Underwriting & Pricing
Feds Could Step in to Fix Racial Bias in Insurance Pricing
If the National Association of Insurance Commissioners doesn't act this year to correct systemic racial bias in insurance ratemaking and other processes, Congress may pass anti-discrimination laws ...
Lemonade CEO: Why Regulators Need to Engineer Equity in Insurance Prices
It takes a one-two punch to make insurance fair. I've previously argued that AI can vanquish bias in insurance, and so it can. But while machine learning can help ensure equality, it cannot ensure ...
Demand for Travel Insurance at Highest Level Since March 2020
Travel is making a comeback—and so is the travel insurance industry. In fact, the number of travel insurance policies sold for future trips has hit its highest level since March 2020, according to ...
Assessing Delegated Underwriting Authorities, MGAs: AM Best Explains
Over the last decade, as insurers and reinsurers have sought profitable opportunities for growth, they increasingly have handed the underwriting pen to managing general agents, managing general ...
As MGA Growth Explodes, AM Best Unveils New Assessments Coming Soon
With the volume of premium generated by managing general agents and other delegated underwriting authority enterprises (DUAEs) rocketing skyward in recent years, AM Best had decided it's time to ...
Status of Certain Casualty Actuarial Ratemaking, Reserve Principles in Flux
A task force of the National Association of Insurance Commissioners is asking the board of directors of the Casualty Actuarial Society to reverse a decision to rescind a "statement of principles" of ...
The Future of Underwriting Is ‘Exponential’: Deloitte Study
The underwriters of the future will need to be "exponential," multiplying their value by developing new skills and taking on enhanced responsibilities. This means evolving into new roles, such as ...
GEICO Suit Claiming It Overcharged on Auto Insurance During Pandemic Moves Forward
The auto insurer GEICO Corp, a unit of Warren Buffett's Berkshire Hathaway Inc, must face a proposed class action claiming it overcharged policyholders as the coronavirus pandemic led to less driving ...