Issues & Trends

Bob Hartwig Sheds Light On COVID-19, Climate Change, Cyber Risk & More

Oct 13, 2021 / by AAIS posted in Community, Issues & Trends, Data & Technology, AAIS Events, Events, AAIS Event Archive, Tech News, Regulatory/Compliance, New/Emerging Risks, Working in Insurance, Legislation & Regulation, AAIS Pulse, AAIS Event Archives, Data/Tech

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The AAIS Pulse newsmagazine recently featured Robert Hartwig, Ph.D., CPCU, industry expert and insurance professor at University of South Carolina's Moore School of Business. He spoke with AAIS CEO Ed Kelly on a range of topics facing the industry including COVID-19, climate change, cyber risk, year-end financials, and much more.

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Blockchain: The Next Big Thing

Oct 8, 2021 / by Robin Westcott posted in openIDL, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Tech News, Regulatory/Compliance, Blockchain, Data/Tech, Modeling/Actuarial

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In August, AAIS Views detailed the results of our hugely successful Proof of Concept (POC) for openIDL (Open Insurance Data Link) that proved the blockchain technology can dramatically improve the insurance regulatory reporting proves for insurers and regulators. We also saw that insurer information could be correlated with data from other sources to reveal deeper insights, and that data could be leveraged by regulators, while remaining private, secure and in full control of participating carriers

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Wind or Water? Breaking Down Slab Claims After Hurricanes

Sep 15, 2021 / by Matt Hinds-Aldrich posted in Issues & Trends, Homeowners, New/Emerging Risks, P&C Insurers, AAIS Insights, Insurance Line of Business, Flood Insurance, flood, risk mitigation, hurricanes, hurricane resource center, slab claim, risk awareness service, catastrophe, national flood insurance program

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Risk Management Service Inc. (RMS) estimates $25 billion to $35 billion in onshore and offshore insured losses in the Gulf of Mexico alone were caused by Hurricane Ida. This doesn’t include the damage to other parts of the country. While the fundamentals of hurricanes are widely understood these days, there remain several important nuances to hurricane losses that are essential to understand for insurers, regulators, and the general public alike. Here we will look at one less understood type of claim from hurricanes – slab claims.

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A Conversation with...AAIS Chief Pricing Actuary, Michael Payne

Sep 9, 2021 / by Michael Payne posted in openIDL, Insurance, Issues & Trends, Data & Technology, Blockchain, Data, Modeling/Actuarial, Risk, AAIS Views, risk management

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This is the next installment in a series of conversations with AAIS leadership to get to know them, their background, and the unique work they’re doing within AAIS to further the insurance industry. In this edition, AAIS Views spoke with Michael Payne, Chief Pricing Actuary, about his career, being creative as an actuary, the role data is playing to create better pricing models, and how AAIS is leveraging those models to deliver value to our Members.

Tell us about your background.

Michael Payne: When I was in college, I liked math, but really didn’t know what I wanted to do. Then I heard about Actuarial Science from an alum who came back to campus and gave a presentation about the career path. That’s what sparked my interest. I got an internship at Zurich and that turned into my first job out of school. I started out doing pricing at Zurich, went to SCOR Re to do reinsurance pricing, and went back to Zurich to eventually lead a pricing tools team.

One not-so-traditional role in my career was a stint I did at Sears in their Home Services unit where I was the Director of Underwriting Analysis. Basically, if you bought a refrigerator at Sears, they were going to offer you a protection plan. It was my role to figure out the prices for those protection agreements based on how likely the appliance was going to need to be repaired or even replaced.

Overall, I really like pricing. It’s prospective in nature as you try to determine what might happen in the future.

In the winter of 2018, I joined AAIS where I’ve been able to leverage my pricing experience. My role includes product development and delivering loss costs that are appropriate for the coverage being offered. Not all carriers have a large team of actuaries or loads of data, so our rating plans offer them a faster speed to market for a new line of business, or even insurtechs to get their first policies written.

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Swiss Re’s US P&C President Discusses Talent, Climate, Cyber, and More

Sep 1, 2021 / by Ed Kelly posted in Community, Insurance, Issues & Trends, Data & Technology, Insurance News/Current Events, COVID-19, Cyber, New/Emerging Risks, Climate Change, Working in Insurance, P&C Insurers, AAIS Webinar Series, flood, Swiss Re, cyber risk, wildfire, social inflation, talent, talent gap, cyber insurnace

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In this edition of CEO Angles, AAIS President and CEO Ed Kelly speaks with Keith Wolfe, President of US Property & Casualty at Swiss Re and an AAIS board member, about lessons learned during the pandemic, the increasing value of data, the need to start looking at climate change, the troubling cyber risk trend, and the hot topic of social inflation.

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NAMIC CEO Talks Pandemic, Social Inflation, Flood and More

Aug 19, 2021 / by Ed Kelly posted in Community, Insurance, Issues & Trends, Data & Technology, Insurance News/Current Events, Industry Associations, AAIS Webinar Series, Business Interruption, NAMIC, Flood Insurance

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In the latest edition of CEO Angles, AAIS President and CEO Ed Kelly is joined by recently named President and CEO of the National Association of Mutual Insurance Companies (NAMIC), Neil Alldredge, to talk about a variety of topics including the latest on business interruption insurance, social inflation, flood insurance and future growth opportunities for NAMIC and its member companies.

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Examining the Evolution of Blockchain Applications in Insurance

Aug 13, 2021 / by Truman Esmond posted in openIDL, Insurance, Machine Learning/AI, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Tech News, Regulatory/Compliance, Blockchain, Data, Modeling/Predictive Analytics, Data/Tech, AAIS Views

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Blockchain started as a popular buzzword among techies but has since permeated across industries. In insurance, its potential is being realized as game changing. Truman Esmond, AAIS Vice President of Membership and Solutions, spoke at a recent webinar hosted by The Institutes Griffith Insurance Education Foundation on how AAIS is utilizing blockchain to support industry.

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Learning From the Surfside Condo Collapse

Aug 10, 2021 / by Matt Hinds-Aldrich posted in openIDL, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Insurance News/Current Events, Blockchain, AAIS Insights, Data/Tech, AAIS Views

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The collapse of the Champlain Towers South condo in Surfside, Florida, shocked the nation, starting a much-needed conversation about the importance of risk mitigation. As the events unfolded, we learned that the information about the significant risk of collapse was known—to some—but simply went unheeded. 

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AM Best Webinar: Closing the Flood Insurance Coverage Gap

Jul 29, 2021 / by AAIS posted in Personal Lines, Issues & Trends, Homeowners, P&C Insurers, Industry, Insurance Line of Business, Flood Insurance, AM Best, munich re, flood, AAIS Views

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Flood insurance has long been primarily administered by the National Flood Insurance Program (NFIP), which has 5.1 million policies in force. But the landscape for flood insurance – and who needs it – is changing. This was the topic of an AM Best webinar that included Linda Jancik, AAIS Personal Lines Product Manager, Serena Garrahan, Vice President, Inland Flood Product Manager at Munich Re US, and Rob Olson, Senior Research Analyst at International Risk Management Institute (IRMI).

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Business Interruption Was Never Intended To Cover Pandemic Losses

Jul 26, 2021 / by AAIS posted in Issues & Trends, COVID-19, P&C Insurers, AAIS Webinar Series, pandemic, Business Interruption, AAIS Views

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While the U.S. economy slowly returns to normal following the COVID-19 pandemic, the insurance industry continues to grapple with business interruption claims, court battles and the future of pandemic-related insurance. In Part I of a two-part Advisory Report, Nicole Milos, Assistant Counsel at AAIS, explains why BI policies were never meant to cover losses from pandemics.

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