Insurance Information Institute’s Post

The Casualty Actuarial Society is pleased to announce the release of four new papers that reveal ways actuaries can detect and address potential bias in property-casualty insurance pricing. The newest reports explore different aspects of unintentional potential bias in insurance pricing and progress from the series’ historical foundations to forward-looking solutions for quantifying and addressing potential bias. The papers empower actuaries with tools and considerations to address potential bias with topics ranging from regulatory considerations in the U.S. and worldwide to detecting and addressing potential bias in data and models. Learn more: https://bit.ly/47cL74u #insurance

🚨 Speaker Announcement! 🚨 We are thrilled to announce Arthur Randolph, II with Pinnacle Actuarial Resources, Inc. will be a featured speaker at the ICT/AFACT Property & Casualty Insurance Symposium! Join us for an insightful session on the State of the Texas P&C Insurance Market: What’s Working, What’s Not. This promises to shed light on the complexities and dynamics of one of the nation's most challenging insurance markets. The Texas property and casualty sector is one of the most complex and dynamic insurance markets in the nation. This presentation will explore the recent trends and events impacting the private automobile and property insurance, and workers’ compensation markets. He will also explore the significant influences of the COVID-19 pandemic, inflation, and reinsurance costs. You should attend if you want to: - Understand the drivers of underwriting performance in recent years. - Discern the unique differences between the Texas marketplace and other states. - Comprehend operational changes and the preliminary underwriting results in 2024. Register today at: https://lnkd.in/gVCVdWYv #Insurance #TexasInsurance #PCInsurance #IndustryInsights #ProfessionalDevelopment #Webinar #MarketTrends #Underwriting #RiskManagement

The term “loss pick” is used loosely in the insurance industry and is not well defined. Our expert actuaries are here to clarify the definition and provide more insight into how loss picks are derived. Read article >> https://buff.ly/4cTWWOG #insurance

Great blog on a hot topic from Mike Covert!

Q: What is a captive? A: One or more corporations create, own and operate an insurance company which, in turn, issues insurance coverage for the captive owner-insured(s). The structure of the captive dictates which specific lines of coverage a particular captive will write. Q: We are not the insurance business; how can we be expected to operate an insurance company? A: Blue Ridge Risk Partners pairs with a select few captive management companies which provide the professional services necessary to establish and/or operate a solvent, compliant and, with positive loss experience, profitable captive. Such services include: legal counsel, auditing and actuarial services, claims management, loss prevention, etc. Q: How does captive insurance differ from the traditional market? A: Captive insurance companies, whether a single parent, protected cell, or group captive, provide substantial value not available in the traditional insurance market. For example, captive "premium" is comprised of fixed administrative and professional service costs, reinsurance costs, and claims' fund contributions. An actuarial analysis is conducted to forecast future losses for each captive owner-insured. The results of the analysis determine the amount to which each owner-insured must contribute to claims' funds. Claims' funds are housed in an investment account unless and until claims are paid. Unused claims' funds (and interest) are ultimately available to the captive owner-insured to take as a dividend or maintain in the investment account for insurance/ risk management needs. Captive ownership allows insureds to (1) be rated on their own experience; (2) avoid carrier and/or industry-driven renewal increases; (3) avoid premium subsidization of poorly performing risks; (4) assume control over coverage, claims and risk management services; and (5) enjoy investment profits retained by the insurer in the traditional market. Q: I was under the impression that a Captive was not an option for small or middle market businesses; is that true? A: No. While a small or middle market business may not be a fit for a single parent, or possibly protected cell captive, businesses paying as low as $100,000.00 in premium between workers’ compensation, general liability and commercial auto may be a fit for a group captive.  Feel free to contact me anytime should you wish to explore captive options for your business.

GenAI is set to revolutionize commercial insurance. Discover how innovative applications can enhance profitability and transform underwriting and actuarial functions. Invest in efficiency and customer experience.

The largest public insurance brokers reported overall positive earnings results for Q4 2023, citing new business, strong renewals and M&A activity in 2023 for their success. Read Today’s ViewPoint and get more insights into insurance brokers’ Q4 2023 earnings. #MarshBerry #InsuranceBrokerage #MergersandAcquisitions #Growth

How Insurance Brokers Are Evolving to Meet the Changing Needs of Businesses in a Rapidly Shifting Landscape https://hubs.la/Q02_bW4y0

Well done

I am deeply honored to be recognized as one of Insurance Business America's 100 Best Insurance Leaders in the USA! This recognition is a testament to the importance of challenging the status quo and driving innovation in our industry. The US Property & Casualty industry has delivered an impressive turnaround in financial performance, as highlighted in Deloitte's 2025 Global Insurance Outlook. Impressive stats below: *Property and casualty sector: Underwriting gain of $9.3 billion in the first quarter of 2024 – a significant recovery from the $8.5 billion loss in the previous year’s corresponding quarter.   *The industry’s combined ratio improved to 94.2 percent in the same quarter, year over year.   *Pretax operating income increased by 332 percent to US$30 billion in the first quarter of 2024, year over year, which was bolstered by underwriting gains and a 33 percent increase in earned net investment income. Here's to continued success and resilience across the insurance sector!