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Tag: Insurance Pricing

Rock Bottom: Aviation Insurance Pricing Can’t Get Any Lower | ia Magazine

Rock Bottom: Aviation Insurance Pricing Can’t Get Any Lower | ia Magazine

Down, Down, Down Over the last 10-12 years, “we’ve seen steadily decreasing rates across the board” for aviation insurance, says Jim Pinegar, vice president of insurance services at the Aircraft Owners and Pilots Association. “That started to stop mid-last year—we thought we were seeing a small bump in the market—but then that was quickly eroded.” […]

MPs debate £1,200 cap on insurance costs for young drivers | BBC News

MPs debate £1,200 cap on insurance costs for young drivers | BBC News

MPs are debating whether car insurance costs for young people between the ages of 18 and 25 should be capped at £1,200 a year. It follows an online petition that was signed by 185,000 people. So-called e-petitions that attract more than 100,000 signatures have to be considered for a debate in Parliament. It comes on […]

Swiss Re Renewals Drop as Pricing Gets ‘Painful’ | ProgramBusiness

Swiss Re Renewals Drop as Pricing Gets ‘Painful’ | ProgramBusiness

Swiss Re said renewals in its main property and casualty (P&C) reinsurance business dropped by 18 percent in January as it opted out of more business because of falling industry prices. Chief Executive Christian Mumenthaler warned on Thursday, after reporting a 45 percent fall in net profit in the fourth quarter, that more pain was […]

Price optimization: Big data boon or unfair practice? You decide | PropertyCasualty360

Price optimization: Big data boon or unfair practice? You decide | PropertyCasualty360

Price optimization is a hot topic in the insurance world right now. Insurers, customers, state insurance commissioners, big data experts, consumer advocacy groups and industry thought leaders are all weighing in on how the practice will affect insurance. In fact, nearly one in five insurance practitioners predicted price optimization would be the most impactful industry […]

Risk-pricing strategy can make roads safer | New Straits Times

Risk-pricing strategy can make roads safer | New Straits Times

LAST Saturday’s fatal bus accident that claimed 14 lives could have been avoided if bus companies paid higher insurance premiums. Safety and proper maintenance may not be our strong points, but penalty and reward may be the best option to reduce bus-related fatalities and improve the bus system. In developed countries, such as the United […]

Get yourself connected: how insurers are embracing the Brave New World of the IoT | Information Age

Get yourself connected: how insurers are embracing the Brave New World of the IoT | Information Age

It’s a concept known as ‘dynamic pricing’ and one in which connected, embedded and wearable devices, powered by the IoT are key to defining both premiums and the levels of cover provided under the policy, potentially on a minute by minute basis. But how ready are those in the insurance industry to embrace this new […]

Virginia is latest to ban insurance ‘price optimization’ | Consumer Affairs

Virginia is latest to ban insurance ‘price optimization’ | Consumer Affairs

“We applaud Commissioner Cunningham for her strong and clear stance in favor of protecting consumers from the unfair practice of price optimization,” Hunter said. Price optimization marks a radical departure from the actuarial practice of pricing insurance premiums according to the risk of loss posed by the policyholder, CFA said. “Price optimization by insurers is […]

Insurers Pursue Big Data Despite Regulatory Headwinds | Insurance Networking News

Insurers Pursue Big Data Despite Regulatory Headwinds | Insurance Networking News

Insurance companies are putting more money and resources behind big data and analytics every day with the hope that greater insight will help their companies grow strong books of business. But carriers must tread carefully and ensure that the data and models they use pass the scrutiny of the public and regulators and are viewed […]

Indiana Supreme Court could take second look at health care pricing | nwitimes.com

Indiana Supreme Court could take second look at health care pricing | nwitimes.com

INDIANAPOLIS — Despite a federal mandate that all Americans purchase health insurance, about 1 in 8 Hoosiers still are personally responsible for all the costs of their medical care — including 75,000 Lake County residents, 20,000 in Porter and 15,000 in LaPorte. But unlike just about every other product or service that individuals regularly buy, […]

10 Ways Predictive Analytics Improves Innovation | InformationWeek

10 Ways Predictive Analytics Improves Innovation | InformationWeek

Predictive analytics is gaining momentum in virtually every industry. Using predictive analytics, businesses are able to approach opportunities, risks, business partners, and customers differently because they have foresight they lacked previously. “Historical data can only show you so much,” said Arvid Tchivzhel, director of revenue and pricing strategy at consulting firm Mather Economics. “If you’re […]