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.
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.
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).
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.