A combination of COVID-19 claims, a massive casualty hole and challenges on the asset side of the balance sheet mean the industry is facing an unprecedented crisis that will lead to an elongated hard market, Stephen Catlin, the CEO of Convex, told Intelligent Insurer.
COVID-19 has caused immense upheaval for insurers and insureds, with many people left feeling their insurers have abandoned them in their time of need. Rick Lindsey, CEO of Prime Insurance Company, believes this sense of dissatisfaction and betrayal has escalated the situation to a point where class actions are on the cards.
Terrifying walls of flames and the widespread devastation they leave in their wake are expected to increase in the US as a result of climate change. Intelligent Insurer finds out how insurance pricing can incentivise individuals and society to increase wildfire mitigation efforts.
Social inflation is a big issue for insurers, especially in the US where plaintiffs’ lawyers are demanding ever-larger pay-outs, backed by juries who are increasingly inclined to back David against Goliath. But the right approach will reduce this trend, as Rick Lindsey, CEO of Prime Insurance Company, tells Intelligent Insurer.
Cyber risk is more than ever a complex challenge for reinsurance companies. At CCR Group, challenges have become opportunities and the digital transformation strategy undertaken a few years ago with the support of AI initiatives has confirmed this approach. Intelligent Insurer reports.
Rick Lindsey has built Prime Insurance Company using a robust approach to underwriting and claims management, as he explains to Intelligent Insurer.
Digital attacks are on the rise and a number of nation states are in the frame. The global insurance industry needs to come together to find an international solution but the task is mired in complexity and differences in definition. Intelligent Insurer finds out what one global insurance taskforce is doing to bring clarity to the discussion.
‘No COVID-19 impact on Q2 underwriting results’ but pandemic has hit investment income, firm reports.
The pandemic has made touchless, streamlined insurance processes more important for policyholders and insurers than ever, says Jan Möhlmann, business development director for artificial intelligence (AI) specialist Tractable, ahead of a webinar on advances in this area.
Insurers can make underwriting productivity a priority and drive tangible progress, as Richard Hartley of Cytora explains.