The National Association of Insurance Commissioners (NAIC) recently wrapped up its fall meeting in San Diego, Ca., where it celebrated its 150th Anniversary. It was a hybrid event with an estimated 1,200 people attending in person and another 1,800 virtually. AAIS Views caught up with our Manager Government Affairs and Compliance, Lori Dreaver Munn and AAIS VP of Memberships & Solutions Truman Esmond, who both attended in person to hear about some of the key themes and takeaways from the meeting.
With the holidays and the end of the year upon us, it is the time to reflect upon the past year. And it is the time of year we tend to think about coming together, as a community, to share our experiences. In our case, I’m referring to AAIS’s product-focused advisory councils.
As the pandemic rolls on, with the omicron variant providing the latest wrinkle, the auto market continues to be reshaped by COVID-19. Aside from the overall financial impact, now increasing claims, severity of claims and higher losses, and worsening consumer behavior are all leaving a mark. Here is the latest from around the industry:
Recently, AAIS Assistant Counsel Phil Skaggs participated in a webinar hosted by LexisNexis as part of their Emerging Issues series entitled “What Cannabis Lawyers Should Know to Prepare for 2022.” To watch a recap of the webinar, click here.
Connecticut Insurance Commissioner Andrew Mais and AAIS VP of Government Affairs, Legal and Compliance, Robin Westcott, recently appeared on AM Best TV to discuss our successful openIDL Proof of Concept (POC) surrounding a COVID-19 Data Call, and how this revolutionary blockchain platform is paving the path for better regulatory reporting across the insurance industry. Watch the replay in full here:
As we count down the final days of 2021, we remain wholly committed to making all our Members successful by sharing the latest news and information impacting your business to deliver a modern advisory experience second to none. That is the theme of the 2021 installment of our eMagazine, AAIS Viewpoint, which is now available.
In 2002, Amazon eliminated millions of dollars from its technology costs by switching to the Linux operating system, an open source technology platform from the Linux Foundation. In a filing with the Securities and Exchange Commission, Amazon stated it was able to cut technology expenses by about 25%, from $71 million to $54 million, primarily through “migration to a Linux-based technology platform that utilizes a less-costly technology infrastructure, as well as general price reductions for data and telecommunication services due to market overcapacity[1]. Amazon continues its open source technology strategy today, as do thousands of other companies. Today, 96.3% of the world's top one million servers run on Linux[2].
The farm industry continues to transform. While smaller family farming operations maintain a strong presence and make up a large percentage of the market, we’re seeing growth of large commercial farms that include a variety of operations and layered revenue streams. It is an ultra-competitive market with each company searching for an edge over their competitors.
Severe weather, especially wildfire and flood, is increasing across the United States. This is exacerbated by climate change with no reduction in sight. At the same time, cyber criminals, not limited by geography, can invade our homes and businesses from anywhere in the world. Insurers facing this triple threat to homeowners are keenly aware of the trends:
Cyber security is a pressing issue. With daily advancements in technology comes the need for a game of rapid catch-up in the security sector. Every day there are new products and solutions to help protect us from this growing threat. The challenge within the insurance industry is how to underwrite this constantly evolving risk.
