Personal Lines Focus Addressing this common and expensive natural disaster A decade ago, Hurricane Katrina—and a couple of close-following but less powerful storms—brought devastation to the Gulf Coast. The events spiked consumer interest in flood insurance. A few years ago, when Superstorm Sandy slammed New York and neighboring states, it had the same effect. According to Westfield Services Leader Brian Bowerman, CPCU, this uptick is quite common after a major
Personal Lines
Understanding transportation risks in an automated environment The rising popularity and growth of shared mobility programs has forced insurers to adapt and create new coverage solutions and risk evaluation methods to serve the evolving needs of both individual and business customers. Now, a market still grappling with these fundamental changes in risk exposures and consumer behavior is facing yet another disruptive force—the development and introduction of increasingly sophisticated autonomous vehicle
ISO Emerging Issues Perspective Can automated processes facilitate quick and effective resolutions? Today’s cars are smarter, and that means auto insurers need to be smarter, too. Modern vehicles collect vast amounts of valuable data, and original equipment manufacturers (OEMs) are preparing to share it with the vehicle owner’s consent—if insurers are ready to receive it and realize its potential for more accurate underwriting, more efficient operations, and a better customer
Dig a Little Deeper Helping clients understand and navigate uninsured and underinsured motorists limits Court Decisions is one of the most popular features of Rough Notes magazine. Its popularity likely stems from the fact that courtrooms often are where the paper promises made in insurance contracts become real. As insurance professionals, we all can develop “what if” scenarios, but until those scenarios are tested with an actual loss and a
Vehicle sharing and the influence of telematics Shared mobility services are not only growing, they also are expanding in scope. Among these trends is the significant increase in vehicle sharing programs. A recent Frost & Sullivan report noted that approximately 7 million users were sharing roughly 112,000 vehicles in 2015 in the United States alone. These numbers are expected to grow to over 36 million users and 427,000 vehicles by
