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.
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:
We’re at an inflection point with blockchain technology. A greater community of interest has developed beyond cryptocurrency with the realization that blockchain can solve all types of problems. Insurance regulators nationwide are starting to create “sandboxes,” essentially incubators where new technologies and innovations can be developed and tested, exempt from prohibitive regulations, until a proper regulatory framework can be created.
Cannabis is a multi-billion-dollar market that continues to be underserved by the insurance industry. While the majority of states and the District of Columbia have legalized cannabis in one form or another, less than 30 insurers are participating in the marketplace nationwide. As the number of states moving toward legalization rises, the number of cannabis related businesses (CRBs) multiplies, and public acceptance of legalization increases, it is imperative that the insurance industry understand and normalize cannabis coverage.
A Fast-Moving Auto Industry Presents Challenges and Opportunities
The automotive industry transformation continues to have significant repercussions in the insurance industry. With improving sophistication in car technology, telematics, and consumer behaviors, insurance carriers face new and unprecedented challenges spanning the entire lifecycle of the policy from research to claims. Still, personal and commercial auto insurance remain the industry bellwether as the largest product lines accounting for more than $300 billion in annual premiums.
Diversity, equity, and inclusion (DEI) continues to be a concern in our society and the issues it presents extend beyond the communities where we live to the places and industries where we work. AAIS Government & Industry Engagement Manager Lori Dreaver Munn recently presented at the Association of Insurance Compliance Professionals (AICP) Annual Conference on a more nuanced concern – improving DEI in insurance products.
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.
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.