Homeowners, businesses and others affected by the nor'easter that caused widespread property damage and power outages in the Northeast should begin the claims process as promptly as they can, APCIA's Frank O'Brien said. "Claims professionals will be on the ground dedicated to helping families and businesses resolve problems and begin the recovery process," O'Brien said.
Investment in insurtechs totaled $10.5 billion for the first nine months of 2021, marking the first time such funding has exceeded $10 billion in a year, Willis Towers Watson says in a report. Q3 investment amounted to $3.13 billion, compared with $4.82 billion in Q2, the report says.
Severe storms generated tornadoes and damaged homes in eastern Texas and parts of Louisiana on Wednesday. The system, which is continuing on an eastward path, injured at least one person and damaged dozens of homes in Lake Charles, La., which was struck by two hurricanes last year.
The life insurance industry will come out of the pandemic stronger than before, although recruiting, retaining and developing talent will be a key challenge, says LIMRA President and CEO David Levenson. Additional challenges include more M&A activity and the increase in private equity in the life insurance and annuity space, Levenson says.
JoAnn Martin, former CEO of Ameritas and 2018-2019 chair of the American Council of Life Insurers, died Oct. 20 of a rare neurological disease. "JoAnn was a true friend to NAIFA, many of our members across the country, and to all of those involved in the financial security profession," said NAIFA CEO Kevin Mayeux.
Howard Sharfman, senior managing director at NFP Insurance Solutions, spoke during NAIFA's virtual Impact Week and offered nine ideas to help advisors build their life insurance practices. Among Sharfman's ideas were to ask clients about younger and older generations, discuss interest rates and new tax proposals, and integrate life insurance into retirement plans.
Members of a National Association of Insurance Commissioners' group working on developing rules for insurers to transfer large blocks of businesses say in a white paper that long-term care insurance's reserve requirements may be too complicated for it to be included. The working group has formed its own subgroup to separately study transfer issues related to long-term care insurance.
The US has experienced 18 weather-related disasters with costs of at least $1 billion apiece in 2021, along with the economic impact of the coronavirus pandemic, and APCIA's Jeff Brewer says a "perfect storm is brewing in the property casualty market." An APCIA report notes the pandemic's impact on construction costs and home repairs, which have risen sharply, and on the product supply chain, which is facing major disruption.
Pricing for commercial insurance has risen globally for 16 quarters in a row, with the latest increase of 15% in Q3, Marsh says. "While the risk and insurance landscape remains challenging around the world, we expect rates to continue to moderate in most lines," Marsh's Lucy Clarke says.
Tesla is drawing criticism from National Transportation Safety Board Chair Jennifer Homendy over its rollout of "Full Self-Driving Beta technology" without having implemented safety recommendations the NTSB made four years ago. Marketing the technology as full self-driving is misleading, and steps to prevent the misuse of driver-assist technology are crucial, Homendy said.
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