Cyberthreats, supply chain issues, climate change and geopolitical unrest were just some of the risks Hank Watkins, Lloyd's regional director and president of the Americas, identified as issues for insurers to watch in his opening keynote address at the Complex Claims and Litigation Forum sponsored by PropertyCasualty360.com in Las Vegas on February 27.
He said that insurers need to lead as an industry and that Lloyd's is encouraging innovation in a number of ways. "Lloyd's is at the forefront in the parametric trigger discussion," he shared. This involves the use of sensors and other technology that can identify when a specific peril such as flooding in a home occurs. Sensors can monitor the home and the insureds are paid if their policy triggers because water rises to a predetermined level. The same philosophy applies for earthquakes and wind events.
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Patricia L. Harman
Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]
