2018 has been a healthy year for property-casualty insurers and 2019 is shaping up to be a banner year, but "longer term challenges like the potential for economic slowdown and ongoing disputes over tariffs and trade rules may cast a shadow on the insurance market outlook." That's according to Deloitte's 2019 Insurance Industry Outlook, which you can view online or download a PDF copy. In addition, Sam Friedman offers his Insights on the Insurance Outlook in the Deloitte blog.
All the talk about Internet of Things (IoT) and Artificial Intelligence (AI) might seem light years away from the day-to-day business of running your insurance agency, but the future is upon us. Agency Checklists reports on two related insurance initiatives that are hitting consumer and business markets now.
In early 2016, when online behemoth Google shuttered their insurance venture Google Compare after only a year in business, many within our industry breathed a sigh of relief. But large national players see a potential for disruption, and this time, the target may be the homeowners insurance market rather than the auto market.
For years, there has been talk about the diminished role of agents as technology takes center stage in selling and servicing insurance customers. A series of recent customer satisfaction studies by J.D. Power shows the reverse: customer reliance on and appreciation of the role that agents play is actually growing.
Recently, Aon released its US Cyber Market Update, the the third edition of their US Cyber Insurance Profits and Performance study. The study looks at US insurers and is based on an analysis of data from National Association of Insurance Commissioners statutory filings. The report shows continued market growth, both in terms of premium growth and the number of US insurers writing the coverage. The report covers both stand-alone and package policies.