The insurance coverage business and public sector each play a important function in serving to to mitigate danger for purchasers and constituents. However, as prices to insure property and long-term care within the U.S. rise, states more and more develop into the insurers of final resort.
On this Insurance coverage Information Evaluation, we concentrate on the U.S. market and the areas of danger that extra states are assuming. There was lots of information concerning the function of the general public sector in property danger—particularly after Hurricane Ian left many shoppers in Florida questioning how wind and flood harm could be coated. As we start Atlantic Hurricane Season 2023, we speak about what forecasters are predicting and the way insurers might help clients to grasp their dangers and the way coverages are offered.
States are additionally assuming a much bigger function in dangers past property. The State of Washington just launched its public long-term care program, and Missouri and California are poised to comply with. We talk about what this implies for purchasers and the long-term care merchandise the business has historically supplied.
We additionally discuss concerning the information insurers are utilizing to raised perceive the dangers their clients face. There are moves at the state level to limit what kinds of data carriers can use to underwrite and price risk. We think about what impacts such limitations could have as insurers increase the workforce with AI capabilities.
