JD Power Survey Examines Property Claims Satisfaction

Swiss Re’s Chief Property Underwriter Mohit Pande said strikes, riots and similar events are growing in frequency and severity as rising concentrations of populations in major cities create a higher density of valued assets within a heightened risk landscape. 

Betsy Myatt, vice president & chief program officer of the Insurance Industry Charitable Foundation and executive director of the IICF’s Northeast Division, Wendy Houser, chief wholesale officer at Markel and Jodie Kaufman Davis, executive vice president, H.W. Kaufman Group, discuss progress in getting women into the C Suite and what must continue to make the insurance workspace a fully diverse and inclusive environment.

Chris Graham, senior industry analyst, Credit Rating Criteria Research & Analytics, AM Best, said cyber may surpass D&O in premium volume due to its rapid growth and changing market demands. Graham spoke with AM Best TV at the 2024 PLUS Cyber Symposium in New York City.

Mark Garrett, director of claims intelligence for J.D. Power, discusses the company’s 2024 Property Claims Satisfaction Study, which finds the industry is at a seven-year low for customer claims satisfaction.

Maura Freiwald, head of casualty for Munich Re US, and Jim Whittle, vice president and counsel to the American Property Casualty Insurance Association, explain how legal-system abuse and litigation funding are leading to nuclear verdicts against insurers and what the industry is doing to combat the practice.

Arun Balakrishnan, Chairman and CEO of Xceedance said just because you have data, it doesn't mean it is useful.  

David Straughan, an automotive writer and researcher breaks down the companies considered to be the best auto insurers based on a number of criteria including AM Best ratings.  

David Blades, associate director, credit rating criteria research & analytics, AM Best, said fewer IPOs and securities class action suits are reducing demand in the D&O insurance market. Blades spoke with AM Best TV at the 2024 PLUS D&O Symposium in New York City.

Mark Bernacki, chief underwriting officer, Amwins discusses the significants of an election year for insurers saying that there continues to be plenty of private capital in the P&C sector thus eliminating the need for government involvement at this time.

Insurance policies are meant to provide peace of mind, but they can be a source of frustration for both the insured and the insurer if they are built on inaccurate information. This is particularly true for property coverage and the relationship between the value of the covered property and the coverage provided. As important as this aspect of property insurance is—a concept known as insurance-to-value (ITV)—there is an epidemic of inaccurate information when it comes to property values throughout the insurance industry.