Bob Hartwig Identifies Trends Affecting U.S. Insurance Carriers

Nov 23, 2022 / by AAIS

Professor Bob Hartwig, the director of the Risk and Uncertainty Management Center and clinical associate professor at University of South Carolina, joined the AAIS Pulse: Chicago presentation to provide a special Economic Report. He touched on the economy, inflation, government actions impacting the insurance industry, and identified top trends affecting U.S. insurance carriers and what insurers should look out for.

"U.S. insurance carriers today are affected by a wide variety of trends," shared Hartwig. "We've been discussing the economy and inflation in particular, but there is always the regulatory environment,  for instance, one of the major concerns for insurers today is going to be the state of the torte environment."

Hartwig also expanded to say that the legal system abuse is rampant in the United States today. "The poster child of this is Florida with the assignment of benefits. Also, advertisements from trial lawyers everywhere on television shows you how unbelievably aggressive the trail bar has become. To support that level of advertising it is clear that the trial lawyers are not only successful at what they are doing, but they are the best organized, but funded special interest group in the U.S., hands down, bar none." He went on to ask "How do you fix this problem? There is no easy solution." He states it's beyond the insurance industry alone, they are targeting every industry effectively and we sit behind every industry somewhere in their casualty coverage. 

To hear more about his insights regarding top trends to keep an eye on across the insurance market, please click the video above.

Tags: Insights, Issues & Trends, AAIS News & Views, AAIS Insights, AAIS Pulse, Pulse Chicago


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