OLDWICK, N.J.--(BUSINESS WIRE)--In this episode of A.M. BestTV, Michael S. McGavick, chief executive officer of XL Group plc, explains how insurers should look to be more daring and explore underserved risks to grow their businesses. McGavick also discusses how regulators can add to the insurance value proposition. Issues McGavick discussed include the following:
On flood insurance: “We just don’t have the kind of flood coverages and the ability to serve that we really can. … I think the private industry can make a bigger difference.”
On cyber liability insurance: “The real losses that are created when there’s a disruption in information systems are much greater than what the current products can cover.”
On growing economic-insured loss gaps: “We have to challenge ourselves. We want to be more a part of these losses, meaning that we will have created products that are really making a difference.”
On attracting new talent: “We need more creativity ... We need more people with the technology background because clearly we can revise the way the deliver products.”
On regulation: “If we take what has happened to the banks and try to devise new regulations for the insurers, we are going to stifle competition and stifle creativity.”
Click on http://www.ambest.com/v.asp?v=mcgavick414 to view the episode.
Recent episodes of A.M. BestTV include:
- Agents Explore New Areas for Growth: A look at how agents are finding new insureds and growing their agencies through focusing on a niche and sticking with it: http://www.ambest.com/v.asp?v=niches414
- U.S. Regulators Respond to National, Global Pressure: U.S. state regulators at New York City Bar Association’s annual regulatory conference, say the U.S. system of state-based regulation is imperiled by a growing emphasis on federal and international regulation: http://www.ambest.com/v.asp?v=regulation414
- U.S. Independent Agents Outline National Priorities: Members of the Independent Insurance Agents and Brokers of America push for key legislative priorities in Washington, including terror cover, multistate licensing and tax changes: http://www.ambest.com/v.asp?v=bigi414
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