Both the insurance industry and the public sector play a crucial role in reducing risk for customers and citizens. But as the cost of insuring property and long-term care rises in the U.S., states are increasingly becoming insurers of last resort.
In this insurance news analysis, we focus on the US market and the areas of risk that more states are taking on. There has been a lot of news about the public sector’s role in property risk – especially after Hurricane Ian left many customers in Florida wondering how to cover wind and flood damage. How we begin 2023 Atlantic hurricane seasonLet’s talk about what forecasters predict and how insurers can help their customers understand their risks and how insurance coverage is provided.
States are also taking a greater role in risks that extend beyond property. The Washington state just launched its public long-term care programand Missouri and California are poised to follow. We discuss what this means for customers and the long-term care products the industry has traditionally offered.
We also talk about the data that insurers use to better understand the risks their customers face. There are State-level measures to limit the types of media that can be used for insurance and pricing risk. We consider what impact such restrictions might have as insurers add AI capabilities to the workforce.
