Industry Issues | ERM & Emerging Risks

ERM & Emerging Risks

APCIA Establishes Forum on Emerging Insurance Risks, Opportunities and Issues impacting Enterprise Risk Management

Chief risk officers and other high-level risk managers at insurance companies are facing a broad range of emerging issues that could significantly impact the insurance enterprise and possibly the industry. Recognizing the growing importance of the insurer's risk management process and strategy, APCIA established a new member committee as a forum where those with primary responsibility for overseeing emerging risks can garner a better understanding of the key challenges and opportunities ahead.

The committee will address multi-faceted, emerging risks and opportunities such as cyber and the internet of things, autonomous vehicle technologies, legalization of marijuana, opioid usage trends, changes to insurance capital standards and other emerging enterprise risk management topics. This web page will offer related information, webcasts, publications and other resources.

For questions about the APCIA ERM & Emerging Risks Committee or other related matters, please contact David Kodama, assistant vice president, research.

Latest News | View all

NAIC Climate Risk and Resilience (C) Working Group - Meeting Recap
The Working Group received an update on CA wildfires, CDI-UN environment program partnership, climate risk disclosure survey, and a presentation from One Concern.

Emerging Risk – Data Privacy
Industry report examines the California’s new data privacy law.  

Emerging Risk - Autonomous Vehicles
July 2019 summary of legislative and regulatory activity on Autonomous Vehicles at the state and federal levels as well as a "news and notes" section containing links to studies and articles related to self-driving technology.

Emerging Risk – Global Risk Management Study
Aon 2019 report identifies challenges organizations face in assessing and responding to traditional and emerging risks. 

Emerging Risk – RIMS/Marsh Excellence in Risk Management Report
2019 report explores strategic risk financing in the era of big data.

Emerging Risks – Legislative Action on Privacy, Reviver, Risk-Based Pricing/Underwriting
APCIA summary of legislative activity as of June 21, 2019.

APCIA Survey

APCIA News

APCIA Annual Meeting, October 20-22, Boston MA
"Present at the Creation: The Past, Present, and Future of TRIA," will be one of the featured panel discussions on the meeting agenda.

APCIA: P/C Insurers Report Strong First Quarter 2019 Underwriting Results
Private U.S. p/c insurers' profitability as measured by their annualized rate of return on average PHS increased to 9.4 percent, the best first-quarter result since 2015.

APCIA: "Cyber Security and Data Breach Requirements for Insurers" tops the list in the 2019 Emerging Risks Survey
ERM Committee members were asked to identify the top 5 emerging risks that are most top-of-mind and relevant to their enterprise risk management duties.

APCIA Enterprise Risk Management Committee Conference, June 20
The inaugural in-person meeting of the APCIA Enterprise Risk Management Committee was held on June 20, at APCIA's headquarters building in Washington, DC. 

APCIA Webinar: The Underwriter of the Future - REPLAY
The March 28 presentation explored insurers’ use of big data, RPA, AI and machine learning. A recording of the webinar and a copy of the slides are available for APCIA members.

APCIA ERM Webinar: The Risk Management of Cyber Security and Data Protection Regulations
The slide deck presented on March 8, is available to APCIA members. Members also have access to a replay of the webinar until April 11.

Industry Events

NAIC: Summer National Meeting, August 2-6, New York, NY – Wrap-Up Summary
The APCIA covered numerous meetings related to property and casualty issues.

2019 InsureTech Connect Conference, Sept. 23 – 25, MGM Grand in Las Vegas
World’s largest insurance tech gathering to highlight insurance innovation and digital transformation. APCIA member registration fee discount.

A.M. Best Webinar: (Playback) How Insurers Are Transforming Their Business through Data, Machine Learning and AI
A panel discussion examines new technologies in underwriting to claims management to customer interactions and how insurers can keep pace with customers and competitors.

NAIC: Spring National Meeting, April 2019 - APCIA RECAP SUMMARY
APCIA reports on NAIC developments related to such issues as big data and predictive models; innovation; group capital standards; and TRIA reauthorization and related data calls.

S&P Global Podcast: The Environmental, Social and Governance trends that will shape 2019

Mayer Brown Teleconference: (Replay) US Public Company Climate Change Disclosures: Where Do We Stand?

NAIC CIPR Webinar: InsurTech: Technology and Innovation in the Insurance Sector - REPLAY
A presentation was heard on the current InsurTech landscape, including business models and the future direction of the market. A panel discussion followed that examined steps the NAIC and state insurance departments have taken to foster innovation and lessons learned from startups working with state insurance regulators.

Federal/National International 

TRIA Reauthorization Hearing Held by Senate Banking Committee - SUMMARY
On June 18, the Senate Committee held a hearing on the support for the TRIA program and the importance of starting the reauthorization debate early. 

Federal Insurance Office Release 2019 TRIA Small Insurer Report
Mandatory study of small insurers participating in the Terrorism Risk Insurance Program identifies competitive challenges in the terrorism  risk insurance marketplace.

Senate Commerce Committee Addresses Drug-Impaired Driving, Autonomous Vehicles, Infrastructure – Summary

Asset Risk: FSOC Discusses Concern With Deteriorating Corporate Debt Credit Quality
APCIA finds that while industry's exposure to lower-rated bonds has steadily increased, potential downgrades would have a manageable impact on p-c insurers' balance sheets. 

FDA Holds First Public Hearing on Cannabis and Cannabis-Derived Products
FDA hearing "to obtain scientific data and information about the safety, manufacturing, product quality, marketing, labeling, and sale of products containing cannabis or cannabis-derived compounds." 

NAIC Cannabis Insurance (C) Working Group Releases White Paper Draft for Comment
White paper to identify insurance issues, gaps and opportunities facing the cannabis industry and to identify best regulatory practices to address these issues.

Auto Insurance Discrimination is Focus of Hearing Held by House Financial Services Subcommittee
On May 1, 2019, the Subcommittee on Oversight and Investigations held a hearing entitled "Examining Discrimination in the Automobile Loan and Insurance Industries".

Federal Advisory Committee on Insurance Discuss Domestic and International Priorities
Summary of discussion: TRIA, innovation/technology, resilience, flood insurance, EU-US/UK-US covered agreements, market access trade, and capital standards.

State Legislative/Regulatory News | View all

Alaska Enacts Corporate Governance Annual Disclosure Act
AK House Bill 78 requires insurers or insurance groups domiciled in the state to file a CGAD.

Connecticut Enacts HB-7424, Insurance Data Security Law
The state's budget bill enacts the Insurance Data Security Law and takes effect October 1, 2020.

Mississippi Issues Compliance Guide for Insurance Data Security Act
MS DOI issues bulletin 2019-4 to guide compliance with MS Senate Bill 2831, the Insurance Data Security Act (effective July 1, 2019).

Ohio Omnibus Bill Enacts NAIC Insurance Data Security Model Law
Senate Bill 273 was signed by the governor on Dec. 19, with effective date March 20, 2019.

Michigan Enacts NAIC Insurance Data Security Model Law
Michigan enacted House Bill 6491, the NAIC's Insurance Data Security Model Law, and House Bill 6406, which preempts entities and persons regulated pursuant to the Insurance Code from the Identity Theft Protection Act.