COVID-19

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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Report Highlights: openIDL Passes COVID-19 BI Data Call Test

Aug 24, 2021 / by Robin Westcott posted in openIDL, Data & Technology, Data Management/Distributed Ledger, COVID-19, Regulatory/Compliance, Blockchain, NAIC, Data Call, Business Interruption, AAIS Views

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On Aug. 16, at the 2021 Summer National Association of Insurance Commissioners (NAIC) National Meeting, AAIS VP of Government Affairs, Legal & Compliance, Robin Westcott, presented the results of a Proof of Concept (POC) testing whether openIDL could support a COVID-19 Business Interruption Data call issued by the NAIC.

The meeting served as the kickoff for the openIDL Regulatory Reporting Steering Committee (RRSC). Ms. Westcott provided highlights from the positive findings set out in the report published by AAIS declaring that blockchain/distributed ledger technology had passed the test enroute to even broader applications across the industry.

Following is a summary of Ms. Westcott’s presentation:

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openIDL COVID-19 Pilot Huge Success, Delivers First-Ever Insights

Aug 17, 2021 / by AAIS posted in openIDL, Insights, Data & Technology, Data Management/Distributed Ledger, COVID-19, Regulatory/Compliance, Blockchain, Legislation & Regulation, Data/Tech, Regulators, Business Interruption, AAIS Views

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AAIS conducted a Proof of Concept (POC) using the open Insurance Data Link (openIDL) for regulatory reporting. The results demonstrated that this blockchain/distributed ledger technology can dramatically improve both the output and process of insurance regulatory reporting for insurers and regulators.

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Concerns and Opportunities Related to Pandemic Coverage

Aug 3, 2021 / by Nicole Milos posted in COVID-19, 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 II of our two-part Advisory Report, Nicole Milos, Assistant Counsel at AAIS, explains the systemic risk global pandemics pose to the insurance industry and how we’re leveraging data gathered during the pandemic to meet customer demand for future pandemic-type coverage.

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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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The Value of Risk Control: Moving Beyond the Basics

Mar 15, 2021 / by AAIS posted in Community, Technology, Issues & Trends, Data & Technology, COVID-19, New/Emerging Risks, AAIS Webinar Series, Underwriting, Risk, RCT, EMC, AAIS Views

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In this edition from the AAIS Webinar Series, titled: The Value of Risk Control: Moving Beyond the Basics, Bryon Snethen, Vice President Risk Improvement at EMC Insurance and Jacob Pereira, a Solutions Engineer at Risk Control Technologies identified the purpose and value of risk control to a variety of stakeholders, including agents, insurance companies, policyholders, and society.

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Capitol Outlook with Faegre Drinker Partner Patrick Hughes

Mar 3, 2021 / by AAIS posted in Insights, Issues & Trends, Insurance News/Current Events, COVID-19, Regulatory/Compliance, Industry, Legislation & Regulation, AAIS Pulse, Compliance, Government, Faegre Drinker

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During the February 2021 AAIS Pulse newsmagazine, AAIS VP and General Counsel Robin Westcott was joined by Faegre Drinker Partner Patrick Hughes to examine the impact of the Biden Administration and recent legislative actions on the insurance industry.

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CEO Angles: Big “I” CEO Explains Concerns About the New Direction in Washington

Mar 3, 2021 / by AAIS posted in Insurance, Issues & Trends, Insurance News/Current Events, COVID-19, Working in Insurance, Legislation & Regulation, AAIS Pulse, AAIS Webinar Series, Agents, Brokers, Government, Flood Insurance, Taxes, Economy, AAIS Views

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AAIS CEO Ed Kelly sat down with Bob Rusbuldt, CEO of the Independent Insurance Agents & Brokers of America (Big I) to discuss the impact of the Biden Administration and COVID-19 on insurers – and what may be ahead in the legislative and regulatory arena.

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Into the Weeds: Cannabis Insurance and the Industry Landscape

Jan 6, 2021 / by AAIS posted in Community, Issues & Trends, COVID-19, Regulatory/Compliance, Cannabis, CannaBOP, Commercial Lines, Industry, Legislation & Regulation, AAIS Insights, AAIS Pulse, pandemic, Aon, Porter Wright Morris & Arthur

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The COVID-19 pandemic has had lasting impacts on industries far and wide…including the growing cannabis industry. In the inaugural edition of the AAIS Pulse, AAIS’s Joe Jonas and Phil Skaggs were joined by Porter Wright Morris & Arthur LLP’s Randi Ellias and Aon’s Richard Golz to discuss cannabis insurance trends, including the impact the pandemic has had on its expansion.

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COVID-19 Massive Industry Impact and Emerging Trends...An Analyst Perspective

Jul 9, 2020 / by AAIS posted in Community, Issues & Trends, Events, Insurance News/Current Events, AAIS Event Archive, COVID-19, Regulatory/Compliance, P&C Insurers, Industry, 2020 VME, VJDowling

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Recently, Dowling and Partners’ Gary Ransom spoke to AAIS CEO and President Ed Kelly during the Virtual Main Event, discussing how COVID-19 will touch nearly every aspect of the insurance ecosystem. The impact is pervasive. In fact, according to Mr. Ransom, the COVID-19 pandemic is on track to become the largest insurance event in history, according to one industry expert.

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