We hope you will consider these as part of your personal and business insurance review process.
Insurance and risk management trends to watch for in 2015:
- With the recent Target breach, cyber liability is a hot issue. More firms are buying cyber coverage. Cyber threat is a hot, high-profile issue these days throughout the business and the insurance industry. The threat is real and the economic exposure is potentially catastrophic. Basically, a company is liable for any damage, real or possible, caused by computer-based theft or vandalism. If attacked, a business is legally responsible for notification (ongoing communications with every individual whose records were possibly compromised), and it is liable for any legal action regarding identity theft.
- There are more insurers entering the marketplace. While this can be a good thing, some of these insurers are not financially strong, which might lead to issues at a later date. We always recommend using stable and financially strong insurers.
- Increased reliance on technology will lead to better-run insurers and stable premiums. The development of advanced loss control analytic tools will revitalize insurers' focus on claim reduction and potentially lead to increased investments in loss control.
- Term life insurance continues to be very competitive. This will continue to allow more and more people to have an interest in life insurance.
- Mobile applications are one of the fastest-growing areas of insurance. People are managing their insurance on-line, including premium payments.
- Health insurance will cost more for most of Americans.
- Healthcare reform will continue to evolve into what we really don’t know.
- Retirement income innovations. A groundswell of consumer interest in ensuring sufficient income in retirement has led to many innovative products for those planning retirement.