September 30, 2023

The insurance coverage trade and public sector each play a crucial position in serving to to mitigate threat 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 deal with the U.S. market and the areas of threat that extra states are assuming. There was a whole lot of information concerning the position of the general public sector in property threat—particularly after Hurricane Ian left many shoppers in Florida questioning how wind and flood injury can be coated. As we start Atlantic Hurricane Season 2023, we speak about what forecasters are predicting and the way insurers can assist clients to know their dangers and the way coverages are offered.

States are additionally assuming a much bigger position in dangers past property. The State of Washington just launched its public long-term care program, and Missouri and California are poised to observe. We talk about what this implies for purchasers and the long-term care merchandise the trade has historically provided.

We additionally discuss concerning the knowledge insurers are utilizing to higher 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 take into account what impacts such limitations might have as insurers increase the workforce with AI capabilities.