This report from Capgemini identifies the top 10 trends in Property & Casualty (Nonlife) insurance in 2018, exploring their impact on a variety of business goals, including: Trend 1: Connected devices help insurers proactively mitigate risk and provide value-added services. Key Implications: Competitive differentiation, increased customer retention, additional revenue streams, lower claims costs. Trend 2: New business models are explored. Key Implications: New business models generate new revenue streams with cost implications possibly mitigated by emerging technologies such as blockchain. Trend 3: Increase in automation of processes, leveraging RPA and AI. Key Implications:...
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Morgan Stanley today announced that it has teamed up with industry-leading insurance brokers HUB International, Marsh Private Client Services, and Willis Towers Watson to offer Property & Casualty (P&C) insurance. P&C insurance will be available for Morgan Stanley’s high net worth clients and their families to mitigate potential risks associated with property loss and general liability, and is an expansion of its current suite of insurance offerings. Through this new arrangement, HUB International, Marsh Private Client Services, and Willis Towers Watson will assist Morgan Stanley clients in assessing their risk exposures and provide solutions to help them protect their assets....
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Current estimates (from various sources) of the cost to the worldwide P&C insurance industry range between US$80bn - US$100bn. To put this into context, the cost of the World Trade Centre event was US$40bn and the insured costs of Hurricane Katrina (according to Swiss Re) was US$80bn. We have yet to realise the full impact of Covid-19 on the economy let alone the insurance industry, but we want to give clients a few pointers on how the industry could be affected and what this means for you in the future especially for Property & Casualty (P&C) market. Claims resulting from Covid-19 will certainly be made under the following types of policy. Event Cancellation and Contingency (...
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OLDWICK, N.J.--( BUSINESS WIRE )--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Protective Property & Casualty Insurance Company (Protective) (St. Louis, MO). The outlook of these Credit Ratings (ratings) remains stable. The ratings reflect Protective’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings also reflect the rating lift from its parent, Protective Life Insurance Company. Protective specializes in providing coverage for vehicle service contracts and guaranteed...
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Act of God – An accident or event resulting from natural causes, without human intervention or agency, and one that could not have been prevented by reasonable foresight or care—for example, flood, lightning, tornado, earthquake, or a storm. Actual Cash Value (ACV) - the cost to replace property minus the allowance for the property's depreciation. Admitted Insurer - sometimes referred to the "licensed insurer". An insurer authorized by the state insurance department to sell insurance within the state. Agent/Agency - sells, solicits, or negotiates insurance for compensation and represents or acts on the behalf of another party. Adjuster – The person who investigates and settles...
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OLDWICK, N.J.--( BUSINESS WIRE )--AM Best has upgraded the Financial Strength Rating to B+ (Good) from B (Fair) and the Long-Term Issuer Credit Rating to “bbb-” from “bb+” of Equitable Life & Casualty Insurance Company (Equitable) (Salt Lake City, UT). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. The ratings reflect Equitable’s balance sheet strength, which AM Best categorizes as adequate, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM). The ratings upgrade was based on Equitable’s improved operating performance. Over the last two years, the company delivered improving...
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Casualty insurance is a broad category coverage insurance which is pretty much different from the commonly heard, life or health insurances. It is focused upon the liability coverage of an individual or a particular organization for their negligence. It can also be described as a set of various individual insurances that covers the loss of properties, their damages, the medical expenses of the individuals involved with the incident. This particular insurance is used in various categories of events such as property insurance, fidelity and surety insurance, crime insurance, political risk insurance, earthquake and other natural calamity insurance and also as machinery insurance. Basic...
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Property & Casualty Insurance (or P&C) has long been a sleepy category that has historically made its profits by helping customers protect valued objects against the unforeseen. To adapt to today’s rapidly evolving, consumer-centric culture, and increasingly experience-driven economy, insurers need to continually revisit their business models and value propositions as they move into a new era. P&C growth opportunities would seem deeply connected to the proliferation of interconnected devices, autonomous vehicles and other technologies, and their adoption by the mobile-centric Millenials (estimated at 92M) entering the market. They crave new, tech-based solutions that provide the...
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China’s insurance market is expanding steadily, and foreign companies must build up their operations to remain competitive. At a property insurance policy meeting in Shanghai, an insurance company representative asked a policy holder whether he would renew his policy. “No,” said the client. “May I know why?” asked the insurer. “Well, I didn’t win,” the client replied, referring to the fact that he had no losses in the covered period and, therefore, did not “win” any claims. Many Chinese consumers share this attitude toward insurance. They often do not view risk mitigation as an insurance policy’s primary objective. Instead...
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