The insurance coverage business and public sector each play a vital function 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 change 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 quite a lot of information in regards to the function of the general public sector in property threat—particularly after Hurricane Ian left many purchasers in Florida questioning how wind and flood injury can be lined. As we start Atlantic Hurricane Season 2023, we discuss what forecasters are predicting and the way insurers will 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 simply 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 business has historically provided.
We additionally speak in regards to the knowledge insurers are utilizing to raised perceive the dangers their clients face. There are strikes on the state stage to restrict what varieties of knowledge carriers can use to underwrite and worth threat. We take into account what impacts such limitations could have as insurers increase the workforce with AI capabilities.
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