How ISO 9001:2015 Can Impact Risk-Based Thinking In Insurance

While risk-based thinking is a new term in the 2015 version of ISO 9001, the concept of risk management is not new to the insurance industry. Many companies already have some sort of risk management process in place and much progress has been made to formalize these processes and even use them for regulatory purposes.  Another step forward is the introduction of the ISO 9001:2015 standard, which includes a focus on risk-based thinking that could benefit the industry. ISO 9001:2015, which defines risk-based thinking even more than its predecessor ISO…

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Louisiana parish to see fire insurance rates fall considerably

fire insurance home

The state commissioner, Jim Donelon, has told East Feliciana Parash to expect to save money this year. A number of regions throughout Louisiana are going to feel a bit of a relief when it comes to the amount that they are paying for their fire insurance coverage, this year, as rates are expected to fall. This, according to a statement that was made by Louisiana Insurance Commissioner Jim Donelon. Donelon explained that the fire insurance rates are expected to start to fall as of July 6. This will be a…

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Insurance and Credit

Insurance and credit

Credit is sometimes a controversial subject that few people really understand. For those familiar with the financial service industry, credit is a simple matter, but not everyone is familiar. For most, credit means nothing more than credit score, a seemingly arbitrary rating of a person’s financial value. Credit is somewhat more complex than that, however, especially when it comes to the insurance industry and a company’s willingness to take on financial risks. A credit score is a gauge of a person’s overall financial risk. A low credit score means that…

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Insurance companies unaffected by climate change, says Warren Buffett

Insurance News - Warren Buffett, CEO of Bershire Hathaway

According to the Berkshire chairman and CEO, the increase in natural disasters has not impacted his insurers. Warren Buffett has revealed that the increase in natural disasters and the extreme weather from climate change around the world have not affected Berkshire Hathaway’s insurance companies. Buffett has stated that no changes have been made to the way that catastrophe calculations are made. He explained that climate change has not affected the calculations that are made in terms of determining how likely it is for a catastrophe to occur. Berkshire Hathaway Inc.…

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Willis Group claims captive insurance companies could be key to future of insurance industry resiliency

The global insurance industry is undergoing extreme change. The change is brought on by the rapidly evolving risks that the industry is facing. As risk changes, insurers are feeling pressure to become more adaptive and resilient against emerging threats. The Willis Groups, one of the world’s largest insurance brokers, believes that captive insurance companies could be the key to weathering the storms of the future. Joe Plumeri, CEO of the Willis Group, attending this year’s World Captive Forum in Miami, Florida, highlighted the usefulness of captives to insurers around the…

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Chartis adds reputation risk insurance product to its offerings

Chartis insurance company has announced that it has added ReputationGuard, a reputation insurance product, to its available policies, and that it will help to protect policyholders with the aftermath of threats to their reputation. This policy was developed by the Executive Liability division at Chartis. It provides policyholders with access to crisis communications and reputation professionals and gives them coverage for any costs that are incurred as a result of the impact or possible effect of negative publicity. What they came up with was an innovative new form of coverage…

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Florida sinkholes causing major damage to homes

 The sunshine state is having more problems with sinkholes. A Florida company called CDS Business Mapping is working with insurance agents and underwriter’s to provide risk reports based on geographic data and maps. The company has mapped areas in ten counties that are sinkhole hazards. Florida’s Insurance Commissioner stated that sinkhole claims are one of the top five cost drivers that are causing insurance companies huge financial losses. In three years, Citizen’s insurance has paid almost 250 million dollars in sinkhole claims; and has another 100 million reserved for “in…

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