AM Best Audio

To improve resilience and mitigate risks such as geopolitical tension and natural catastrophes, business leaders must examine building locations and the impact of climate risk on those facilities, said Pentti Tofte, staff senior vice president, data analytics, FM Global. 

Cyber coverage far outpaces the rest of commercial insurance, said Sridhar Manyem, AM Best senior director, Industry Research & Public Relations, and Senior Industry Analyst, Christopher Graham.

Rahul Khanna, global head of Marine Risk Consulting, Allianz, details the findings of a new report that shows the number of vessel losses was down 36% in 2022 and has decreased by 65% over a 10-year period.

Thomas Holzheu, chief economist Americas, Swiss Re Institute, said that closing global protection gaps for natural catastrophes, crop, health insurance and mortality would require a record high $1.8 trillion in annual insurance premiums—a cumulative 20% rise since 2018.

Tony Fenton, vice president of commercial lines, underwriting and product at Nationwide, discusses a new company survey that shows small and medium market business owners are increasingly worried about U.S. economic conditions

Dave North, executive chairman, Sedgwick, said one element of the firm's growth has been customizing programs that create better relationships between claimants and risk-takers.

Brian Wilson, vice president, Special Investigations Unit, QBE North America, and Dan Gumpright, EVP, Product and Operations at DetectSystem, explain that insurers have kept up with tech-savvy fraudsters by deploying artificial intelligence to address a range of bogus schemes.  

Dianne Greene, Verisk's global head of Diversity, Equity and Inclusion, explains how qualitative data is helping to build trust as insurers broaden their programs and initiatives.

Shane Riedman, vice president and general manager of anti-fraud analytics for Verisk Claims Solutions discusses the findings of a new study on insurance fraud that shows the crime is perceived differently compared to other types of financial fraud.

Mark Garrett, a director at J.D. Power, discusses a recent survey that shows the auto insurance industry and its customers are facing an unenviable situation: Many insurers are facing record‑high loss ratios, while many customers are seeing big rate increases. The price pressures are leading to big drops in satisfaction.

Cathay Life Insurance Co. Ltd. will contribute its ownership of Conning Holdings Ltd. and its three affiliates -- Octagon Credit Investors, Global Evolution and Pro-market -- in exchange for 16.75% ownership of GIH, said Woody Bradford, chief executive officer and chair of the Conning board.

A panel of risk management experts at the IASA conference in Minneapolis said organizations must share a common perspective about their own risks and how to address them.

Stewart Foley, founder, Insurance AUM, sees a race shaping up with development applications, but warns that artificial intelligence can give incorrect results. Foley spoke with AM Best TV at the 2023 IASA Insurance Conference in Minneapolis.

Truman Esmond, founder and CEO, Partnership for Insurance Information, said artificial intelligence processes can employ blockchain technology to give greater transparency into the results they generate. Truman spoke with AM Best TV at the 2023 IASA Insurance Conference in Minneapolis.

Neal Schmidt, Vice President of Underwriting, Specialty Property at Philadelphia Insurance Cos., said flood resilience is all about the ability to withstand and rapidly recover.

Derek Freihaut, Principal and Consulting Actuary for Pinnacle Actuarial Resources, said that inflation in 2022 was particularly significant to many insurers because of the replacement costs of big-ticket items.

James Turgal, vice president, Optiv, said proposed U.S. SEC regulations would expand cyber reporting requirements for leaders of publicly traded companies. Turgal spoke with AM Best TV at the 2023 IASA Insurance Conference in Minneapolis.

Tip Tipton, head of accounting policy, Thrivent, said U.S. insurance regulators are moving toward changes that would alter the way bonds and asset-backed securities are reported. Tipton spoke with AM Best TV at the 2023 IASA Insurance Conference in Minneapolis.

A panel of climate experts at the Insurance Accounting and Systems Association conference in Minneapolis said financial incentives are important in encouraging the building of more resilient structures.

Kerry Crockett, CEO, Insurance Accounting and Systems Association, said the organization is moving from a sole focus on accounting and insurance, to a better connection with the broader community and creating content for a diverse audience. 

Jordan Kurkowski, executive vice president and professional lines specialist at Amwins Brokerage, said that directors and officers insurance has experienced remarkable growth in recent years, evolving alongside the regulatory and societal expectations such as ESG.

Brian Grabek, executive vice president, Sompo International, said risk managers for multinational organizations must balance local compliance with organizational risk needs. Grabek spoke with AM Best TV at Riskworld, the RIMS 2023 annual conference.

Todd Jones, CEO, QBE North America, said insurers must scrutinize implementations of artificial intelligence for safety and issues of safety and fairness. Jones spoke with AM Best TV at RIMS' Riskworld, held in Atlanta.

Matt Scott, head of innovation, Hartford Financial, said new usage-based systems will become more prevalent in commercial lines, including workers’ comp. Scott spoke with AM Best TV at RIMS' annual Riskworld conference, held in Atlanta.

Saadia Savory, vice president, excess casualty, Aspen Insurance, said recent punitive court awards show that social inflation remains a priority issue for insurers. Savory spoke with AM Best TV at RIMS' annual Riskworld conference, held in Atlanta.