A.M. BestTV: Insurers Respond to New Regulators, New Competitors

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October 24, 2016 11:37 AM EDT

OLDWICK, N.J.--(BUSINESS WIRE)-- In this A.M.BestTV episode, insurers at the annual meeting of the Property Casualty Insurers Association of America (PCI) in Dallas, TX, said the industry is being pressured by new forms of competition and new layers of regulation. Click on http://www.ambest.com/v.asp?v=pci11016nc to view the entire program.

Some 1,300 reinsurers, insurers and brokers are attending the conference, where addressing uncertainty through innovation is a key theme.

“The pace of disruption and technological change is only going to increase, which is going to bring challenges, as well as opportunities,” said David Sampson, president and chief executive officer, PCI. “We want to help our member companies build nimble, agile and strategic organizations, which can adapt in this era of uncertainty and change and be able to execute their business plans.”

Anthony Trivella, executive vice president, Hartford Steam Boiler Association of America, highlighted the regulatory issues the industry is facing.

“There are more regulatory bodies, not just state and federal, but international,” said Trivella. “So it is a competing influence between an industry wanting to innovate and the costs around regulation and the other things insurers have to do to run their businesses.”

Other people that appear in this episode:

  • Nathaniel Wienecke, senior vice president, Federal Government Relations, PCI; and
  • Joseph Monaghan, executive managing director, Aon Benfield.

A.M.BestTV will be covering the entire 2016 PCI convention. Visit http://www.ambest.tv/pci16 for full coverage and exclusive interviews with key executives.

Recent episodes of A.M.BestTV include:

  • Market Changes Drive U.S. Workers' Compensation Business to State Funds: A.M. Best analysts, W. Dolson Smith, senior financial analyst, and Connor Brach, associate analyst, said U.S. state workers' compensation funds have benefited from better economic conditions and a hardening in recent years of the overall workers' compensation market. However, they may face challenges as pricing softens in some areas: http://www.ambest.com/v.asp?v=statefunds11016.
  • Insurers Court Program Managers to ‘Outselect the Market’: At the Target Markets Program Administrators Association Summit, insurance executives said managing general agents and brokers have an advantage in developing new products and programs because of their close ties to insureds and agents: http://www.ambest.com/v.asp?v=targetmarkets11016nc.
  • Drone Surge Opens Up a Wide Horizon of Risk Coverages: Paul Bowles, an attorney with Fitzpatrick & Hunt, Pagano, Aubert, LLP., said drone operators should consider protecting themselves against a range of property and liability exposures, including aviation and marine risks, commercial liability, errors and omissions, directors and officers, privacy and more: http://www.ambest.com/v.asp?v=drones1016.
  • EAIC Conference: Asian Insurers Embrace the Analytics Revolution: At the East Asian Insurance Conference (EAIC), attendees said insurers and reinsurers are rapidly expanding the use of data technology for underwriting, pricing, marketing and customer relations: http://www.ambest.com/v.asp?v=eaic31016nc.

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 subsidiaries. ALL RIGHTS RESERVED.

A.M. Best
Lee McDonald, +1-908-439-2200, ext. 5561
Group Vice President, Publication and News Services
[email protected]

Source: A.M. Best


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