AM Best Audio

David Piner director of the captive program, Michigan Department of Insurance and Financial Services, said Michigan's program is growing, with about $2.5 billion in premiums written last year. Premiums could exceed $3 billion by the end of 2023. Piner spoke with AM Best TV at the annual Vermont Captive Insurance Association conference in Burlington.

Paul Shimomoto, president of the Hawaii Insurance Council, said the state hosts 40 Japanese-owned captives, with seminars planned for Tokyo and Osaka. Shimomoto spoke with AM Best TV at the annual Vermont Captive Insurance Association conference in Burlington. 

Sam Komo, captive insurance manager, Missouri Department of Commerce and Insurance, said the state aims to implement technological changes to streamline premium tax and financial filings. Komo spoke with AM Best TV at the annual Vermont Captive Insurance Association conference in Burlington. 

Stephen Taylor, Delaware's director of the Bureau of Captive and Financial Insurance Products, said certain proposed IRS rule requirements are considered overly broad. Taylor spoke with AM Best TV at the annual Vermont Captive Insurance Association conference in Burlington.

Vermont Captive Insurance Association President Kevin Mead said the association has conducted a trade mission in Mexico, with representatives from that country and others attending this year's VCIA conference, held in Burlington.

Mark Wiedeman, director, Captive Insurance Section, Tennessee Department of Commerce & Insurance, said the state recently licensed its 1,000th risk-bearing entity.

Lori Gorman, deputy commissioner, N.C. Department of Insurance, said legislation to modify the state's Captive Insurance Act includes extending premium tax holiday provisions. Gorman spoke with AM Best TV at the annual VCIA conference in Burlington.

Travis Wegkamp, director of captive insurance, Utah, said changes to the state's captive regulations are aimed at helping small- and medium-size businesses meet their risk needs.

A panel of AM Best rating analysts at the Vermont Captive Insurance Association conference attributed rated captives' strong performance over the past five years to minimal volatility, improved combined ratio and operating performance.

AM Best's Fred Eslami said a limited number of rated captive insurers are employing parametric coverage. Panelists spoke with AM Best TV at the annual Vermont Captive Insurance Association conference in Burlington.

Brittany Nevins, captive insurance economic development director, Vermont, said regulators, associations and legislators meet regularly to fine-tune the state's captive laws.

With oil prices at a relatively high level and COVID-19 lockdowns ended, MENA regional insurance markets are showing strong growth, said Vasilis Katsipis, general manager, market development - MENA, South & Central Asia, AM Best.

In its 2023 State of the States Municipal Credit Report, Conning shifted its outlook on state credit quality to “declining” from “stable.” States, however, are well equipped to weather an economic slowdown, said Conning’s Head of Municipal Research Karel Citroen.

Workers’ compensation has been consistently more profitable than other P/C lines from 2012 to 2022 said AM Best Associate Director David Blades and Senior Industry Analyst Christopher Graham, referencing a new Best's Market Segment Report.

Meteorologist Mark Bove, senior vice president of natural catastrophe solutions, Munich Re, discusses what the greater intensity of storms is doing to the insurance industry, and what can be done to mitigate the losses.

Maroun Mourad, president of Verisk Claims Solutions, explains how insurers continue to struggle with legacy technology when it comes to claims, and how a solution could be an interconnected claims ecosystem.

Paul Mallen, CEO and president of Amalgamated Life, sees continued need for group insurance, disability and other benefits, along with increased digital transformation to aid those markets.

Stephen Taylor, Director of the Bureau of Captive & Financial Insurance Products, Delaware Department of Insurance, said the captive industry there is built on the "Delaware advantage."

Chris Donelan, CEO, Global Reinsurance Sompo International said the reinsurance industry was not expecting a housing material shortage, rising labor costs, chip shortages, and then unemployment at historical lows with almost 10% inflation all at once.

Roosevelt Mosley, Principal and Consulting Actuary with Pinnacle Actuarial Resources, said that from summary data, the company has the flexibility to add and use different characteristics of the road-level data to develop scores.

Karen Clark, co-founder, Karen Clark and Co., said that models can provide objective benchmarks rather than waiting for lengthy loss-reporting cycles.

Lightning claim totals dropped by almost two thirds in 2022 from 2020, and by nearly $500 million from 2021, said Dale Porfilio, chief insurance officer, Insurance Information Institute, and president, Insurance Research Council.

Samir Shah, CEO of Ledger Investing, said the casualty-focused insurance-linked securities sector is expected to grow.

Collaboration between insurers and regulators is key to better understanding the use of artificial intelligence and machine learning in the industry, said North Dakota Insurance Commissioner Jon Godfread.

ICMIF Chief Executive Shaun Tarbuck said he will soon retire, and in November 2024 hand the leadership torch to current ICMIF Executive Vice President Liz Green.