Emil 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 ... Continue Reading »
workers comp
Wearables, Drones and the Internet of Things: The Next Wave of Workplace Safety and Claims Mitigation, Part I
Emil 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 ... Continue Reading »
United States Reinsurance Capacity for Terrorism
In 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 ... Continue Reading »
PA/MGA Commercial Lines Appetite
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 ... Continue Reading »
July 1 Renewals Reveal Price Declines Moderating Especially for US Wind-Exposed Programs
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 ... Continue Reading »
Emerging Risk: RMS Global Probabilistic Terrorism Model
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 »
Emerging Risk: AIR US Terrorism Model
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 »
TRIPRA Renewal Proposals
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 ... Continue Reading »
RMS Global Probabilistic Terrorism Model
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 »
AIR US Terrorism Model
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 »
