Insurance Speak

Four years ago, Chuck Chamness stepped away from his 18-year tenure as president and CEO of the National Association of Mutual Insurance Companies. He looked around at the state industry he'd long worked for and with, and he saw a mélange of strong businesses facing seemingly insurmountable headwinds: Inflation, catastrophe costs, regulatory uncertainty, public perception problems, and the poky pace of technology adoption all served as fiscal stressors for insurance carriers; particularly smaller, regional, mutual insurance operators. In this January 2025 interview, Chamness expands on what he views as pressing business issues facing the insurance industry and offers ideas about how to move forward.

Deidre LeBlanc of Travelers joins us for a discussion on wedding worst-case scenarios and how insurance can safeguard a couple's big day.

Historically, hobbies were thought of as both frivolous and productive. It is worth noting, however, that some major advances happened as the result of hobbyists. Consider Comet Hale-Bopp, which was discovered in 1995 by two amateur astronomers. On this episode of Insurance Speak, we capitalize on Insurance Careers Month to talk with three insurance executives about the ways in which their hobbies inform their careers. With an eye toward illuminating the types of skills and interests that can translate well to the insurance world, Grace Global Capital Managing Director Grace Vandecruze; PAK Programs Risk Management Specialist Justin Guerra; and INSTANDA CEO and Co-Founder Tim Hardcastle each discuss their personal passions and how those preoccupations advance their professional lives.  

In this episode of Insurance Speak, KwH Analytics CEO Jason Kaminsky talks about jiw company's annual Solar Risk Assessment, a report that aims to advance the solar and renewable-energy storage industries. This research is designed intentionally for a non-technical financial community. It provides investors, insureds and insurance organizations with the latest insights on the evolution of solar facility risk and mitigation strategies.

Insurance protections for greenwashing and ESG claims Description: Carolyn Rosenberg of Reed Smith discusses how greenwashing claims have evolved and how businesses can protect themselves with the right insurance.

Today's CFOs worry about economic uncertainty, market competition, talent retention, cyber threats and a host of other operational concerns. It's no wonder: These C-Suite leaders are taking on more responsibility than ever before, and that includes making decisions about insurance, according to the Travelers 2024 CFO Study. Being a CFO is “a much more complex role” than it used to be, explains Joan Woodward, executive vice president of Public Policy for Travelers and president of the Travelers Institute. She also hosts the topical weekly podcast, “Wednesdays with Woodward.” In this conversation, Woodward discusses the results of the 2024 CFO Study and shares insights about what it takes to succeed in today's corporate world.

Roger Spears of Schneider Downs discusses how businesses can evaluate their cybersecurity practices and limit their vulnerability to online threats.

In 2024, cyber insurance prices are down and coverage options have expanded as carriers become ever more savvy regarding cybersecurity measures. Here, we look at how far the cyber insurance market has come over the last two years, with insights from Flow Specialty's midyear Cyber Insurance State of the Market Market Report, as compared to this archival interview with a HSB cyber expert.

Ken Huening, CEO of CoverSeal, discusses rodent-related vehicle claims and how drivers can proactively protect their rides from the climate change-driven increase in these incidents.

Influencer. It's a word and an idea that a decade ago seemed like a fad. But thanks to the cross pollination of niche communities on the internet and digital-marketing smarts, today's social-media celebrities are hotter than ever. Such "influencers" have built an industry that's worth millions and hold sway over significant segments of humanity. With all of that influence comes murky and often misunderstood risk, liability and insurance concerns. On this episode of Insurance Speak, Katie Pope, vice president of Executive Lines at The Liberty Company Insurance Brokers, illuminates the growing legal and liability concerns surrounding social-media influencers.

Kathleen Bonczyk, founder of the Workplace Violence Prevention Institute, discusses the role insurers can play in reducing workplace violence.

Surplus lines insurers in 2023 reported another year of improved underwriting and operating results, with most performance metrics outpacing the broader P&C industry, according to the annual wholesale insurance market report card compiled by AM Best and the WSIA Education Foundation. The report's authors say this indicates just how essential wholesale insurance options have become. "The wholesale and specialty channel is there to provide solutions when the standard market either cannot or will not take on the risk," WSIA President and CEO Brady Kelly said on this week's episode of Insurance Speak. Kelly sat down for an interview in the run-up to his organization's 2024 Annual Marketplace, an event in which thousands of insurance professionals converge in San Diego to fortify business relationships and forge new ones.

If there's one subject that concurrently fascinates and exasperates insurance professionals, it's cyber risk. At the same time that society becomes ever more reliant on digital tools and transactions, bad actors seem to lurk behind every virtual corner constantly finding new ways to scam and steal. Since joining the specialty insurer CFC early in 2024 as the organization's head of Proactive Cyber, Jason Hart has made it his mission to simplify conversations around cybersecurity and cyber insurance. On this episode of Insurance Speak, Hart shares his unique perspective on the cyber risk landscape and the insurance response to this evolving threat.

Jen Martinez of VIU by HUB discusses how insurers can integrate digital tools into customer service while still maintaining human relationships.

Three themes have dominated big-picture insurance conversations in 2024. The first is inflation and its impact on policy pricing. The second is extreme weather, as the increased frequency and severity of natural catastrophes strain the insurance-claims system along with carriers and reinsurers. And the third is litigation and its companion, “social inflation,” or the impression that insurers are bad corporate actors with deep pockets and must correct societal wrongs via exorbitant legal settlements. On this episode of Insurance Speak, Robert Gordon, senior vice president of the policy, research and international division of the American Property Casualty Insurance Association (APCIA), weighs in on these and other issues impacting insurance affordability and availability

For this episode, we revisit a conversation with Bryan Davis of VIU by HUB about what's on the horizon for independent brokers and how they serve their customers.

The risk landscape for small and midsize businesses (SMBs) markedly changed over the last five years as enterprises first adjusted to the shutdowns and distanced interactions dictated by the COVID pandemic, and then as lasting societal shifts (like the rise of remote workers) settled into daily life in the time since the pandemic. The insurtech firm Bold Penguin set out to better understand these business changes and what they mean to insurance professionals and organizations, in order to better direct and advise its industry partners. In this episode, Bold Penguin Vice President of Carrier Operations Nicole Farley talks about the growing commercial-insurance opportunities for agents and brokers along with other insights from the company's new report, “The Evolving Risks of Small Businesses.”

This week, we revisit a conversation with Todd Shasha of Travelers about how boat owners can protect their vessels from catastrophic weather events.

As the world's premiere athletic event, the Olympic Games tend to be a joyous and celebratory affair. However, the sheer scope and scale of the games leaves them open to the unexpected, and the history of the Olympics is not without violence. This episode of Insurance Speak features Chloe Gordge, head of Marke's terrorism portfolio in London. Gordge talks about the unique challenges of curbing political violence in Paris during the upcoming Olympic games.

Andy Moss and John Ellison of Reed Smith discuss insurance and cyber risk management practices for car dealerships in the wake of the CDK Global cyber attack.

Insurance brokers who operate in the environmental liability space, and companies with potential pollution exposures, tend to be up-to-date on the research and risks linked to "forever chemicals," or the cancer -causing compound per- and polyfluoroalkyl substances (PFAS or PFASs). These chemicals remain popular in American manufacturing. While litigation history is still being written about PFAS, environmental insurance brokers can look to the contaminant for clues as to how future pollution liability claims may play out. What new pollutants are they concerned about? One that comes to mind for Emily Bourdeau, vice president of the environmental practice within NFP's Specialty division, is 6PPD-quinone. Used to strengthen tires, this chemical was recently found to be toxic after it breaks down from wear-and-tear and ends up in public waterways.

Lucy Straker and Jim Rizzo of Beazley break down the risk management and insurance implications of California's Senate Bill 553.

Within the U.S. property and casualty insurance sector, Florida stands out as one of the first states to recently experience skyrocketing claim costs, shrinking coverage availability, and a crisis in premium affordability. The Sunshine State also has been deeply impacted by nuclear verdicts as well as insurance fraud. Making matters worse: Severe weather is a relatively common occurrence there. In this episode of "Insurance Speak," NSI Insurance Group CEO Oscar Seikaly shares his unique perspective on Florida's recent legislative efforts aimed at shoring up its volatile insurance market.

 David Cummings, partner in the Insurance Recovery Group at Reed Smith, joins us to discuss how a recent influx of gaming addiction lawsuits may impact the insurance industry.

Office romance can be dicey. The prospect of coworkers dating is so rife with liability concerns, that some companies simply forbid it. Nonetheless, on-the-job romances are increasing in 2024, according to the workplace consultancy SHRM. On this episode of Insurance Speak, Chris Williams, the employment practices liability product manager at Travelers, shares potential scenarios in which close interpersonal interactions become a legal and liability minefield.

John Fitzgerald, Lynne Weeks and Dan Curran of Amwins join us to discuss risk in the hospitality industry as peak season approaches.

Just ahead of RISKWORLD 2024, the annual risk management convention happening this year in San Diego, RIMS, the risk management society, announced the winner of its annual Risk Manager of the Year Award. Calls went out in the fall for this long-standing honor, which aims to raise the profile of the risk management profession as well as the outstanding programs that honorees have implemented within their organizations. This year's winner is Steve Robles, the recently retired assistant CEO for Los Angeles County. On this episode of Insurance Speak, Robles talks about the massive responsibility of managing risk for one of the largest counties in the U.S., along with what kept him up at night as a risk manager, and what he found most rewarding about the job. 

Managing general agents and underwriters occupy a distinct space in the insurance world due to their broad policy oversight and administrative responsibility. Many MGAs must lean on limited resources while delivering an entire insurance experience, from underwriting to claims resolution. This is where technology solutions such as AI-powered automation can have a far-reaching impact. On this episode of Insurance Speak, Michael Parcelli, senior vice president and head of the MGA business at Xceedance, discusses the ability of AI to drive efficiency and profitable growth at MGAs.

Meg O'Toole Herman, agency owner with Goosehead Insurance, shares her advice for helping insureds prepare their homeowners' policies for a potentially active hurricane season. 

Andrew Sabolic of the WCI discusses the organization's work and what makes an excellent workplace safety program.

Individuals and groups with shared occupations or preoccupations often have similar insurance and risk-management needs. That's where affinity insurance marketing and sales come in, explains Ann Dieleman, executive director at the Professional Insurance Marketing Association (PIMA). Dieleman elaborated on the topic during this episode of “Insurance Speak.” In it, she talks about why affinity insurance programs remain crucial, and where they fit with the growing push for digital transformation.

Mark McKinney, Vice President of Market Intelligence at Gryphon.ai, joins us to discuss how insurers may need to adjust their practices in light of new robocall regulations.

The recent uptick in “nuclear verdicts” or “runaway verdicts” reflects the growing power of the plaintiff's bar to influence juries and secure record-setting wins – a phenomenon due in part to social inflation, or the stereotype that large corporations are bad actors with deep pockets. The trend has far-reaching implications for the insurance industry, which often must shoulder the cost of such lawsuits along with the verdicts and settlements they produce, as well as the average consumer, who can count mounting lawsuit expenses as one of the reasons that insurance rates are inching ever higher. And of course, insurance carriers must defend against their fair share of lawsuits. In this episode of "Insurance Speak," James Whittle with the American Property Casualty Insurance Association dives into the impact of what the organization has dubbed "legal system abuse."

Sara Kane, EVP, power and renewables practice leader at CAC Specialty, delves into insurance and risk trends in power and renewable energy in 2024.

How serious are runaway (or nuclear) verdicts?   Consider this summation from a 2022 article on the topic:   "What happens when you mix major damages, a large corporation, a denial (or half acceptance) of fault, and an angry jury that wants to send a strong message? In the courtroom, the result just might be a colossal verdict.”   The trend toward colossal or runaway/nuclear verdicts, or multi-million or even billion-dollar decisions against insurers, is one phenomenon that gave rise to the Complex Claims & Litigation Forum, an event happening Feb. 26-28, 2024, at the Green Valley Ranch Resort in Las Vegas.   Longtime insurance defense attorney Jeff Vernis is one of the litigation experts who will lend his wisdom to the event program. His workshop will be titled, “How to Roadblock Runaway Verdicts: Tactics to Mitigate Your Risks in Court.” In this episode of Insurance Speak, Vernis shares what he knows about the development of runaway verdicts and how they impact the economy at large.

The history of the National Association of Professional Insurance Agents (PIA) reaches back nearly eight decades to a time when independent producers first began to recognize the value of peer-to-peer networking, education and support. Similarly, the insurance industry publications that gave birth to PropertyCasualty360.com boast more than a century of providing actionable insights for P&C insurance industry professionals. Each year since 2017, these two hallmark insurance-industry operations have come together to field the Independent Insurance Agent Survey, an annual look at the challenges and needs of today's producers. Here, PIA National CEO Mike Becker talks about how this annual research partnership ultimately fosters valuable resources for insurance professionals.   Here's a link to the 2024 Independent Insurance Agent Survey...   https://alm.co1.qualtrics.com/jfe/form/SV_abMKaeBepPF5NOK

When it comes to complex claims, an array of factors can contribute to their intricacy including: numerous stakeholders, the involvement of several insurers or reinsurers, and the possibility of litigation. Claim complexity often arrives when determining liability and how or where coverage will apply. Understanding these issues can reduce mistakes and help insurers be more proactive. In this episode of "Insurance Speak," we talk with Ruben Pinto, director of large loss casualty at Allstate. Pinto is scheduled to give a keynote address during the Complex Claims & Litigation Forum happening Feb. 26-28, 2024 at the Green Valley Ranch Resort in Las Vegas. Here, he provides a sneak peek at his upcoming speech.

Jason Keck, founder and CEO of Broker Buddha, joins us for a discussion on modernizing agency practices and effectively using data.

CoreLogic is a global property information, analytics and data-solutions firm, recently compiled a review of the most impactful storms, wildfires and natural disasters of the past year. During 2023, catastrophes such as severe hail across the central and southeastern U.S., hurricanes Idalia and Hilary, which battered the Florida Gulf and California Coasts, and devastating wildfires on Maui all caused widespread destruction and loss. Add to that severe thunderstorms, which are also called severe convective storms, to round out the year's most damaging weather events. In this episode, CoreLogic Catastrophe Response Director Jon Schneyer talks about recent weather trends in order to pinpoint the environmental and climate trends that insurance pros and risk managers should monitor during the year to come.

Private Risk Management Association Executive Director Diane Delaney talks about pressing issues facing these clients and their insurance advisors.

The impact of work-related stresses can be cumulative. CorVel's Karen Thomas advocates for proactive solutions.

Roger Spears, Cybersecurity Project Manager for Schneider Downs, discusses how businesses can perform a check-up of their cybersecurity practices and limit their vulnerability to online threats.

Insurance is a complex business. When it comes to professional liability coverages, the public at large has at least a basic familiarity with medical malpractice insurance. Most people have doctors, and it grabs headlines when a doctor or health care facility makes a mistake. But in fact, there are many different types of professions other than medicine that benefit from liability insurance, which is also known as errors and omissions insurance. Most any professional whose counsel or service could lead to potentially negative outcomes for customers, should carry some degree of professional liability insurance. In this episode, Argo Pro President Mary Henderson talks about about the state of the professional liability insurance market — one of the few areas within the P&C sector that's not experiencing a hardening.

Casey Cunningham, founder & CEO of Xinnix, explains how insurers can drive their sales teams toward greatness, even in a tough market.

In this interview, Heidi Moore, an insurance agent with Country Financial and host of the "Wine Crush Podcast," discusses common claims that arise from wine, beer and cider businesses. She also shares advice for both insureds and insurance professionals for navigating the adult beverage business, its risks and applicable coverages.

Charlie Sidoti, executive director of InnSure, joins us to discuss the integral role property & casualty insurance has to play in the National Climate Resilience Framework.

Business leaders in the U.S. and the U.K. are increasingly insecure about their organizations' ability to respond to geopolitical risks such as war or inflation, according to a 2022 survey. What are some of their top geopolitical concerns? The ongoing war in Ukraine, NATO relations, cyberattacks, U.S.-China relations, climate risk, and energy insecurity are among the issues that continue to have widespread economic implications. And here is some more sobering news for insurance and risk advisors: Mass shootings in the U.S. have become “downright commonplace,” according to one of the country's major news outlets. The U.S. saw 690 mass shootings in 2021; 647 of them in 2022; and 476 active shooter events as of Aug. 29, 2023, according to the Gun Violence Archive. This is the environment in which Andrew Umphress was recently appointed head of terrorism for North America at Markel. There, he will help an already seasoned global underwriting team as well as the firm's clients assess and navigate risks in the evolving war, terrorism, and political violence landscape. Umphress recently appeared on the Insurance Speak podcast to talk about the evolving geopolitical landscape and how it touches the insurance world.

The economic impact has been severe from concurrent labor strikes by the Writers Guild of America and the Screen Actors Guild — American Federation of Television and Radio Artists. While the former announced a tentative agreement recently, actors continue to strike. In this episode of the Insurance Speak podcast, insurance executive Bill Johnson, who once produced major motion pictures, discusses common film and television production risks, coverages and claims.

Bryan Davis, EVP and head of VIU by HUB, explains what's on the horizon for independent brokers, and how they can best serve their customers in the modern market.

In this episode of Insurance Speak, Rahul Kumar, Vice President and General Manager of Financial Services at Talkdesk, joins us to discuss how insurers can create and nurture loyalty by enhancing the customer experience.

Todd Shasha, Assistant Vice President of Personal Insurance at Travelers, explains how boat owners can safeguard their vessels from increasingly catastrophic weather events.