In the midst of the insurance industry's “conference season,” all ears have been to the ground listening for the rumblings of approaching challenges, trends, and regulatory changes. Here are a few of the most resonant enterprise risk management (ERM) and compliance concerns that are likely to be taking up the mind space of insurers through the end of 2013:
Continued Focus on Catastrophes and “Super Storms”
The Insurance Regulatory Examiners Society Foundation recently held its National School of Market Regulation, which featured a regulator roundtable. Echoing current industry business and regulatory compliance challenges, the property and casualty hot topic was catastrophes and “super storms.” What else can states do to help prevent losses? Several state regulators spoke about special sessions to pass or improve statewide building codes, with “Build high, build strong” as a motto. In Missouri, for example, regulators found that structures constructed or improved under new building codes put in place as a result of hurricane Rita were better able to withstand subsequent storms.
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