers and ...
InsurTechs Will Not Shape the Industry’s Future Alone
InsurTech was once the Wild West of the insurance industry. Many of InsurTech's early players came from outside insurance after observing the industry struggle to deliver what was, in their view, a ...
Fifth-Generation Wireless Technologies: Suspicion vs. Evidence
One of the more surprising recent conspiracy theories to make the rounds of the Internet and social media is that the COVID-19 pandemic is actually a hoax perpetrated by corporations to cover up the ...
Supporting Underwriting, Claims Decisions With the Science of Behavioral Economics
Successful insurance product administration requires consistent, accurate decisions from the evaluation of submissions at underwriting to the adjudication of claims. Effective decision operations are ...
Why Current Cyber Risk Management Techniques Are Inadequate
Insurers have been blindly moving to expand access and coverage in cyber insurance despite their inability to confidently assess and quantify holistic cyber risk. Visibility of the exposure remains ...
Travelers CEO Sounds Alarm: Lawyers Could Slow COVID Recovery
During an earnings conference call yesterday, the leader of Travelers insurance alerted listeners to the possibility that frivolous lawsuits by plaintiffs lawyers could slow down the economic ...
Not Magic, But Design Thinking Works
There is so much talk about the need for the insurance industry to innovate. More and more emphasis is being put on innovation. Heck, even AM Best has decided that it needs to assess innovation as a ...
Commercial Insurance Rates Climb 14 Percent in Q1: Marsh
Global average commercial insurance prices increased 14% in the first quarter of 2020 – but the rate hikes were not due to the COVID-19 pandemic, according to insurance broker Marsh in its ...
Worst-Case P/C Coronavirus Losses in Key Lines Could Hit $80B: Willis Towers Watson
Key property/casualty insurance lines could face COVID-19 insured losses reaching a combined $80 billion in a worst-case scenario modeled by Willis Towers Watson as part of a new report. U.S. and ...
Industry Needs to Reinvent Itself to Stay Relevant: McKinsey
The insurance industry has proven its resilience in recent years, weathering billion-dollar natural catastrophe events, increased cyber risk and now a pandemic, but this resilience will be tested ...
From On-Demand Insurance to Slice Mind: The Evolution of an InsurTech
Tim Attia didn't have 400 years to wait for the on-demand insurance distributed by his company Slice Labs to make its way around the world. "We're focused on this new economy—digital products, ...
COVID-19: On Disrupted Loss Reserve Diagonals and Lengthening Tails
It's axiomatic to assert that the coronavirus has changed everything both personally and professionally. Going forward, it'll be our aim at Assured Research to strike a balance. No one, of course, ...
Why Leveraging AI Now Will Improve Customer Experience in the Future
Insurance customers don't have lofty expectations. They simply want a fairly priced policy that fits their lifestyle, prompt and efficient solutions, and authentic interactions. And the majority ...
Nationwide Stays (Partially) Home; Remote Work Will Remain in 5 States
Nationwide said it plans to permanently transition to a hybrid operating model that comprises primarily working-from-office in four main corporate campuses and working-from-home in most other ...
Demand Soars for Parametric Insurance to Cover Pandemic Business Interruptions
Like everyone else, Peter Lacovara is coping with COVID-19, working at home to limit contagion to the coronavirus and stay healthy. He's also plugging away trying to keep businesses healthy, as well. ...
Several Insurance Commissioners Wary of Business Interruption COVID-19 Claims
Insurance commissioners in at least seven states have advised business owners not to get their hopes up if pursuing business interruption claims. Scott Seaman, a partner with the Hinshaw & ...
Pandemic to Change Future of Workers Comp, Personal Auto: Forrester
The global COVID-19 pandemic "will change the insurance industry irrevocably over the coming decade," says a new report from Forrester, with some of the biggest impacts hitting workers compensation ...
AXIS Gets an A.M. Best Ratings Downgrade; Q1 Losses Hit $185M
AXIS Capital Holdings Ltd. must deal with a ratings downgrade issued by A.M. Best over concerns about its financial performance. On May 5, A.M. Best downgraded the financial strength rating to "A" ...
InsurTech Coalition Raises $90 Million to Fuel Cyber Insurance Global Growth Plan
Coalition, an InsurTech startup focused on cyber insurance and security, disclosed it raised $90 million in new venture financing earlier this year to fuel development of new products and a global ...
COVID-19 Fallout: Pressure Grows for Workers Comp Federal Backstop
An executive order by California Gov. Gavin Newsom last week is the most aggressive yet among the directives issued by 13 states that require workers compensation insurers to pay at least some ...
Updated Small Business COVID-19 Loss Estimates Dwarf Insurance Premiums
Small businesses are confronting astoundingly large losses relating to the coronavirus pandemic that dwarf commercial property premiums in unprecedented ways, according to an updated estimate from ...
InsurTech CEO COVID Survival Guide: ‘Work for the Best; Plan for the Worst’
The challenge of delivering operating profits for investors while anticipated revenues tumble from COVID-19 lockdowns is as real for InsurTechs as it is for mature companies, the chief executive of ...
Venture Funding Drop Leaves Digital Insurers Vulnerable to Takeover
Some digital insurers will be in serious jeopardy as standalone companies in the months ahead, thanks in part to a big coronavirus crisis-related drop in venture funding. That reality, in turn, could ...
Triple Threat: Carrier-InsurTech-Agent Partnerships Transforming Commercial Lines
COVID-19 has changed many things in the insurance industry. Seemingly overnight everyone is working from home and the companies with the best digital customer experiences have the advantage. Yet, ...
To Avoid Being COVID-19 Villains, P/C Insurers Need to “Overcommunicate”
One thing is almost certain in most crises: property/casualty insurance companies will be painted as villains. Consumer activists, plaintiffs lawyers and politicians have already started and will ...
Estimating Climate Change Risk: Do Scientists Need a New Approach?
It has become increasingly common for the general media to say that weather-related disasters have been caused by climate change. Such headlines have largely been frowned upon by the scientific ...
U.S. Insurance Industry Pushes for Government-Backed Business Pandemic Coverage
The U.S. insurance industry is promoting the idea of an insurance plan backed by the federal government that would help businesses that in the future suffer losses from a pandemic, people familiar ...
Zurich North America and Tokio Marine Kiln Each Hire a Former Chubb Exec
Two former Chubb executives have joined Zurich North America and Tokio Marine Kiln, respectively, in leadership roles. Alexander Wells is Zurich North America's new U.S. head of middle market, ...
Chubb CEO Greenberg Cautions Insurers Would Face Bankruptcy Over Retroactive Coverage Measures
Chubb Ltd. Chief Executive Officer Evan Greenberg has a stark warning for policy makers pushing insurers to pay out some uncovered business-interruption losses. "The insurance industry is a ...