U.S. Farmers Face Insurance, Aid Decisions as Persistent Rains Prevent Planting

Insurancejournal | May 28, 2019

Kansas farmer Mark Nelson has until Saturday to plant his corn or lose the insurance that protects him from a drop in prices or yield. Instead, he’s hopping on a plane to visit his father in Chicago.
Nelson is now considering a different type of insurance coverage known as prevented-plant claims, which pay out when farmers are unable to sow crops at all. With unceasing rain keeping farmers out of fields, growers are increasingly weighing how best to get paid and ease the impact from the bad weather and an escalating U.S.-China trade war.

Spotlight

First practiced by ancient Chinese and Babylonian traders, General Insurance, also known as Property and Casualty or Non-Life Insurance, has played a critical role in the evolution of modern society. An immense field today, it continues to grow in size and complexity. As increased globalization, and new economies and volatilities emerge, so do new opportunities especially for risk-focused professionals that seek to solve the unprecedented challenges faced by companies and countries around the world.

Spotlight

First practiced by ancient Chinese and Babylonian traders, General Insurance, also known as Property and Casualty or Non-Life Insurance, has played a critical role in the evolution of modern society. An immense field today, it continues to grow in size and complexity. As increased globalization, and new economies and volatilities emerge, so do new opportunities especially for risk-focused professionals that seek to solve the unprecedented challenges faced by companies and countries around the world.

Related News

HSB Cyber Suite Adds New Insurance Coverage and Services to Protect Small Businesses

Business Wire | October 23, 2020

HSB Cyber Suite has your business covered, adding new insurance protection and risk management services, including website security scans and computer system upgrades to help prevent future cybercrimes, HSB announced today. HSB Cyber Suite provides a comprehensive collection of cyber insurance and services designed to protect small and medium-size businesses from cyber-attacks, data breaches, identity theft, cyber extortion, and misdirected payment and computer fraud. It’s available through insurance carriers that partner with HSB to add the coverage to their commercial policies. Any business with an internet connection is vulnerable to a cyber-attack,” said James Hajjar, assistant vice president for HSB, part of Munich Re. “And while cybersecurity is complex, we don’t think getting the right insurance coverage or support needs to be. HSB Cyber Suite not only helps a small business respond and recover from a cyber-attack, but it gives them valuable resources they can use to predict and prevent cyber incidents.

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AUTOMOBILE INSURANCE

Greater Than's Artificial Intelligence Will Revolutionise Auto Insurance Underwriting

Greater Than | June 22, 2021

Greater Than (GREAT), the AI data analytics provider, is taking engine underwriting into another period. The organization's AI opens future expense for mishaps per driver, in this way giving a period benefit of 12 to year and a half's over conventional risk models. A period advantage that generally changes how engine risk proactively will be moderated, overseen, and evaluated. Data has consistently been a fundamental aspect of the insurance industry. Adding AI into the condition, an exact understanding and precise valuing of current clients' future risk and claims costs are added. As Greater Than's AI exclusively utilize fair-minded and undeniable data, it gives the furthest and reliable analyses applicable to any market across the world. "Our AI platform is an extremely sophisticated tool that directly transforms current data into future risk information and potential damage outcome per individual. As our AI understands the future, with incomparable accuracy and granularity, it also gives our customers a huge time advantage", - says Liselott Johansson, CEO of Greater Than As a component of the transportation development, more individuals start to utilize elective methods for transport services. Car-sharing, ride-hailing and pay-as-you-go services are such. Further developed innovation is expected to serve and straightforwardly cost such services. Generally, cars utilized by a few drivers have consistently been perplexing to endorse. An intricacy that AI risk management can tackle by its ability to cost per client and conduct behind the wheel at the same time shows current and future risk costs.

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INTELLECTUAL PROPERTY

Milliman's Arius introduces new API capabilities, streamlined diagnostic tools with latest reserving software release

Milliman | November 18, 2021

Milliman, Inc., a premier global consulting and actuarial firm, announced that it has released the latest version of its Arius® insurtech solutions, a family of state-of-the-art reserve analysis systems for property and casualty insurers. This update provides significant enhancements to the systems' analytical, reporting, and data management tools. This release provides tools to help actuaries and insurance analysts more easily build and share statistical exhibits among multiple projects, providing more consistent analysis and more efficient management review. It also adds new reports to help users with Canadian and IFRS-17 reporting requirements. Arius® insurtech solutions is a family of state-of-the-art reserve analysis systems for property and casualty insurers In addition, the release includes new API capabilities, additions to the system's role-based security options, and enhanced controls related to editing and managing data files, both in the Arius Enterprise system and in the Triangles on Demand data management solution. "Our goal with the Arius solutions is to relieve the burden of managing the overall reserving process from our clients' shoulders, so they can spend their valuable time helping and advising their business. This release furthers those efforts with additional steps to enhance the overall efficiency and reliability of the actuarial reserving team." - Ken Scalf, reserving products manager at Milliman About the Arius family of solutions The Arius solution set includes Arius Deterministic, Arius Stochastic, Triangles on Demand®, and Arius Enterprise. Arius Deterministic and Stochastic are self-contained reserve analysis systems that eliminate the potential spreadsheet risk inherent in tools developed in-house by many insurance actuarial teams. Triangles on Demand (ToD) uses the latest cloud technology to instantly aggregate millions of records of loss and claims data on the fly for review in Arius. Designed specifically for large insurance carriers and self-insureds, Arius Enterprise combines the Arius analysis system and ToD with sophisticated Microsoft Azure-based project, user, and reporting management solutions to address the added efficiency and reliability requirements of sophisticated reserving departments. Milliman's Claim Variability Benchmarks provide benchmark statistics for comparison with an insurer's own data, drawn from statistical analysis of 5,100 companies and over 30 years of activity. 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.

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