Picture a world in which you use your fingerprints, rather than keys to open your front door; where you pay for items by taking a selfie; where your heartbeat serves as your password. Biometrics —automated recognition of individuals based on unique characteristics—are making all of this possible. But maybe not surprisingly, the commercial use of biometrics raises numerous … [Read more...] about Biometrics: The Next Big Privacy Issue
Regan Shulman (Vice-President and Deputy General Counsel of Arch Insurance Company) and Michele Jacobson and Robert Lewin (both Partners at Stroock) discussed the historical issues that insurance companies have faced in relationships with program managers and offered practical solutions on how to manage those relationships productively.The panel began by reminding attendees … [Read more...] about Lessons from the Front: Managing the Program Manager
Jake Acosta of EY presented insights on the future of claims. Acosta explained that, in early 2016, EY conducted research to understand where claims operations are headed. EY’s research included interviews with executives at commercial insurers, industry analysts, and FinTech leaders. EY’s research revealed six key drivers of change in the industry.Decreasing Claims … [Read more...] about The Future of Claims
Though it wasn’t feeling like Spring, and a Nor’Easter hit New England so hard it left many unable to travel, AIRROC’s Spring Membership meeting drew more than 100 attendees over two days. The familiar format of a day for business and education meetings made it a productive combination for our members and supporters. The Education Day featured timely and interesting topics: PwC … [Read more...] about AIRROC Springs Ahead: Spring Membership Meeting
All insurance and reinsurance companies want to avoid public disclosures or headlines regarding significant reserve increases, such as the recent newsworthy reserve adjustments that more than a few companies have taken for asbestos, silicosis, or other large tort liability claims. But how? The secret lies in the early identification of “bad” claims when there is time to alter … [Read more...] about “Eyes-On” Management: Watch Lists for Effective Management of Significant P&C Insurance Risks
On January 13, 2017, the United States and the European Union (EU) concluded negotiations on the first insurance covered agreement after this novel multilateral international agreement, envisioned and promoted by the National Association of Insurance Commissioners (“NAIC”) and the U.S. state insurance regulators who are its members, was authorized by Title V of the Dodd-Frank … [Read more...] about Twisting in the Wind: Covered Agreement Dangling by Uncertainty and Politics
Cyber risks are among the most pervasive risks of our time. They impact all industries that purchase insurance, and all lines of insurance. A panel from the insurance community whose roles in their companies focus on cyber risks (some from the underwriting and product development perspective, and others from the claims handling perspective) discuss key issues and challenges … [Read more...] about Emerging Cyber Risk Roundtable Explores Cyber Insurance Issues
Part 3: The case for expanding the Rhode Island Insurance Business Transfer to other lines of businessCurrent global market conditions have increased pressure on business leaders to focus on efficient capital management with an eye towards long-term trends. Rhode Island’s amendments to Insurance Regulation 68 are the first step in providing greater flexibility to the U.S. … [Read more...] about Can U.S. Insurance Companies Afford Not to Restructure?
While US regulators attempt to require insurers to be more aggressive in protecting consumer data from cyber attacks, in August 2016 the NAIC’S Cybersecurity Task Force released an amended version of its draft Insurance Data Security Model Law.The NAIC model law proposes to establish “uniform” standards for data security and investigations, in addition to how to notify about … [Read more...] about Cybersecurity: What are insurance entities required to do?
Years ago a large global insurer, working to grow its book and establish a presence in a new market, underwrote a large deductible workers compensation account that, under normal circumstances, might have either been rejected or set at a very high premium with substantial collateral to reduce the insurer’s risk.However, neither occurred because the carrier was anxious to … [Read more...] about Your Deal: Large Deductible Programs
George Washington reportedly grew it. Bill Clinton and Barack Obama have admitted to smoking it (although only one admitted to inhaling). A 2015 Gallup poll revealed that 44% of American adults have tried it. Twenty-three states have legalized it for medical use, and four have done so for recreational use.“It,” of course, is marijuana, also known as cannabis, weed, or pot. … [Read more...] about Clearing the Smoke: Legal Marijuana: An Insurable Risk
The commercialization of drone technology has exploded over the past few years and the global use of drones is expected to have enormous implications. Insurance coverage for drone operation is an essential aspect of this technological evolution. What is a drone?Drones come in a variety of sizes and types, from model aircraft for personal use to large, fixed winged … [Read more...] about Drones — Ready for Take Off
Cyber risk is one of those rare exposures that affects every company and potentially impacts every insurer. The insurance industry is affected by this ubiquitous risk both as entities with their own cyber risk exposures, and as insurers and reinsurers of the exposures of others. Accompanying rapid and pervasive developments in technology has been a concomitant increase … [Read more...] about Cyber Risks and Insurance Every Line, Everywhere
In 2014, hydraulic fracturing (“fracking”) remained a hot national topic. Often making headlines, fracking also made its mark in litigation where key battles wound their way through the courts. Reviewing just some legal developments confirms the industry faces unique, sometimes prejudicial, challenges despite continued growth.For example, the Eighth Circuit’s decision in … [Read more...] about Hydraulic Fracturing: A Retrospective of Key Legal Disputes in 2014 and Predictions for the Future