|April 15, 2015||
Unmanned Aircraft Insurance Wins Innovation Award
AIG's Unmanned Aircraft Insurance has won a 2015 Business Insurance Innovation Award! As Business Insurance noted in announcing the honor, AIG was crafting this policy long before the Federal Aviation Administration issued its recently proposed rules for drones. And Lexington Insurance Company was right there ahead of the curve as well, launching endorsements for our Public Entity Retained Limit policy, and our General Liability and Umbrella policies. The endorsement is capable of extending this specialized coverage to various industries using unmanned aircraft, including public entities, higher education, real estate, agriculture, oil and gas, transportation, and construction.
|September 25, 2014||WRIN.TV Interview: Matt Power
In a recent WRIN.TV interview, Matt Power, head of Strategic Development at Lexington, speaks about how the development of big data and technology has become increasingly vital in the insurance industry. Matt focuses on the current state of the industry, what the future holds and the positive/cautionary risks that come along with big data involvement.
Underwriters have always been dependent on data — whether it is weather patterns, shipping lanes, or construction information — to help them in the underwriting process. Big data promises to analyze and correlate ever vaster amounts of information, and help underwriters make quicker, better, and more effective decisions, Matt said.
To view Matt's entire WRIN.tv interview, click here .
|September 20, 2014||A.M. Best Webinar: Nadine Silva
In A.M. Best's latest webinar, Nadine Silva, Property Division Executive, joined a panel discussion addressing what insurance professionals should know about resilience and infrastructure when planning to manage catastrophes. Accompanying Nadine on the panel were Kate Ascher, Principal, BuroHappold Engineering, and Laurie Johnson, PhD. AICP, Laurie Johnson Consulting.
Nadine and the panel discussed the challenges underwriters face in providing CAT coverages, emerging trends in the marketplace, demands for new products, and recent business interruption issues in the marketplace. They examined how insurers, public officials, and planners are learning and using their knowledge from past events to strengthen preparation and recovery for future catastrophes.
Among the noteworthy trends mentioned was the increase in floods in uncontrolled areas. "As a result of climate change, areas that weren't typically designated as flood risks are seeing increased flood activity," Nadine said.
On the topic of emerging risks, Nadine stressed the importance of innovation. "The demand for solutions is always changing; therefore we must change with it. Lexington was founded on innovation, and we're always looking for new ways to approach emerging risk," she said.
Nadine also shared her thoughts on the future of the industry. She explained that as exposures continue to grow in complexity, our capacity to work with our business partners to identify and provide innovative solutions will continue to expand as well.
To view the A.M Best webinar in its entirety, please click here .
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||The Women's Lunch Place|
On February 19, eleven employees volunteered at The Women's Lunch Place (WLP) organization kitchen helping to prepare and serve over 265 meals to WLP’s clients. The Women’s Lunch Place organization, a staff favorite, aims to help underprivileged women focus on turning their lives around. Read more >
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