OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode, Jeff Grange, president of specialty insurance, QBE North America, said recent strings of catastrophes have taught insurers that aggregating all risks is even more important than making sure individual risks are properly underwritten. Click on http://www.ambest.com/v.asp?v=grange418 to view the entire program.
Grange spoke about how he views the current market.
“It is a very interesting time in the business. 2017 certainly was not the same as years prior, since in those prior years, there were relatively benign catastrophes, particularly, in the United States,” said Grange. “All of those 2017 catastrophes, I think, are now resting on the industry and because of them, the industry is now in transition, especially in the pricing environment….This has resulted in an adjustment for everyone involved, the buyers, their producers/advisers and the carriers and reinsurers.”
Grange said he views 2018 as a major transition year for the industry, and highlighted how the recent catastrophes have impacted underwriting and changed the way companies write business.
“The impact of the catastrophes on the claims side has enhanced the use of technology tools in order to adjust claims in real time, which is very new and different. In the past, armies of adjusters were sent into an affected area. Now, UAVs and drones overfly properties. Adjustments are made using satellite imagery in a very timely manner without necessarily having to wait. Also there is the impact of catastrophe modeling, the use of data and analytics, data visualization and robotics, which are really critical in terms of managing capacity and capital as an industry.”
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