A.M. BestTV: Insurers Brace for Impact of Concussion Claims

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February 19, 2016 10:35 AM EST

OLDWICK, N.J.--(BUSINESS WIRE)-- This A.M.BestTV episode examines concussion-related lawsuits against helmet manufacturers and sports-related organizations, which threatens to become a bigger liability issue for insurers and reinsurers. Click on http://www.ambest.com/v.asp?v=concussion216 to view the entire program.

Risk managers from youth sports to the college ranks are taking notice of sports-related concussions.

“Although it is still unknown what the impact of sports-related concussions will have on the insurance industry, it is definitely first and foremost on our plates,” said James Decker, vice president, underwriting, Philadelphia Insurance Companies. “We are starting to see the trickle-down effects of how concussions affect risk, large leagues, national governing bodies, volunteer coaches and parents …and this whole degree of medical consciousness is changing the way we look at risk,” continued Decker.

A.J. Morgan, senior vice president, RPS Bollinger, spoke about how the insurance industry is covering concussion injuries.

“I think all the sports organizations really are already seeking insurance, so I wouldn’t say more of an interest, but we are getting more calls about are we covered for concussions. It wasn’t even a line item in a policy before, it was just part of the general liability. Now you may see it as a line item, because you have to make sure that you have the coverage you need,” said Morgan.

Other people that appear in this episode:

  • Nicholas Secara, attorney, Baker & McKenzie LLP.

Recent episodes of A.M.BestTV include:

  • Cyber Standards Chasing Fast Evolving Risk: Highlights from the recent Risk Management Solutions Cyber Risk Seminar, where insurance executives said they are adapting quickly to new electronic risk exposures, but coverages, standards and policies are struggling to stay abreast: http://www.ambest.com/v.asp?v=rmscyber216.
  • Directors and Officers Liability Insurance Innovation Chases Expanding Risks: At the annual meeting of the Professional Liability Underwriting Society Directors and Officers (D&O) Symposium, attendees said coverage for D&O has been racing to keep up with widening liability and soaring costs as regulators, lawmakers and lawyers create new risk exposures: http://www.ambest.com/v.asp?v=plus216.
  • Analyst Discusses A.M. Best Rating Considerations on Cyber Liability: Senior Financial Analyst Fred Eslami explains how the company continues to monitor and focus on insurers’ treatment of cyber liability exposures: http://www.ambest.com/v.asp?v=cyber216.
  • U.S. Economy on Growth Track Despite Near-Term Hiccup, Say A.M. Best Economists: Senior Economist Meg Mulry and Vice President James Gillard discuss their views on the 2016 global economic picture, particularly in the United States, and how insurers could be impacted in the year ahead: http://www.ambest.com/v.asp?v=economy216.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2016 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

A.M. Best
Lee McDonald
Group Vice President, Publication and News Services
(908) 439-2200, ext. 5561
[email protected]

Source: A.M. Best Company, Inc.


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