As changes in risk and macroeconomics – particularly inflation – continue to affect the dynamics of the insurance industry, regulators remain committed to helping insurers and customers adapt accordingly. However, not all efforts achieve the intended results.
In this month’s Insurance News Analysis, Joanne Laffan and I discuss the unintended consequences of the UK Financial Conduct Authority rules aimed at preventing loyal customers from pay higher premiums than new customers. We are investigating why it may not have had the desired effect.
In the United States, regulators are investigating federal insurance to cover catastrophic cyber attacks may be needed. This comes after a government report warned that the private insurance market and it Terrorism Risk Insurance Program offers limited protection.
At the same time as Australia is increasingly affected by extreme weather events, NRMA Insurance has partnered with the South Australian State Emergency Service (SASES) to strengthen community preparedness program. Joanne and I discuss this continuing trend toward public-private partnerships aimed at help reduce risks. We also discuss how Macroeconomic recovery from the pandemic may be stifled and its impact on the insurance industry.
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