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As changes in risk and macroeconomics, especially inflation, continue to affect the dynamics of the insurance industry, regulators continue to help insurers and customers adjust accordingly. But not all interventions achieve the intended results.
In this month’s Insurance News Analysis, Joanne Laffan and I discuss the UK’s unintended consequences. Office of Financial Conduct rules designed to prevent loyal customers pay higher premiums than new clients. We are looking into why this might not have had the desired effect.
In the US, regulators are exploring the possibility federal insurance to cover catastrophic cyberattacks may be needed. This comes after a government report warned that the private insurance market and Terrorist risk insurance program offer limited protection.
Meanwhile, as Australia suffers more and more from extreme weather events, NRMA Insurance has partnered with the South Australian Public Emergency Service (SASES) to strengthen community readiness programs. Joanna and I discuss this ongoing trend towards public-private partnerships aimed at helping to reduce risk. We also discuss how macroeconomic recovery from the pandemic could be stifled, and what impact this could have on insurance industry.
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