A.M. BestTV: Smart Underwriting Looks Across Risks and Not Just at Each Risk, Says QBE President

OLDWICK, N.J.--()--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.”

Recent episodes of A.M.BestTV include:

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  • Expenses, Slim Profits Drive Some From Retakaful Sector: A.M. Best’s Aneela Mather-Khan, financial analyst, said some retakaful insurers that exited the market lacked the capacity to write larger, more profitable risks: http://www.ambest.com/v.asp?v=retakaful318.
  • How Insurers Are Using Smart Data to Remake Claims: A panel of insurance and claims experts examine the new tools and availability of data that is allowing insurers to get a better handle on claims, reduce expenses and better anticipate losses: http://www.ambest.com/v.asp?v=claimswebinar318.
  • Beyond Oil and Political Issues, MENA Insurers See Upside, Says A.M. Best Senior Director: Mahesh Mistry, senior director of analytics, A.M. Best, said insurers in the Middle East and North Africa region should benefit from some governments' moves to boost insurance penetration levels: http://www.ambest.com/v.asp?v=mena318.

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.

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Contacts

A.M. Best
Lee McDonald, +1-908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com

Contacts

A.M. Best
Lee McDonald, +1-908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com