AM Best Audio Podcast

Meteorologist Mark Bove, senior vice president of natural catastrophe solutions, Munich Re, discusses what the greater intensity of storms is doing to the insurance industry, and what can be done to mitigate the losses.

Maroun Mourad, president of Verisk Claims Solutions, explains how insurers continue to struggle with legacy technology when it comes to claims, and how a solution could be an interconnected claims ecosystem.

Paul Mallen, CEO and president of Amalgamated Life, sees continued need for group insurance, disability and other benefits, along with increased digital transformation to aid those markets.

Stephen Taylor, Director of the Bureau of Captive & Financial Insurance Products, Delaware Department of Insurance, said the captive industry there is built on the "Delaware advantage."

Chris Donelan, CEO, Global Reinsurance Sompo International said the reinsurance industry was not expecting a housing material shortage, rising labor costs, chip shortages, and then unemployment at historical lows with almost 10% inflation all at once.

Roosevelt Mosley, Principal and Consulting Actuary with Pinnacle Actuarial Resources, said that from summary data, the company has the flexibility to add and use different characteristics of the road-level data to develop scores.

Karen Clark, co-founder, Karen Clark and Co., said that models can provide objective benchmarks rather than waiting for lengthy loss-reporting cycles.

Lightning claim totals dropped by almost two thirds in 2022 from 2020, and by nearly $500 million from 2021, said Dale Porfilio, chief insurance officer, Insurance Information Institute, and president, Insurance Research Council.

Samir Shah, CEO of Ledger Investing, said the casualty-focused insurance-linked securities sector is expected to grow.

Collaboration between insurers and regulators is key to better understanding the use of artificial intelligence and machine learning in the industry, said North Dakota Insurance Commissioner Jon Godfread.