PCIT PLUSNews and Updates in the Property & Casualty Insurance Industry – A KMG Initiative

Telematics-changing-the-way-Millennials-buy-Car-Insurance

Telematics changing the way Millennials buy Car Insurance

  The National Association of Insurance Commissioners (NAIC) predicts that 20 percent of all US auto insurance companies will incorporate some form of pay-as-you-drive (PAYD) program within the next five years. With the advent of technology, mobile and use of other handheld devices has increased, so has the inclination towards technological advances in insurance.

Rise-of-drones

Rise of the Drones – Risk and Insurance

Insuring unmanned aircraft systems or drones is going to be complicated. An unmanned aircraft flies over a raging forest fire, alerting firefighters to where the blaze is most dangerous; another hovers over a construction site conducting a building inspection; and a third sweeps through a neighborhood taking photographs that showcase the exterior and interior of a home listed for sale.

Cloud-Technology-Could-Be-the-Next-Big-Cyber-Risk

Cloud Technology Could Be the Next Big Cyber Risk – Insurance Business America

Major headlines like the Target credit card breach have increasingly  be the next cyber risk and put cyber liability insurance on the radar for businesses of all shapes and sizes. However, as the American workplace shifts from a traditional office to a mobile, technologically connected workforce, choosing the correct coverage becomes a trickier process for producers working with commercial clients.

millennials-and-Insurance

Millennials and Insurance

  Millennials make up for the 25% of the population in the US, born between 1977 and 2000. They will form the major population in America, and will make 21 % of consumer discretionary purchases, which is estimated to be over a trillion dollars in direct buying power and a huge influence on older generations.

Returns-for-Homeowners-Insurers-Set-to-Rise

Returns for Homeowners Insurers Set to Rise

In a report by Aon Benfield, on the 2015 Homeowners ROE Outlook report, it has been forecasted that prospective returns for U.S. homeowner’s insurers will continue to improve. The report revealed that the insurers’ prospective after-tax return-on-equity (ROE) has 8.6 percent on a countrywide average, and 12.6 percent excluding the state of Florida for U.S. homeowner’s insurance business, which is a 70 basis point improvement over last year. The study has been done on the basis […]

Trends-Reshaping-the-Insurance-Technology

Trends Reshaping the Insurance Technology Industry

  The way Industrial Revolution reshaped manufacturing centuries ago, the Internet Revolution has transformed insurance. People who once bought all their life, property, and casualty coverage through paper-based transactions are now shopping for and buying insurance products using tablet computers and smartphones.