Carrier Management

Carrier Management is an innovative resource designed for the property and casualty insurance sector. It offers essential insights for C-suite executives, directors, and senior leaders within insurance companies.

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Upgrading Legacy Tech Can Be a Risk, But Inaction Is a Bigger One

1 day ago | carriermanagement.com | Elizabeth Blosfield

While the insurance industry has historically been an early adopter of innovation, experts say a reliance on time-tested systems and methods now may be holding the industry back. “Insurance was a prime mover in software. It was actually an early adopter, which means it’s got the early adopter’s dilemma,” said James Benham, co-founder and CEO of JBK.
Colossal Cloud of Sahara Dust Smothering the Caribbean En Route to the US

3 days ago | carriermanagement.com | Danica Coto

A massive cloud of dust from the Sahara Desert blanketed most of the Caribbean on Monday in the biggest event of its kind this year as it heads toward the United States. The cloud extended some 2,000 miles (3,200 kilometers) from Jamaica to well past Barbados in the eastern Caribbean, and some 750 miles (1,200 kilometers) from the Turks and Caicos Islands in the northern Caribbean down south to Trinidad and Tobago. “It’s very impressive,” said Alex DaSilva, lead hurricane expert with AccuWeather.
Appeals Court Allows Trump Tariffs to Stay in Effect for Now

1 week ago | carriermanagement.com | Erik Larson |Greg Stohr

A federal appeals court temporarily paused a ruling against President Donald Trump’s global tariffs while weighing a longer lasting hold on the sweeping decision, with the administration vowing to take the matter to the U.S. Supreme Court if necessary. A brief order granting the stay was issued Thursday by the U.S. Court of Appeals for the Federal Circuit, the latest twist in a case that has upended a pillar of Trump’s economic agenda.
Taking a Step Back: Why It's Important to Take Time to Unwind in an Industry That Never Stops - Carrier Management

1 week ago | carriermanagement.com | Tony Caldwell

Like every kid, I looked forward to the freedom and relaxation of summer vacation with great anticipation when I was growing up. The idea of being completely free from the pressure to perform and the deadlines of assignments was always appealing. It seemed that the days grew longer as June approached with the promise of time off and a release from schoolwork. My father, however, was a relentlessly hard-working American business owner who didn’t really know how to take time for leisure.
Cyber Attack Surge Creates Opportunity for Insurers, Prompts Rethink on Premiums

1 week ago | carriermanagement.com | Maggie Shiltagh |Chloe Meley

A recent surge in high-profile cyber attacks is offering an opportunity for insurers including Munich Re AG and Chubb Ltd. to cash in from a rapidly expanding market — and prompting a rethink on premiums. As artificial intelligence makes attacks more widespread and devastating, Munich Re expects the global cyber insurance market to reach $16.3 billion in 2025, up from $15.3 billion in 2024.
Corporate Nuclear Verdicts Surged to New Record High in 2024, Report Says

1 week ago | carriermanagement.com | Ezra Amacher

Nuclear verdicts against corporate defendants reached a record high in 2024, led by cases involving products liability and intellectual property, according to a new report from research firm Marathon Strategies. The number of nuclear verdicts—those that surpass $10 million—rose to 135 in 2024, a 52 percent increase over 2023. The total sum of these verdicts was $31.3 billion, a 116 percent jump over the prior year.
Carriers Embracing DIY Home Inspections More and More, Firms Say

1 week ago | carriermanagement.com | William Rabb

The future of home inspections is here and it’s in the hands of … the homeowner. Literally, according to leaders of two firms that have developed DIY systems now being used by prospective insureds across the country for pre-policy property surveys. “Do-it-yourself inspections are here!” said Craig Locante, head of survey business for EXL Survey and Business Control, who spoke at the Insurance Innovators USA conference in Nashville last week.
Captives to Remain Viable as Market Softens: RIMS Panel

2 weeks ago | carriermanagement.com | Allen Laman

As commercial property insurance rates moderate, the value and relevance of captive insurance companies isn’t expected to fade away. A panel of experts discussed the state and evolution of the captive sphere during a presentation at the RIMS RiskWorld conference earlier this month. Those experts seemed to agree: While hard markets often act as a catalyst, the decision to form or expand a captive is not just a short-term reaction.
Wildfire Experience Inspires New Contents Claims InsurTech

2 weeks ago | carriermanagement.com | Allen Laman

When Michael Balarezo emerged from the basement office of his Boulder, Colo., home in December 2021, smoke plumes from the nearby Marshall Fire were visible from his driveway. Balarezo, his wife and daughter swiftly stowed emergency clothing, sensitive documents and toys into duffel bags and loaded them in the back of their car. Enter your email to read the full article. Work Email Address Yes, send me the free daily newsletter with insights for P/C carrier executives
No NOAA Large-Disaster Data to Hurt Insurers' Grasp of Secondary Perils, Says AM Best - Carrier Management

2 weeks ago | carriermanagement.com | Chad Hemenway

Insurance industry financial strength rating agency AM Best said that a decision to stop updating a National Oceanic and Atmospheric Administration disaster database could be detrimental to insurers and may require the rethinking of some products. About two weeks ago NOAA announced it will “retire” a free, public database of climate and weather disasters that caused at least $1 billion in damage, “with no updates beyond calendar year 2024.” Past reports from 1980-2024 will be archived.