AM Best Audio

Chris Hayes, AVP for Risk Control for Travelers discusses the recently released Travelers Risk Index that found the increased use of mobile technology is leading to an increase in distracted driving as some motorists aren’t just texting while driving, but now shopping or tending to their social media while behind the wheel.

Solutions to address systemic risks are needed, said AM Best Senior Director, Industry Research & Public Relations Sridhar Manyem, and Senior Industry Analyst Christopher Graham.

It’s important for producers to remember key events in individuals’ lives and become involved in their community in order to form client relationships that can help master the “secret art” of selling insurance, educator and sales producer Ana-Maria Figueredo says in her book.

Former D.C. Insurance Commissioner Stephen Taylor, now leader of Delaware’s Captive Bureau, discusses his plans to create a more streamlined, modernized process while exploring opportunities in ESG, cyber and domicile relocation.

Growing economic pressures and political uncertainties are fueling the rise of global strikes, riots and civil commotion, said Srdjan Todorovic, head of political violence and hostile environment solutions, Allianz Global Corporate & Specialty.

As commercial insurers face decelerating rates, inflation and other risks, some must think about how to manage their gross to net exposure, said Shannon Varney, partner, McKinsey’s Boston office.

Payouts fund three main areas of response: damage assessment, removal of debris and reattaching broken coral heads, said Simon Young, senior director, Climate and Resilience Hub, WTW.

Cyber and homeowners are among the risks beyond traditional auto exposures that insurers should consider when underwriting electric vehicles, said Sandee Perfetto, senior director, personal lines coverage products, Verisk.

The frequency and severity of coastal risk is increasing, so insurers should explicitly consider nature-based solutions such as the restoration of natural infrastructure to mitigate risk, said James Doona, managing director, Munich Re Capital Markets, and Raghuveer Vinukollu, senior vice president, Climate Insights and Advisory, Munich Re.

The policy will provide coverage for rapid coral-reef repair and restoration in Hawaii following damage from hurricanes and tropical storms, said The Nature Conservancy's Makale'a Ane, community program manager in Hawaii; Julia Rose, Hawaii Island marine project manager; and Eric Roberts, senior manager, Climate Risk and Resilience Global Adaptations team.

Steve Kinion, captive director at the Oklahoma Insurance Department, said “I’m taking all that knowledge that I learned in Delaware over the past couple of years and bringing it to Oklahoma.”

Lisa Katterman, president, PAMIC, said the Philadelphia Contributionship, founded by Benjamin Franklin, is one of the oldest mutual insurers in the United States.

Guillermo Franco, head of research, Guy Carpenter, said many mutual insurers have a high degree of trust, making them good candidates to offer parametric coverage. Franco spoke with AM Best TV at the Pennsylvania Association of Mutual Insurance Companies' annual conference, held in Hershey, Pennsylvania.

Robert Pignataro and Frank Fazio, both of Ultimate Risk Services, said smaller businesses may enact cyber defenses but many have difficulty maintaining them.

Adam Pichon, vice president and general manager of auto insurance for LexisNexis Risk Solutions, discusses the latest company report that examines shopping and buying trends that detail how both shopping and buying increased in the fourth quarter of 2022.

Jeff Huebner, chief risk officer for CSAA Insurance Group, discusses the company’s backing of a fund that supports the remediation of excess wood from California forests in an effort to mitigate the spread of wildfire.

Risk management and insurance are changing and so too must today's risk professionals, said Peter Miller, president and CEO, The Institutes. Going forward, more emphasis will be placed on pre-loss: risk mitigation and risk control.

Allister Yu, senior vice president of operations at Rhoads, a provider of insurance technology solutions, explains that as insurance markets rapidly change, companies must make sure their distribution partners are properly credentialed.

Despite new challenges on the horizon, U.S. life/annuity insurers navigated the pandemic and emerged with solid balance sheets, capitalization and liquidity, said Edward Kohlberg, director, AM Best, referencing a new Best's Market Segment Report.

Despite numerous economic challenges, surety bond underwriters have maintained profitability by keeping losses relatively low, said AM Best Associate Director David Blades and Senior Financial Analyst Robert Valenta.

Live audiences, effects and high-profile individuals are among insurers’ safety and order concerns for awards shows such as the Academy Awards, said Kurt Miner, managing director of Allianz Risk Consulting’s Entertainment Division.

U.S. title insurers' net underwriting income again grew 40% in 2021, but the segment faces several headwinds, said Kourtnie Beckwith, senior financial analyst, AM Best, referencing a new Best's Market Segment Report.

EVs can be heavier than combustion engine cars due to the weight of the batteries, said Robert Passmore, department vice president of personal lines, American Property Casualty Insurance Association. Electric vehicles also tend to accelerate faster.

A recent Broadridge survey found only 11% of consumers believe the insurance industry provides a quality customer experience and 26% are confused by insurers’ communications, said Matt Swain, head of communications insights and experience at Broadridge.

Eric Coleman, senior vice president, commercial lines, Nationwide, said the restaurant industry has recovered from the pandemic, and most owners are increasing focus on insurance while face growing pressures such as rising costs and changing building valuations.