The insurance industry and the public sector both play a key role in helping customers and constituents reduce risk. But as the cost of property and long-term care insurance rises in the United States, states are increasingly becoming the insurer of last resort.
In this analysis of insurance news, we focus on the U.S. market and the areas of risk assumed by more states. There’s been a lot in the news about the public sector’s role in property risk, especially after Hurricane Ian left many customers in Florida questioning how to cover losses from wind and flooding. when we started 2023 Atlantic hurricane seasonwe discuss what forecasters are predicting and how insurance companies can help customers understand their risks and provide insurance.
Countries are also taking a greater role in addressing risks beyond property. this Washington state just launched public long-term care programMissouri and California are also preparing to follow suit. We discuss what this means for customers and the long-term care products the industry has traditionally offered.
We also discuss the data insurance companies use to better understand the risks their customers face. have State-level measures to limit the types of data carriers that can be used to underwrite and price risks. We consider the impact these limitations may have as insurance companies leverage AI capabilities to augment their workforces.
