How to Protect your Chemical Business (LCs and Credit Insurance)

Insurers are facing increased litigation challenges from the growing phenomenon of social inflation. From changing judicial and jury attitudes to plaintiff reptilian trial tactics and nuclear verdicts, insurers are at risk for significantly higher claims costs, settlement amounts, and jury verdicts. From another angle, third-party litigation funding (TPLF) continues to grow and complicate claims handling.

With hardening markets across many product lines, challenging reinsurance markets, and preparations for a once in a generation regulatory change on pricing, it could be said that the general insurance market is living through a perfect storm. Looking ahead to 2022 and the changes on the horizon, might the tide be about to turn? Or will the grave impacts of climate change, an ongoing pandemic, and the threat of many other headline-making loss events, such as a large-scale cyber-attack, mean that this is a state of play to get used to? This lively panel debate considers the overall state of the general insurance market, what routes there are to a more stable market, whether we should expect this period of instability to continue, and seeks to answer if general insurance is living through a perfect storm or not?

In this one-hour recorded webcast, industry experts discuss steps toward creating a truly digital enterprise which drives more efficient, reliable processes, a more collaborative work environment, and a powerful customer experience. You will learn: Ways to mobilize data for faster service, improved coverage, and better customer service; Why data normalization must be a part of any digital transformation initiative; and How to plan for managing and mobilizing data better across systems and platforms.

Increased risks are impacting insurance profitability. Earlier this year, AM Best indicated an increase in losses and expenses were responsible for the P&C sector’s $4.1 billion net underwriting loss in 2021 and a weakened combined ratio of 99.6%[i] . AM Best estimated that the 2021 catastrophe losses accounted for 7.7 points on the combined ratio. Already in 2022, the Marshall Fire in Colorado is expected to reach $1 billion in losses, with nearly 1,000 homes destroyed and hundreds more requiring damage repair. Tornadoes in Kentucky and other locations devastated both homeowners and businesses. Rising construction costs, strained supply chains, and lack of construction workers are driving up the cost of rebuilding, putting many insureds at risk of not having enough insurance coverage and insurers at risk of not knowing their overall portfolio of risk.