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AIR Worldwide: Insured Cat Losses Average $100B

The company’s 2020 Global Modeled Catastrophe Losses report helps insurers identify potential growth opportunities. AM Best TV and AM Best Audio report on stories from a number of sectors within the insurance industry.
  • February 2021
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Caroline McMullan

On Demand

AIR Global Report Estimates 2020 Cat Losses at $100 Billion

For modeled events, insurers pay an average of nearly $100 billion in annual catastrophe claims, said Caroline McMullan, manager, AIR Worldwide. Still, many western regions with mature markets for catastrophe risk protection have a sizable protection gap.

George Woods

Guy Carpenter: Predicted Insurtech Disruption Never Materialized

Rather than replace traditional insurers, insurtechs have become partners, said George Woods, senior vice president, global strategic advisory, Guy Carpenter.

Andy Tran

Insurers Look to Shake Up Earthquake Complacency

Frustrated by traditionally low takeup rates for earthquake coverage in western and central states, insurers are devising new types of coverage, broader public-private programs and new approaches to mitigation. When it comes to earthquakes, “sadly, the homeowners will shoulder a significant burden of that loss,” said Andy Tran, senior vice president, Swiss Re America.

John Dickson

Aon Edge: Data, Analytics Make Flood Insurable in Private Market

The private flood market is poised to help close the flood insurance gap, said John Dickson, president and CEO, Aon Edge. Persistence, innovation, investment and community are the “pillars” of reaching potential policyholders.

Mitch Wein

Novarica: New Regulations Challenge Insurers’ Digital Strategies

Insurers must be careful not to use data to discriminate against customers, said Mitch Wein, senior vice president, research and consulting, Novarica.

Liz Rozier

LexisNexis Director: Less Driving During Pandemic Increases Demand For Pay-Per-Mile Auto Insurance

Pay-per-mile auto insurance is on the rise, thanks to people driving less during the pandemic, said Liz Rozier, director, auto insurance, LexisNexis Risk Solutions.

John Kanet

Andrew Hart

Panel: Driver Assistance Technology Reduces Claims Frequency

Using advanced driver assistance systems (ADAS) lowers bodily injury claims by 27% and property damage claims by 19%, said John Kanet, director, auto vertical market, LexisNexis Risk Solutions. Vehicle architecture, however, can make it difficult to share ADAS information, said Andrew Hart, director, SBD Labs, SBD Automotive, during a recent AM Best TV panel.

Laura Foggan

Panel: Rising COVID-19 Cases Drive Increase in Litigation, Liability Claims

As COVID-19 cases continue to increase, so do the number of legal challenges and potential liability claims, according to an AM Best TV panel. “A lot of the claims have been in the business interruption area,” said Laura Foggan, partner, Crowell & Moring’s Washington, D.C., office and chair of the law firm’s Insurance/Reinsurance Group. “The challenge is that property policies are exactly that. They are policies that are designed to cover property losses.”

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