QBE's North American crop business rocked by claims blowout

QBE | December 18, 2019

QBE Insurance Group’s North American crop business is expected to pay claims of around 107%-109% on net earned premium of nearly $1.2 billion in 2019 due to the unusually cool season. The ASX-listed insurance giant said a rise in crop damage claims would adversely impact the unit’s combined operating ratio, a key measure of profitability – sending it slightly above the top end of its 2019 target range of 94.5% to 96.5%. The company’s net investment return in 2020 is also expected to drop, from 3% to 3.5%, to the range of 2.5% to 3%, reflecting lower global risk-free rates. QBE said “the adverse weather conditions are also anticipated to contribute to slightly elevated attritional loss experience” in some of its North American property classes, Reuters reported.

Spotlight

Learn how IBM, AIG and Standard Chartered partnered together to create a blockchain-based policy offering a new level of trust and transparency in the insurance underwriting process.  This solution enables the execution of multinational coverage to operate more efficiently through a shared view of policy data and documentation in real-time.

Spotlight

Learn how IBM, AIG and Standard Chartered partnered together to create a blockchain-based policy offering a new level of trust and transparency in the insurance underwriting process.  This solution enables the execution of multinational coverage to operate more efficiently through a shared view of policy data and documentation in real-time.

Related News

INSURANCE TECHNOLOGY

Milliman launches ALM software to help insurers of all sizes meet stochastic valuation requirements

Milliman | November 23, 2022

Milliman, Inc., a premier global consulting and actuarial firm, today announced the release of Milliman Agile ALM. This innovative software package makes asset/liability management (ALM) and stochastic valuation accessible to more insurers, helping them comply with Solvency II, IFRS 17, and other requirements. "The fundamental advantage of Milliman Agile ALM is that it does not require remodeling the entire portfolio of insurance liabilities, Milliman Agile ALM offers an accessible solution that helps insurers satisfy reporting requirements and make business decisions with greater confidence." -Ed Morgan, principal and Head of Strategy and M&A for Milliman's practices in Italy and Central and Eastern Europe Unlike traditional dynamic ALM models, Milliman Agile ALM uses a standalone asset projection model that can be linked to external liability software. Rather than simulating assets interacting with liabilities, the technology runs separate asset and liability models in an iterative process that quickly arrives at a single solution. Our approach is unique because of our method for separating the asset model from the liability model, This separation is highly efficient as it allows us to take advantage of a client's existing liability modeling and focus the validation directly on the ALM modeling and interactions,said Grzegorz Darkiewicz-Moniuszko, senior consultant at Milliman. Using Milliman Agile ALM, insurers can test different investment and product strategies, optimize management actions, project capital requirements, and even validate other ALM models, all without significant investment or retraining. About Milliman Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe.

Read More

CORE INSURANCE

Securian Financial collaborates with “BenefitBump” to enhance education among expectant parents

SECURIAN FINANCIAL | September 30, 2022

To provide greater assistance to employees growing their families, Securian Financial in a first among insurance carriers is adding “BenefitBump” as a value-added service. The BenefitBump service can be used with Securian Financial’s group hospital indemnity insurance issued by Securian Life Insurance Company. BenefitBump improves outcomes for both employers and employees by helping growing families navigate their employers’ benefits and time off programs to build plans for balancing work and life. The program was designed for all paths to parenthood, including childbirth, adoption and families seeking fertility support. Participants are provided with education tools and live support from licensed emotional health clinicians. “Employees expecting a new child are often overwhelmed with information and unaware of all the benefits available to them through their employers, BenefitBump’s trained care navigators are experts in workplace benefit programs for expecting parents. They guide parents through the journey of growing their families from pre-birth planning to post-birth childcare while ensuring that they are maximizing their available benefits. For employers, this can be a powerful tool for retention, especially of working mothers.” -Darin Reeser, regional director of supplemental health benefit sales for Securian Financial According to ongoing BenefitBump participant survey responses, 66% of participants say the service reduces stress and anxiety and 83% say it increases benefit awareness and utilization. In addition, a 2021 study of program participants found that 98% successfully returned to work. Group hospital indemnity insurance is a workplace supplemental health policy that pays a pre-determined benefit to insured employees who experience a hospital stay covered by the policy. Employees can use the benefit to pay for out-of-pocket expenses not covered by their major medical insurance, or however they wish. With Securian Financial, insured employees do not have to experience a hospital stay to use BenefitBump. In fact, according to BenefitBump, since the service’s inception, nearly one-fifth of participants have engaged the service while family planning. Workplace supplemental health benefits on the rise According to a study conducted by benefits broker WTW, more employers are turning to supplemental health benefits to help protect employees from big medical bills and loss of income. The study, conducted between February 23 and March 12, 2021, found that among 238 organizations employing 3.7 million people, 42% offered group hospital indemnity insurance and 57% offered group critical illness insurance. By 2022, 65% of the organizations said they would offer hospital indemnity insurance to their employees, and 76% said they would offer critical illness insurance. Additionally, LIMRA, a life insurance researcher and trade organization, reported recently that workplace supplemental health benefit premium rose 6% in 2021, to nearly $2.6 billion. A group insurance leader Securian Financial offers group life, accidental death and dismemberment (AD&D) and supplemental health insurance products to employers nationwide. The company specializes in large public and private employer plans with 1,000 or more participants. Since issuing its first group life insurance policy in 1917, Securian Financial through its subsidiaries, Minnesota Life Insurance Company and Securian Life Insurance Company has grown to become the third-largest direct writer of group life insurance in the United States. The company is the top provider of group life insurance to state governments, 16, and has an extensive list of Fortune 500 employer clients, including 18 of the Fortune 100. ABOUT SECURIAN FINANCIAL At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most.

Read More

CORE INSURANCE

CoverEase Partners With Beam Benefits

CoverEase and Beam Benefits | October 07, 2022

CoverEase, a digital insurance broker, announced today a partnership with the digitally-native employee benefits provider, Beam Benefits, via the addition of Beam's dental and vision products to their digital platform. CoverEase is the first company in the United States to offer businesses the ability to get instant online dental and vision quotes for their employees. The new integration adds Beam's dental and vision options to the company's marketplace which quotes workers' compensation, business liability and property, cyber liability insurance, group health insurance and term life insurance for up to $2 million in coverage. CoverEase CEO Shawn Edgington shared her excitement for the future of CoverEase with the incorporation of Beam, As our platform evolves and expands with additions like Beam Benefits, we're able to accelerate innovation, reduce costs, and save business owners time and money. "Beam is thrilled to partner with CoverEase, a proven leader in the employee benefits ecosystem, Through our integration, businesses using CoverEase can access dynamic & transparent dental and vision benefit pricing. We are excited about the technology enabling this partnership, and look forward to working further with CoverEase and their customers." -Alex Frommeyer, Co-founder and CEO of Beam Benefits CoverEase uses decades of best practices research, plus today's most advanced InsurTech to un-complicate the complicated. This approach results in a lightning fast, easy and awesome way to shop, compare, and buy business insurance and employee benefits. About CoverEase: CoverEase, a digital insurance broker, has reinvented the way businesses shop, purchase, and save on the insurance products that businesses need most. CoverEase utilizes an online "Amazon-like" shopping experience with unmatched quotes from the best insurance brands in the country. CoverEase, headquartered in Livermore, California, with offices in New York, is WBENC certified and led by CEO Shawn Marie Edgington. About Beam Benefits: Beam Benefits is a digitally-native employee benefits company that offers dental, vision, life, disability, and supplemental health coverage for employers of all sizes. The company simplifies and modernizes the $100+ billion ancillary benefits industry through its intuitive online platform, self-service tools, AI-powered underwriting, and thoughtful coverage for improved overall wellness. Its Beam Perks™ program* offers incentives to members and rewards them for healthy behaviors. Beam has raised over $160 million in funding and is available in 44 states across the U.S.

Read More