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- Insurance News Digest 10-17-2024
Insurance News Digest 10-17-2024
AEP started this week, the high season for those of you in Medicare.
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The Annual Enrollment Period (AEP) allows Medicare beneficiaries to adjust their coverage to better fit their needs. During this time, individuals can switch between Medicare Advantage, Original Medicare, and prescription drug plans. Eligible participants can also enroll in or disenroll from plans
As the 2025 Medicare annual enrollment period (AEP) approaches, significant industry changes are on the horizon. These shifts require agency leaders, brokers, and agents to adjust their strategies to stay competitive.
With Medicare’s annual enrollment period approaching, payers are preparing new offerings. Major changes include shifts in premiums and benefits, impacting Medicare Advantage and Part D plan enrollments, which are crucial for companies targeting retirees.
ITC Vegas, the largest insurance innovation event, offers unmatched networking and insights into the latest industry trends. Presented by McKinsey & Company, it’s the perfect place to connect, find solutions, and build valuable partnerships. Join this event to tackle key challenges and engage with the industry’s top professionals, driving innovation forward.
Hurricane Milton is expected to result in approximately $36 billion in private insured losses, according to catastrophe modeler Karen Clark & Co. The storm has significantly impacted the insurance industry, adding pressure to the already hardening reinsurance market.
Moody’s RMS estimates that the combined insured losses from hurricanes Milton and Helene could range from $35 billion to $55 billion. These losses will heavily impact property insurers and influence reinsurance renewals in 2025.
Progressive reported net income of $584.6 million for September, contributing to a total of $6.1 billion in net income for the year so far. Despite losses from recent hurricanes, the insurer achieved a combined ratio of 93.4%, reflecting a robust performance in a challenging environment.
Hurricane Milton’s insurance losses are expected to fall between $30 billion and $50 billion. Despite the high losses, the impact on the insurance-linked securities (ILS) market is projected to be minimal, with estimated principal losses ranging from 0% to 4%, making it less significant for investors in catastrophe bonds.
A new report highlights the growing need for AI governance within the property and casualty (P&C) insurance industry. As more companies adopt AI, proper oversight will be key to ensuring both compliance and efficiency in underwriting and claims processing.
As AI becomes more integrated into customer service, companies must balance automation with genuine human interactions. Maintaining empathy and trust in AI-driven processes is critical for insurers looking to strengthen customer relationships and improve user experiences.
Global elections and shifting regulatory landscapes are creating new challenges for insurers. A recent webinar discusses how companies are adapting their strategies to manage these evolving risks, ensuring compliance while maintaining growth.
A whitepaper from Vertafore outlines 10 key strategies to help Managing General Agents (MGAs) speed up their product launch timelines. As insurance markets evolve, MGAs must adopt these best practices to stay competitive and quickly respond to new opportunities.
Duck Creek has acquired Risk Control Technologies, a platform that supports loss control management. This acquisition aims to expand Duck Creek’s capabilities in risk management for insurance carriers, aligning with a broader industry trend of core system vendors acquiring loss control platforms.
COVU, a company offering marketing tools, CRM, and licensed support for insurance agencies, raised $12.5 million in Series A funding. The funds will help COVU expand its tech services for agencies, improving client engagement and operational efficiency.
Stoïk, a Paris-based cyber insurance startup targeting companies with up to €750 million in revenue, raised $27 million in Series B funding. Supported by insurers like Swiss Re and Tokio Marine, Stoïk partners with brokers to distribute cyber coverage, with plans to expand to 5,000 policyholders by the end of the year.
A recent cyberattack on American Water, the largest U.S. regulated water utility, underscores the growing cybersecurity risks facing critical infrastructure. The attack has renewed calls for increased protection and monitoring of these vital systems, which are heavily insured against such risks.
Stoïk, a Paris-based cyber insurance startup targeting companies with up to €750 million in revenue, raised $27 million in Series B funding. Supported by insurers like Swiss Re and Tokio Marine, Stoïk partners with brokers to distribute cyber coverage, with plans to expand to 5,000 policyholders by the end of the year.
Gateway Specialty Insurance offers tailored coverage for nonprofit organizations and social services, including art organizations, community associations, and foundations. This program addresses the unique needs of nonprofits, providing comprehensive coverage across 50 states.
The Mechanic Group specializes in providing insurance for private security firms, alarm installation, and investigation companies. Coverage is available nationwide, offering protection for various security-related businesses, including alarm monitoring and security consulting.
Insurers, armed with extensive data on loss patterns, are well-positioned to take a leadership role in improving climate resiliency. By analyzing where losses occur and what measures could have prevented them, insurers can influence strategies to mitigate future climate risks.