Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week:
Mitsubishi Motors and LexisNexis Risk Solutions Launch Road Assist+ App
LexisNexis Risk Solutions and Mitsubishi Motors North America, Inc. announced the availability of LexisNexis telematics solutions to Mitsubishi’s Road Assist+ smart phone app. The enriched app enables Mitsubishi drivers to enjoy the cost savings of usage-based insurance (UBI) without having to install telematics hardware devices in their vehicles or purchase a newer “connected car” model. The Mitsubishi Road Assist+ is an enhancement to the existing app, which currently provides 24-hour emergency roadside assistance through a smart phone and will be the first hardware-free telematics solution to be integrated into an existing automaker’s companion app. Click here to read the press release.
How Much Damage Remains From Hurricane Harvey in Texas?
More than nine months after Hurricane Harvey devastated homes in nearly 50 Texas counties, the state agency charged with overseeing the largest housing recovery in American history is trying to gauge how much devastation remains. The General Land Office is teaming with University of Texas at Austin researchers to survey Texans in the dozens of counties declared disaster areas after the storm slammed ashore and inundated several cities with historic floods. Among the questions they’re asking: Whether Harvey victims are still displaced from their homes and how much damage to their homes has yet to be fixed. Click here to read Brandon Formby’s Texas Tribune article.
Amazon Reportedly Considering Offering Home Insurance
Amazon.com has contemplated offering home insurance as an offshoot of its development work on robots and other connected devices for the home, according to a person familiar with the discussions. The idea is that robots and other smart devices can be used to monitor for threats such as fires and burglaries, making it possible to offer cheaper premiums. While there’s nothing that suggests Amazon has any concrete plans for insurance, the fact it was discussed shows how ambitious Amazon is to sell home services. Read Priya Anand’s article on The Information.
Global Commercial Insurance Market Expected to See Rapid Growth
Global commercial property/casualty insurance premiums were worth approximately $730 billion in 2017 and by 2021 will rise to almost $900 billion. U.S. commercial P/C insurance premiums were worth $274.5 billion in 2017 and are forecast to rise to $331.5 billion in 2021. Those figures are from market reports from Aon Inpoint, insurance broker Aon’s data analytics and consulting team, which looked at where premium growth is likely to happen in coming years. Aon analysts contend that by 2021 the most rapid growth of premiums will be seen in cyber insurance products. Click here to read the Insurance Journal article.
Michigan Passes Auto Insurance Rate Relief for Seniors
After multiple failed attempts to make changes to Michigan’s costly no-fault auto insurance system, the state Senate is taking another crack right before it breaks for its 10-week summer recess. The biggest change would allow insurance companies to offer senior citizens two options for auto insurance coverage: $50,000 in coverage for health care costs and then their Medicare insurance would kick in — an option that would be cheaper — or the current unlimited lifetime benefits for people critically injured in car crashes offered through the Michigan Catastrophic Claims Association. Read Kathleen Gray’s Detroit Free Press article.