Industry Issues | ERM & Emerging Risks

ERM & Emerging Risks

PCI Establishes Forum on Emerging Insurance Risks, Opportunities and Issues impacting Enterprise Risk Management

Chief risk officers and other high-level risk managers at insurance companies are facing a broad range of emerging issues that could significantly impact the insurance enterprise and possibly the industry. Recognizing the growing importance of the insurer's risk management process and strategy, PCI established a new member committee as a forum where those with primary responsibility for overseeing emerging risks can garner a better understanding of the key challenges and opportunities ahead.

The committee will address multi-faceted, emerging risks and opportunities such as cyber and the internet of things, autonomous vehicle technologies, legalization of marijuana, opioid usage trends, changes to insurance capital standards and other emerging enterprise risk management topics. This web page will offer related information, webcasts, publications and other resources.

For questions about the PCI ERM & Emerging Risks Committee or other related matters, please contact David Kodama, assistant vice president, research.

Latest News | View all

Emerging Risk - Autonomous Vehicles
May 2018 update on legislative and regulatory activity on Autonomous Vehicles at the state and federal levels as well as a "news and notes" section containing links to studies and articles related to the increasing automation of the driving function.

Emerging Risk – Disparate Impact
Meaningful progress has been made in a multi-year effort to prevent the U.S. HUD Department from applying its disparate impact standard to the business of insurance.

Emerging Risk – Climate Change
California Insurance Commissioner Dave Jones will take the unprecedented action to conduct climate-related stress tests on insurance company investments.

Emerging Risk – Autonomous Vehicles
A summary of the most recent legislative and regulatory activity on Autonomous Vehicles at the state and federal levels as well as a "news and notes" section containing links to related studies and articles.

Emerging Risk – 2018 Emerging Risks UPDATE
A "tech takeover" tops the list of enterprise-wide threats in the 2018 PCI ERM and Emerging Risk Committee Survey. This departs from the 2017 results that ranked natural catastrophes as the most significant top-of-mind issue for enterprise risk managers.

Emerging Risk – Big Data/Predictive Analytics
A.M. Best: Predictive Analytics can aid performance and balance underwriting cycles for commercial lines insurers.

PCI Survey

PCI News

PCI/ISO: Property/Casualty Insurance Industry’s Surplus Continued to Grow in 2017, Despite 15.8 Percent Drop in Net Income.  See also published Financial Operating Results for the Year 2017

PCI Webinar: Here and Now: South Carolina Enacts the NAIC Insurance Data Security Model Law, June 21
PCI will host a presentation by Mayer Brown LLP, on June 21st at 1 p.m. CT, and discuss what steps insurers should consider in regards to this new statutory requirement.

PCI Webinar: Before and After the Storm: NICB's Aerial Imagery Tool, June 27
On June 27 at 1:00 p.m. CT, PCI will host a National Insurance Crime Bureau presentation regarding the Geospatial Intelligence Center and emerging drone technologies that can deliver pre and post loss geospatial imagery.

PCI Capital Engagement Event: Hurricane Season: Preparedness, Response, and Recovery - SUMMARY
On May 31, stakeholder experts representing the private sector, safety community, and government participated in a panel discussion addressing hurricane season preparedness, response, and recovery.

PCI Meeting with Fed Vice Chair Stresses Support for Insurance Reforms 

PCI Outlines Priorities for State-Based Regulation and Role of the NAIC
PCI CEO addresses NAIC's Big Data Working Group, the NAIC's strategic plan, the distracted driving epidemic in the U.S., and international regulatory developments.

PCI Board Chair testifies before the House Financial Services Subcommittee on H.R. 5059, “State Insurance Regulation Preservation Act”

Property/Casualty Industry Results 2017 Webinar: Perspectives from ISO, PCI, and III, May 14 - REPLAY
Executive leaders presented the financial results for the insurance industry in 2017, and discussed key challenges and opportunities facing insurers.

ERM & Emerging Risks Committee Meeting: 2018 - May 10
The agenda will highlight key emerging issues related to strategic risk management, rating agencies, and the management of emerging risks, metrics and approaches integral to ERM strategy.

PCI Webinar: What Every Insurer Needs to Know About Blockchain – PRESENTATION SLIDE DECK
PCI members received a presentation on the significance of blockchain networks and implications for the insurance industry.

PCI Webinar: Digitization of Insurance, Cyber Risks, and the Role of ERM – Presentation Slide Deck
PCI members received a presentation from Fred Karlinsky of Greenberg Traurig, P.A. on the area of emerging technology and the digitization of insurance, and the CRO’s role in managing the risks and opportunities they pose for the insurer.

Industry Events

NAIC: Insurance Summit, June 18 -22, Kansas City
Conference for insurance regulators, companies and stakeholders to explore innovative ideas, the latest technology and regulatory practices.

NAIC CIPR: Lessons Learned from Recent Catastrophes, March 26 - Replay
The event featured a presentation and panel discussion on how catastrophe losses have impacted insurance availability, pricing and loss modeling. pre-storm preparedness, consumer protection and assistance, data needs, state approaches to facilitating mitigation and the effectiveness of building codes and standards.

State Legislative/Regulatory News | View all

South Dakota Adopts ORSA Guidance Manual
The SD Department of Labor and Regulation/Division of Insurance has adopted SDCL 20:06:09 , which adopts the NAIC ORSA Guidance Manual, 2014 edition. The  ... more >

New York DFS Issues Guidance Related to the Equifax Data Breach

New York DFS Posts FAQs on the Cybersecurity Requirements for Financial Services Companies Regulation

North Carolina Adopts NAIC's ORSA Model Act
NC HB 383 adopts the NAIC ORSA Model Act which requires an insurer to conduct an ORSA at least annually when there are significant changes to its risk profile. The law has ... more >

News Article: Extracting Business Value via ORSA

South Carolina Enacts ORSA Bill
South Carolina enacted SB 254, which requires domiciled insurers to conduct an Own Risk and Solvency Assessment. The bill is effective January 1, 2018.

Utah Enacts HB 42 to Amend Insurance Code, Adopt ORSA Model Act
Utah has enacted House Bill 42 which modifies numerous provisions of the insurance code, including adoption of the NAIC ORSA Model Act. This bill becomes effective May 9, 2017.