A.M.BestTV: Insurers Look to Close the Global Coverage Gap

OLDWICK, N.J.--()--This A.M.BestTV episode highlights the International Insurance Society’s (IIS) Global Insurance Forum in New York, NY, where insurance executives said they can expand coverage through innovation and private-public partnerships. Click on http://www.ambest.com/v.asp?v=iis615 to view the video program.

At this year’s IIS forum, there were approximately 530 registered delegates from 52 countries, with speakers from 21 countries, all focusing on the theme of how to fill the insurance protection gap. “There is a tremendous insurance protection gap, especially in relationship to forming private/public partnerships in the life and non-life industries, developed countries and emerging markets,” said Michael Morrissey, president and chief executive officer at IIS.

Michael McGavick, chief executive officer at XL Catlin, spoke about the industry staying relevant. “The industry is declining in relevance, and it is due to technology as well as the pace of changes in risks. However, if the industry innovates and uses this abundance of new data to create new solutions for the new emerging risks, then the opportunities will be limitless.”

The delegates agreed that there are new ways to reach customers, especially millennials, and the industry had better start utilizing them if it is to remain relevant.

Other people who appear in this episode include:

  • Larry Zimpleman, chairman and chief executive officer at Principle Financial Group;
  • Jamie Yoder, global insurance advisory leader, PwC;
  • Allan O’Bryant, head of Asia operations at RGA; and
  • Joan Lamm-Tennan, chief executive officer at Blue Marble Microinsurance.

Recent episodes of A.M.BestTV include:

  • Ace-Fireman’s Fund Deal Targets High End Personal Lines: Personal lines insurers have turned their focus to high net worth and ultra-high net worth insureds by offering specialized personal lines coverages across borders: http://www.ambest.com/v.asp?v=aceff615
  • Don’t Lose Perspective in Reinsuring “Acts of God,” Says Author: A new book on the reinsurance industry, titled, “Making a Market for Acts of God,” states that the expanding role of alternative capital runs the danger of turning reinsurance coverage into a commodity that undermines traditional safeguards that have relied on a deeper understanding of localized risks: http://www.ambest.com/v.asp?v=acts615
  • Property/Casualty Insurers Sharpen Focus on High Net Worth Clients: The Chubb Corporation and other insurers are educating producers on the best ways to protect the unique risks of affluent insurance customers: http://www.ambest.com/v.asp?v=highnet615
  • Why One Insurer Focuses on Recruiting Military Veterans: Combined Insurance Company of America is committed to hiring military veterans, and its executives believe it is important that the insurance industry harness the strengths and skills these veterans bring: http://www.ambest.com/v.asp?v=combined615

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 Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Lee McDonald, 908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com

Contacts

A.M. Best
Lee McDonald, 908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com