The U.S. insurance industry’s top compliance shortcomings relate to claims handling noncompliance, including timeliness, required disclosures, payments and grievance and appeal processes—as well as underwriting, rating and insurance producer and sales issues.
Beat Kramer, Head Property Underwriting EMEA at Swiss Re, has said that he expects reinsurance rate increases to continue at the upcoming January renewals, in part due to the level of catastrophe losses experienced in Europe this year.
For the fifth consecutive year, insured losses from natural catastrophes are expected to be at or above global reinsurers’ budget expectations, but their very strong capital adequacy continues to provide a cushion, according to S&P Global Ratings.
The issue of “silent cyber” exposures, where cyber coverage is neither explicitly provided nor excluded in insurance policies, remains an issue for the insurance sector despite efforts to ring-fence the risks.
Workers compensation insurers have slashed spending on opioids, reducing the risk of addiction and delayed recovery, but now they are under increasing pressure to reimburse injured workers for a new kind of elixir.
Ed Kelly, AAIS CEO and Robert Hartwig, Ph.D., CPCU, industry expert and insurance professor spoke on a range of topics facing the industry including COVID-19, climate change, cyber risk, year-end financials, and much more.
A weather-roiling La Nina appears to have emerged across the equatorial Pacific, setting the stage for worsening droughts in California and South America, frigid winters in parts of the U.S. and Japan and greater risks for the world’s already strained energy and food supplies.
In the small city of Oakley, Utah, the drought conditions parching much of the West have depleted the natural springs that supply water to the community. During each of the past several summers, local leaders worried that quenching any major fire might empty the city’s water tanks.
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