OLDWICK, N.J.--(BUSINESS WIRE)--In this AMBestTV episode from the RMS Exceedance 2019 conference in Miami, FL, an expert panel said new flood modeling should help move the market closer to actuarially sound rates, and new banking regulations will make it easier for private market coverage of flood risk. Click on http://www.ambest.com/v.asp?v=regulatorypanel519 to view the entire program.
Fred Karlinsky, attorney, Greenberg Traurig, addressed the uncertainty surrounding the federal flood insurance program.
“It is a significant issue. Anytime you have uncertainty in any business or in any market, especially in a heavily regulated business like insurance, it creates its own set of unique challenges,” said Karlinsky. “I think the fact that you do not really know what the lay of the land is creates a lot of uncertainty, a lot of hesitancy on the part of anyone that is going to expend capital to try and promote his or her own particular type of private label flood insurance product.”
With wildfires being a big industry issue in recent years, the panel also discussed opportunities and risks within the industry, and highlighted what direction regulation might take.
“I think the 2017 and 2018 wildfire seasons really opened the eyes of not just regulators, but the entire market and industry,” said Matt Nielsen, Senior Director of Global Government Affairs, RMS. “I know one of the issues from a risk assessment point of view is that tools traditionally have only been really meant to help with individual location risk scoring. There has been a lack of really good analytics looking at wildfire as a whole.”
Other people that appeared in this episode:
- Rich Fidei, shareholder, Greenberg Traurig.
For full video coverage of RMS Exceedance 2019, including exclusive executive interviews, visit http://www.ambest.tv/rms19
Recent AMBestTV episodes:
- U.S. Disability Writers and Consumers Will Benefit From Easier Enrollment, Say AM Best Analysts: Kate Steffanelli, senior financial analyst, and Christopher Lewis, industry analyst, both of AM Best, said a decision by the U.S. Department of Labor to allow employers to auto-enroll employees in long-term disability coverage should provide opportunities for disability writers to expand their business: http://www.ambest.com/v.asp?v=longtermdisability519.
- Spanish Nonlife Insurance Market Sustains Stable Outlook, Says AM Best Senior Financial Analyst: Jessica Botelho-Young, senior financial analyst, AM Best, said Spain’s economic growth and insurers' ability to maintain focus during political uncertainty and respond to consumer and regulatory developments help support a continued stable market segment outlook for the country’s nonlife market: http://www.ambest.com/v.asp?v=spanishnonlife_english419.
- Commercial Automobile Writers Hampered by Medical Costs, Loss Trends, Says AM Best Associate Director: David Blades, associate director, AM Best, said large gaps in performance are emerging among U.S. commercial automobile writers, limiting some insurers' ability to respond to market pressures: http://www.ambest.com/v.asp?v=commercialauto519.
- Broader Economy, Repair Costs Influence Personal Automobile Sector, Say AM Best Analysts: Raymond Thomson, director, and Samuel Hanig, senior industry research analyst, AM Best, said results for personal automobile insurers will in part depend on gas prices, employment levels and medical costs: http://www.ambest.com/v.asp?v=personalauto419.
AM BestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View AM BestTV episodes at http://www.ambest.tv.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.