“What social purpose does litigation funding really serve” - Chubb CEO Evan Greenberg  May 5th 2023

Chubb’s Greenberg: Start Questioning the Societal Benefits of Litigation Funding

Chubb CEO Evan Greenberg said society and the business community need to start asking questions regarding the purpose of third-party litigation funding, a major contributor to increases in frequency and severity within casualty lines.

“What social purpose does litigation funding really serve,” Greenberg proposed during a keynote speech at Riskworld, the Risk & Insurance Management Society’s annual conference in Atlanta.

State Farm holds No. 1 slot in NAIC’s 2022 top 25 P&C list

State Farm remains ranked No. 1 by the National Association of Insurance Commissioners (NAIC) and now holds more of the market share at 16.84% compared to 15.98% in 2021.

State Farm wrote nearly $46.7 billion in premiums and earned just over $44.8 billion. Overall, P&C insurers earned nearly $836.9 billion in 2022, wrote about $870.3 billion in premiums, and captured 100% of the market share.

The association’s market share data includes nationwide direct written premiums for the top 25 groups and companies as reported on the state page of the annual financial statement for insurers that report to the NAIC. The Property/Casualty Market Share report contains cumulative market share data for personal auto, commercial auto, workers’ compensation, medical professional liability, homeowners, and other liability (excluding auto liability) insurance. NAIC says the full report, available this summer, will contain more in-depth information.

Digital Shortens Distance Between Accident and Claims Payouts

The auto claims process includes a complex chain of payors, claimants and service providers that can slow down getting money to the right parties, but AI and payments platforms can streamline that process.

The auto claims payment process is ripe for a technology-led overhaul.

“There are inefficiencies and manual processes, and the processes are not yet fully connected,” Kelli Svymbersky, vice president of sales and business development for payments at CCC, told PYMNTS.

“There’s a tremendous opportunity to bring digital intelligence across the entire auto claims experience.”

Meet the Latest Data Miner: Your Windshield

Apple is seeking a patent for an augmented-reality windshield, according to documentation published by the U.S. Patent and Trademark Office on Tuesday, May 2. In addition to displaying speed indicators alongside local speed limits, Apple says the windshield also provides three-dimensional icons representing portions of the road and environment ahead.

Filed in May 2021, part of Apple’s “visual content overlay system” includes a vehicle navigation system (VNS) capable of controlling one or more elements of the vehicle. One such element, according to the patent, is the display of information on transparent surfaces, such as the windshield. Such information could include not only the vehicle’s speed but also the posted speed limit in the area through which the vehicle is traveling. That means Apple’s system not only recognizes elements in the environment but is capable of identifying them as well.

“The VNS can control a display of information to the occupant via a graphical overlay on the transparent surface which provides an augmented reality display of one or more portions of the environment perceived by the occupant …,” reads the application.

5 positive developments in the insurance industry

The insurance industry has weathered a difficult time and has confronted recent obstacles ranging from an influx of new competitors to technological advancements and premium increases.

Inflation, high interest rates, shifts in consumer demand, skills gaps and climate change are just some of the issues with which the sector continues to grapple, and it looks like there is bound to be more of the same throughout 2023.

It’s no wonder many insurers have struggled to stay afloat. However, there are positive changes in the insurance industry that ought to be celebrated. Plenty of providers have proven their resilience and adaptability in the face of uncertainties. After all, the present is informed by the past — and the present will soon shape the future.

From technological advancements to higher costs of coverage, the way we view insurance is shifting. Companies are partnering with tech firms and altering their insurance offerings to keep up with the times.

But exactly how is the insurance industry changing? How can diversity and hiring be improved?

• Finding fresh approaches to diversity and inclusion
• Changing the game with technology
• Growing partnerships
• Combating costs
• Enhancing employee benefits

Ann Dieleman, executive director, Professional Insurance Marketing Association

North American Pet Health Insurance Association (NAPHIA) State of the Industry Report 2023

Pet Insurance in North America

While pet insurance has existed elsewhere since the early 1900s, famous TV collie Lassie received the first pet insurance policy issued in the United States in 1982.

Today, the pet insurance marketplace in North America is comprised of about 25 companies, several of whom also market and/or underwrite multiple white label or co-branded products, representing at least 20 additional pet insurance product brands. NAPHIA State of the Industry data participants represent approximately 98% of the policies in effect in the U.S. and Canada

Each year, NAPHIA conducts an industry-wide survey in order to gather and analyze data around a set of established benchmarks, and produces the State of the Industry (SOI) Report.

The report shows that close to 5.36 million pets were insured in North America at the end of 2022 and that the pet health insurance marketplace increased 21.7% from the 4.4 million total pets insured in 2021.