Insurers should be concerned with any aspect of climate change that could adversely impact insurer assets, including claims, investment losses or regulatory fines.
The Own Risk and Solvency Assessment (ORSA) has evolved from a relatively unknown requirement to a present reality, and companies continue to adapt their plans to comply with the mandate.
Insurance and risk have always gone together. However, as insurance becomes more complex and regulated, the rise of the chief risk officer is inevitable and the importance is undeniable.
2015 will be an active year for Congress and state lawmakers, as they take on bills regarding transportation networks, tort reform, asbestos, financial regulation, e-commerce and natural disaster issues.