Both the insurance and public sectors play important roles that help mitigate risks to clients and constituents. But as the costs of ensuring US property and long-term care increase, the state becomes more and more a last resort insurance company.
This insurance news analysis focuses on the US market and areas of risk that more states are assuming. There has been a lot of news about the role of the public sector in property risk, especially after Hurricane Ian questioned how wind and flood damage would be covered by many Florida customers. When you start Atlantic Hurricane Season 2023talk about what the forecaster is predicting, how insurers can help customers understand their risks, and how the coverage is provided.
The state also plays a major role in risk beyond property. Washington State has just launched a public long-term care programMissouri and California are poised to follow. We’ll explain what this means for our customers and the long-term care products that the industry has traditionally provided.
It also covers the data that insurers use to better understand the risks their customers face. There is Move at the state level to limit what kind of data carriers can use and underwrite price risk. Consider how such restrictions will affect insurance companies as they strengthen their AI-capable workforce.
