Articles

Report: Small Business Owners Wary of Commercial Insurance Buying Process

Small commercial insurers aren’t giving their client base what they want — a simple and easy purchase experience. Whether online or through an agent, business owners are left confused, frustrated and having to seek extra advice before they can find suitable coverage, according to new Accenture research. “Small businesses are extremely frustrated with the process…

Chubb’s High-Net Worth Business Unaffected by Affluent Market Rivals

by Mark Hollmer

Chubb’s high-net-worth personal lines insurance business may have some new competition, but Chairman and CEO Evan Greenberg and a key executive say those rivals haven’t made much of a dent. “From my point of view we don’t see a change of any consequence in the competitive environment over the last year. You get new entrants…

What Nonprofit’s Want from Today’s Insurance Market

by Andrea Wells

Nonprofits are a lot like most insurance clients; there’s not much difference. They seek trusted and consultative relationships with their agents, brokers and carriers. They seek partners that understand their mission. But they also seek agents who understand in what ways their needs differ from those of for-profits. In exchange, they are loyal clients that…

Cyber, Business Interruption Bigger Risks Than Catastrophes to Businesses

Cyber incidents join business interruption as the top risks facing global businesses, according to a survey conducted by Allianz Global Corporate & Specialty (AGCS). The impact of business interruption (which includes supply chain disruption) is the major risk for companies for the seventh year in a row, according to the eighth annual Allianz Risk Barometer…

Reaching the Moonshot Goal in Flood Insurance Coverage

by John Dickson

The private flood insurance industry made significant strides to insure more households against the peril of flood in 2018. Factor in recent major flood events and an ever-changing regulatory landscape, and the role of private flood insurance has never been more critical. The insurance industry has its work cut out for it. The National Flood…

What to Watch for in Workers’ Compensation in 2019

Value-based care, political party changes in several states, and a more holistic view of patient injuries will impact the workers’ compensation industry this year, according to two experts hosting a workers’ compensation webinar series, Out Front Ideas. Mark Walls, vice president for communications and strategic analysis with Safety National, and Kimberly George, chief healthcare officer…

What is the Future of Agent Distribution?

by Andrea Wells

A funny thing is happening on the way to the future. As consumers’ and carriers’ behaviors, attitudes and expectations have been changing, independent agents are evolving to better serve both customers and carriers. In terms of customers, agents who have been lectured for years about adding value, are positioning themselves to offer products and services…

The Benefits, Challenges of Online Insurance Platforms

Online platforms can foster insurance market transparency and reduce both transaction costs and information asymmetries, factors typically associated with increased competition and societal welfare. However, online insurance platforms also give rise to challenges concerning consumer protection and competition that should be addressed by policymakers, according to a research report from insurance think tank The Geneva…

15 Emerging Risks to Watch That Are Not Cyber

by Andrew G. Simpson

When insurance experts are asked what they see as the most important emerging risk for the property/casualty insurance industry, their consensus is cyber in some form. And while cyber obviously poses tremendous risks, some experts are also eyeing a variety of other emerging risks. These include risks inherent in government and insurance policies, not to…

How Technology Startups Are Saving Lives, Property in Construction Segment

Construction has a major problem: every year, construction sites suffer $11 billion in losses due to damage from fire and water, worker accidents, and theft. In addition, a fifth of all worker deaths in the U.S. – nearly 1,000 in 2016 alone – occur on construction sites. To date, many startups in construction tech have…

What Agents Should Know About the Cryptocurrency Market

by Don Jergler

Cryptocurrency and blockchain entities may seem like a hot market for insurance agents looking to specialize, but right now there are not many insurers willing to write it. Before jumping in, agents would be wise to consider partnering with a wholesale broker with expertise so they can become familiar with the crypto landscape, according to…

How Autonomous Vehicles Will Change Insurance Market

Though it’s estimated that by 2025 auto insurance premiums will drop by $25 billion as a result of the adoption of driverless cars, the insurance market is expected to recover through new lines of coverage, according to a report by market analyst Accenture released last year. In fact, new coverage lines will generate substantially more…

Experts: One of the Biggest Gaps in Cyber is Explaining it to Customers

by Don Jergler

What’s one of the biggest gaps in cyber? Good communication between the insurance industry and customers, who are in need of more than just products to help protect them from risks in the rapidly changing digital world. That was the consensus from a panel of experts speaking last month at the annual PLUS conference in…

Reputation Institute Identifies P/C Insurers with Best Reputations

USAA Insurance has the highest and best overall reputation among insurers, according to a new report from the Reputation Institute. The insurer landed in the top spot based on criteria including strong reputation, relevancy, expressiveness (brand strength, informativeness, relevancy), products and services, governance, citizenship and innovation. USAA topped the 2018 U.S. Insurance RepTrak ranking —…

Market Pressures Lead to Underwriting Losses for Medical Professional Liability Insurers

U.S. medical professional liability insurers reported an underwriting loss again last year, according to Fitch Ratings in a new report that says the results are drawing more scrutiny around reserves that are shrinking. For the second consecutive year, the medical professional liability insurers (MPLI) market reported a statutory underwriting loss, with a 102 combined ratio…