Outrage as Homeowners Prepare for Substantially Higher Flood Insurance Rates Changes in the federal flood insurance program last year and the impact of Hurricane Sandy are helping to drive up rates in the New York region by many thousands of dollars.
By Maria Sassian, Triple-I consultant Even before the pandemic and “the great resignation,” insurance faced a “talent gap”. Part of the challenge has been finding replacements for a rapidly retiring workforce, as the median age of insurance company employees is higher than in other financial sectors. The industry also needs new talent skill sets to […]
Winter is just around the corner, but experts say the Great Lakes haven’t gotten the message. After summer and fall evenings that failed to cool sufficiently, surface temperatures in the massive bodies of water are trending above average, the Chicago …
Continued changes in risk are forcing insurers to re-invent product offerings and adjust pricing levers as they seek to remain competitive and profitable. These shifting dynamics are also impacting how customers feel about insurance products and services. In this month’s Insurance News Analysis, Abbey Compton and I discuss ways insurers and customers are adjusting to… […]
Poor Credit History Can Affect Homeowner’s Insurance Rates The reliance by home insurance companies on a consumer’s credit history in setting premiums is growing, but it varies by state.
What are homeowners insurance endorsements and floaters? Endorsements, also referred to as riders, and floaters both make changes to your homeowners insurance policy to give you additional coverage.
As we wrap up 2021, it seems appropriate to revisit predictions we made for the insurance industry this year. I put forward my hypotheses last December in my post, 5 predictions for the insurance industry in 2021. Let’s see how those predictions held up. 1. New risk models, shifting capacity, new products & pricing 2021 was a year of… […]
In this series, we’ve been looking at the value digital twin data can bring to the insurance business. Specifically, I see there being four main areas where insurers could take advantage of digital twins to make material improvements. 1. Distribution Insurers, particularly those with personal lines, have already made good strides when it comes to… […]
With the completion of its acquisition of the treaty reinsurance business of Willis Towers Watson, Arthur J. Gallagher and its reinsurance unit Gallagher Re has an opportunity to accelerate sales of insurance-linked securities (ILS), its senior executives told Artemis. Speaking in an interview with Artemis just after the acquisition of Willis Re was announced, new […]