Posts Tagged ‘workers comp’



May 24th, 2018

Wearables, Drones and the Internet of Things: The Next Wave of Workplace Safety and Claims Mitigation, Part II

Posted at 1:00 AM ET

metropoulos_emil_gcciEmil Metropoulos, Workers Compensation and Terrorism Specialty Practice Leader

Contact

Traditionally, workers compensation insurers’ risk assessment was based on data collected at certain times of year, such as policy renewal. And parts of the data set may rely on qualitative metrics like standard loss survey questionnaires, which can omit pertinent questions. By using telematics, employers and insurers can collect real-time data and institute a continuous feedback loop to identify unsafe conditions, immediately warn a worker who may be at risk and monitor and reward those who take corrective action.

Continue reading…

May 23rd, 2018

Wearables, Drones and the Internet of Things: The Next Wave of Workplace Safety and Claims Mitigation, Part I

Posted at 1:00 AM ET

metropoulos_emil_gcciEmil Metropoulos, Workers Compensation and Terrorism Specialty Practice Leader

Contact

The advent of connected devices and the Internet of Things (IoT) is opening exciting new doors in the insurance industry. The auto liability market has transformed from one in which underwriting relied on proxy variables such as driving history, demographics and credit scores to one in which telematics and real-time, personalized driving statistics inform risk assessment.

Continue reading…

May 10th, 2018

United States Reinsurance Capacity for Terrorism

Posted at 1:00 AM ET

terrorism-rep-connections-banner-2In 2017, according to Guy Carpenter, the combined property and workers compensation private conventional-only terrorism reinsurance capacity was estimated to be USD 2.5 billion per cedent program. Reinsurance capacity for coverage that includes Nuclear, Biological, Chemical and Radiological, especially in Tier 1 cities and central business districts, has become increasingly challenging to secure over the past two years due to the accumulated aggregate constraints of some markets and is estimated to range between USD 500 million and USD 1 billion per program.

Marsh’s 2018 Terrorism Risk Insurance Report, produced with support from Guy Carpenter, explores the state of the terrorism insurance marketplace, presenting data on purchasing and pricing trends.

Continue reading…

August 11th, 2015

PA/MGA Commercial Lines Appetite

Posted at 1:00 AM ET

A line by line comparison of respondents’ appetites in the prior year’s survey with those of this year reveals some changes in emphasis. Workers compensation and medical malpractice experienced large growth in percent of respondents who were currently writing, looking for new growth or aggressively seeking growth. The property line grew by 6 percentage points to become only the second line, outside of general liability, where the majority of respondents say they are pursuing business. Inland marine, accident & health and professional liability for insurance agents showed significant declines in business pursuit. Overall, many of the lines saw drops in appetite or remained unchanged. It appears that current economic conditions and elevating loss ratios are keeping carriers’ growth expectations in commercial lines business relatively flat.

Continue reading…

July 9th, 2015

July 1 Renewals Reveal Price Declines Moderating Especially for US Wind-Exposed Programs

Posted at 1:00 AM ET

Guy Carpenter today released its July 1 Renewal Briefing  that shows price declines have continued to moderate, predominantly on programs covering US wind. Overall pricing was down again at the July renewal across virtually all geographies and lines of business. However, additional limit placed over the past few months is partially responsible for the stabilization of price declines, particularly for US property. Increased demand for reinsurance and expansion of tailored coverage persisted through the July renewal period from previous seasons.

Continue reading…

December 2nd, 2014

Emerging Risk: RMS Global Probabilistic Terrorism Model

Posted at 1:00 AM ET

Risk Management Solutions (RMS) released an updated Probabilistic Terrorism Model (PTM) in July 2012, version 3.1.2. The new model revised the annual frequency of a terrorist attack on US soil. No updates were made to geographies outside the United States.

Continue reading…

November 26th, 2014

Emerging Risk: AIR US Terrorism Model

Posted at 1:00 AM ET

AIR implemented significant model updates in version 13 of CLASIC/2TM, released in 2011. The updates impacted hazard components such as the target and landmark database, event frequency estimates and exposure and policy conditions.

Continue reading…

September 29th, 2014

TRIPRA Renewal Proposals

Posted at 1:00 AM ET

The Republican-led Financial Services Committee in the House of Representatives put forward a draft proposal outline to reauthorize the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) on May 1, 2014. After further negotiations, the House Republican leadership presented the TRIA Reform Act of 2014 on June 11 that proposes a five-year reauthorization of the federal program (to the end of 2019) with a similar copay structure to that of the Senate bill. The full senate passed their committee’s recommended version 93-4 on July 17, 2014. However, a number of changes have also been proposed that have the potential to impact the market if fully implemented, including higher program triggers for non-nuclear, biological, chemical and radiological (NBCR) events, an increase to the recoupment rate and an enhancement to the program’s taxpayer repayment requirements. The table below outlines the different terms and durations that have been put forward by the Senate and the House.

Continue reading…

September 25th, 2014

RMS Global Probabilistic Terrorism Model

Posted at 1:00 AM ET

RMS released an updated Probabilistic Terrorism Model (PTM) in July 2012, version 3.1.2. The new model revised the annual frequency of a terrorist attack on US soil. No updates were made to geographies outside the United States.

Continue reading…