In the future, insurers will need to rely on geospatial data, such as real-time conditions for the car to provide greater context on the vehicles they insure, writes Mark Breading of Strategy Meets Action. This will help them improve their understanding of risks, offer proactive advice, provide new location-based services and respond more quickly to accidents.
Startup insurtech companies already have access to capital and now need strong partnerships with insurers in order to prosper, XL Innovate says. Experts recommend looking at data needs as a starting point to come up with terms for a partnership.
Global catastrophe costs were lower in 2017's first half than during the same period last year, reports Swiss Re. Smaller storms helped drive $16 billion in insured losses in the US and $23 billion globally, according to the report.
Homes and farm buildings in southern and central Minnesota were severely damaged by seven confirmed tornadoes and more than 9 inches of rain Wednesday, the National Weather Service reports. The unusual weather system also damaged crops and caused flooding that affected roads and breached basements.
The National Hurricane Center is monitoring three weather systems and a possible fourth as hurricane activity starts to increase across the Atlantic. Current activity suggests a busier hurricane season than usual.
Employers in Pennsylvania could see a 6% hike on workers' compensation costs if the Pennsylvania Department of Insurance approves a "loss cost" increase. This would be the largest increase in rates for 25 years and would affect policies from November onward.
With more than 40% of US counties covered by only one Affordable Care Act provider and costs continuing to rise, experts say the future of the ACA exchanges is uncertain. Things are likely to stay the same in 2018, but changes could be in store in 2019 or in later years, experts say.
The Pension Committee of the American Academy of Actuaries has proposed simplifying annual funding notices for pensions by narrowing their focus, providing narrative content and putting generic information only online. The group made the suggestions in comments to the ERISA Advisory Council of the Employee Benefits Security Administration.
Only 26% of people who took an American College of Financial Services retirement-income quiz got a passing score, and only 5% got at least 80% of the questions right. Respondents showed a particular lack of knowledge about annuities, with only 29% answering correctly that annuities cost less for older people.
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