Having It Both Ways
Over the past four decades, Robert "Bob" Hartwig has championed the critical role the insurance industry plays in the nation's economy. So, when the former Chief Economist and President of the ...
Unite and Conquer: Industry Battles Social Inflation
External fixes like tort reform and third-party litigation funding disclosures are some often-cited methods for reining in escalating jury verdicts and settlement values that continue to worry liability claims professionals and insurance industry executives. But Carrier Management asked several executives to look inward instead—at adversarial claims handling tactics in place now that some say are working to inflate social inflation—and to identify industry best practices that will stem the tide of rising claims severity.
In This Issue
Cover Story: Insurers and Social Inflation
U.S. Nuclear Verdicts Break Records and Drive Social Inflation to 7% in 2023: Report
Nuclear verdicts in the United States are breaking records with 27 court cases each awarding compensation of more than $100 million during 2023, according to a compilation published this year. Swiss ...
Unite and Conquer: How the Insurance Industry Can Deflate Social Inflation
At one of the early meetings of American Legal Connections, Rich Henderson, a senior vice president for reinsurer TransRe, bumped into a concerned client from a hospital ...
A New Claims Playbook: United and Street Smart on Litigation Demands
Social inflation is at the heart of rising claims severity trends showing up on the books of casualty insurers and reinsurers, industry representatives agree. "But ...
Executive Viewpoint
The High Cost of Negative Consumer Perception
Let's talk some truth. Of all the challenges the insurance industry is facing today, chief among them is the reality that insurance is becoming very hard for people to ...
A View Into the Future of Car Insurance: When Driver Scores Replace Credit Scores
Offering a view into the future of auto insurance, the leader of a mobility data and analytics firm said during a recent interview that he foresees a time when drivers ...
Risk
5 Questions to Ask to Identify Your Company-Specific Top Risks
There is no denying the popularity of top 10 lists. Whatever the subject—sports, music, literature, business, you name it—there is ...
Bumps Ahead as Disruption Drives Changes in Auto Insurance
There is no doubt the auto insurance industry is in a state of flux. Rising repair costs, poor driving behavior and advancing auto technology has disrupted the market, ...
Claims/Legal
Claims Satisfaction Leaders Reveal Secrets to Success
What is the secret to an insurance claims experience that satisfies customers? For years, J.D. Power has conducted surveys and curated ...
Generative AI: A Double Agent Serving Good and Evil in the World of Claims
Claims professionals need to adapt to the AI evolution at a fast pace as the same technologies used to fight claims fraud are also being used to perpetuate it, according ...
Leadership and Management
Soft Commercial Market Ahead: Prepare for Underwriter 'Herd Behavior'
Commercial insurance pricing is cyclical, and the top of the hard market cycle appears to be at hand. While traditional cycle models point the finger at the availability ...
Underwriting Games: To Manage the Cycle Effectively, Focus on Behavior
Prices are under pressure in many insurance markets. After an extended period where pricing levels have risen and held at profitable levels, the balance of power appears to be shifting to buyers. In ...
Risk Alerts
Risks to Watch: Dangerous Chatbots, Accidental Exposure, Air Taxis
In this edition of Carrier Management's Risk Alerts: Some AI chatbots may be having inappropriate—and life-threatening—relationships with teens. Young children are at ...
Editor's Viewpoint
They Should Take the Picture: How P/C Insurers Should Respond to Photo Flak
My interest in all things property/casualty insurance prompts my smartphone to serve up lots of news from across the nation about carrier activities—local news clips and mainstream media articles ...
Research
Why Homeowners Insurers Are Losing Money: Roofs Matter, Not Just Rates
Rate hikes haven't been enough to bring profits to U.S. homeowners insurers, according to a new analysis from Aon, which finds that returns-on-equity for a group of homeowners insurers studied are ...
Personal Auto Insurance Could Be Obsolete in 20 Years: Morningstar
Self-driving cars could make personal auto insurance largely obsolete within 20 years, according to a worst-case scenario modeled by Morningstar. A more likely, moderate ...