Description: Read the June 2017 issue of General Insurance Insights.

Description: This article provides an overview of the issues behind the availability and affordability problem with property insurance in the states of Florida and California.

Description: The cyber insurance market looks like it’s growing—rapidly, in fact. However, there’s more to the cyber insurance market than the outward appearance of strong growth. Worldwide aggregate premium’s upward trend may even be cause for alarm. The increase in premium against a flat rate of insured exposure is a key sign that the market could turn from growth to constriction if a solution isn’t found in the near future. If the cyber insurance sector hopes to reach such lofty goals as exceeding $30 billion in global premium by 2028, it’s going to need more capital. Whether directly into the insurance sector or via support from reinsurance and retrocession, fresh capital should help insurers achieve greater market penetration, build a broader foundation for ongoing expansion, and chart a course for long-term sustainable profitable growth. The same sources capital insurers have used since the early days of the market won’t be enough, though. Thankfully, the insurance linked securities (ILS) market seems poised to help, particularly with several promising recent transactions. New sources of capital could bolster the foundation for future cyber re/insurance growth.

Description: To evaluate the risk associated with personal auto coverage, insurers have traditionally relied on information about the driver (such as age, gender and marital status), location (such as territory or ZIP code), the intended use of the vehicle (such as business or pleasure) and information about the vehicle when new (such as original cost). Insurers then added detail to driver information using sophisticated credit scoring and demographic models, and added detail to vehicle use information with telematics and usage-based insurance pricing. Now, insurers are adding detail about the vehicle itself using vehicle history. The presenters will discuss how carriers use vehicle history to more accurately price and underwrite risks. They will discuss obvious data elements, such as salvage title brands, verified average annual mileage and severe damage, as well as data that may not be as obvious but has proven predictive of loss in the past. Finally, using vehicle history as an entry point for UBI programs will be covered.