Insurance News: Increasing risk, inflation, and regulation
As changes in risk and macroeconomics—especially inflation—continue to influence insurance industry dynamics, regulators remain engaged to help insurers and customers adjust accordingly. But not all interventions are achieving their intended outcomes.
In this month’s Insurance News Analysis, Joanne Laffan and I discuss the unintended consequences of the UK Financial Conduct Authority rules intended to prevent loyal customers from paying higher premiums than new customers. We examine why it may not have had its desired effect.
In the US, regulators are exploring whether federal insurance to cover catastrophic cyber-attacks may be needed. This comes after a government report warned that the private insurance market and the Terrorism Risk Insurance Program offer limited protection.
Meanwhile, as Australia is increasingly hit by extreme weather events, NRMA Insurance has teamed with the South Australian State Emergency Service (SASES) to amplify community preparedness programs. Joanne and I discuss this continuing trend toward public-private partnerships aimed at helping to mitigate risk. We also discuss how macroeconomic recovery from the pandemic might be stifled and what impact that could have on the insurance industry.
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