|[March 14, 2014]
A.M. BestTV: View from Washington; Winter Wave Proves Costly to Insurers
OLDWICK, N.J. --(Business Wire)--
In this episode of A.M. BestTV, a pair of Swiss Re executives discuss
the 2014 winter storms, which began with the polar vortex disruption,
that have caused steep insured losses. William Donnell, president of
U.S. property/casualty at Swiss Re, discusses the types of losses the
industry has seen past obvious property damage, including business
interruption from travel disruptions. Greg Schiffer, chief property
underwriter in North America at Swiss Re, said the losses have been
exacerbated by broadened reinsurance terms and conditions. Historically,
most winter storms were confined to events lasting 72 hours on excess of
loss contracts. However, some agreements were changed at this year's
January renewals to push the "hours clause" to an unlimited number of
hours. Additionally, David Robinson, a professor in the Department of
Geography at Rutgers University and who also serves as New Jersey's
State Climatologist, discusses how the polar vortex disruption causes
cold outbreaks in the United States. Click on http://www.ambest.com/v.asp?v=winter314
to view the program.
People who appear in this episode include:
William Donnell, President of U.S. Property/Casualty, Swiss Re;
Greg Schiffer, Chief Property Underwriter, North America, Swiss Re; and
David Robinson, Professor, Rutgers University Department of Geography,
New Jersey State Climatologist.
Additionally, this episode takes a 60-second look at some regulatory
actions that could impact the insurance industry.
A.M. BestTV covers exclusive A.M. Best information and reports, targeted
topics and key developments in the (re)insurance industry every Monday,
Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html.
View A.M. BestTV episodes at www.ambest.tv.
Recent episodes of A.M. BestTV include:
Reinsurers Identify Next Risks: Reinsurance companies and
brokers gather in Philadelphia for the CPCU Society's annual
reinsurance symposium to discuss hot topics such as stubborn interest
rates, smarter cars and regulation: http://www.ambest.com/v.asp?v=reinsurance2314
Longer Lifespans May Bring Big Costs: Insurance industry
executives discuss how longevity risk presents an opportunity to the
industry - if it's able to handle all the risk, which some are calling
A.M. Best Company is the world's oldest and most authoritative
insurance rating and information source. For more information, visit www.ambest.com.
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