Both the insurance industry and the public sector play an important role in reducing risk for customers and residents. But as the cost of real estate and long-term care insurance rises in the United States, states are increasingly becoming the insurer of last resort.
This insurance news analysis focuses on the US market and the risk areas that more states are assuming. The public sector’s role in property risk has been in the news a lot, especially after Hurricane Ian left many customers in Florida wondering how they would be compensated for wind and flood damage.Getting started Atlantic hurricane season 2023So let’s talk about what forecasters predict and how they can help insurance companies understand their customers’ risks and how to provide coverage.
States are also taking on a greater role in risks beyond property.of Washington State Just Started a Public Long-Term Care Program, and Missouri and California are poised to follow suit. We discuss what this means for customers and the long-term care products that the industry has traditionally offered.
We also discuss the data that insurance companies are using to better understand the risks their customers face.There is Moves to limit the types of data carriers that can be used for underwriting and price risk at the state level. We consider how such limitations could impact insurers as they augment their workforces with AI capabilities.
