Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: LexisNexis launches vehicle safety classification system, many don’t know if they have life insurance, raising coastal homes.
LexisNexis launches vehicle safety classification system
LexisNexis® Risk Solutions has created the first purpose-driven Advanced Driver Assistance Systems and vehicle safety classification system for auto insurance pricing and claims analysis. The new classification system helps insurers break down barriers through access to relevant data and insights from automakers’ ADAS features. It will be leveraged in the soon-to-be released LexisNexis® Vehicle Build, a solution that identifies and categorizes specific ADAS equipped features at the VIN-level, enabling insurers to establish the differences in risk profile associated with these features. Read the full press release.
Dorian leaves unparalleled damage in its wake
Excerpted from Danielle Ling’s Property Casualty 360 article, ‘Unprecedented’ damage: Bahama islands reel from impact of Hurricane Dorian: The International Red Cross says the estimated 13,000 homes wrecked by Dorian makeup 45% of the total homes on both islands. Thousands are without water and power, and officials say it will be weeks or months before power can be restored to the affected islands. Despite Dorian’s continued activity in the Atlantic, UBS has released an early loss estimate for the insurance industry. UBS estimated Dorian will cost insurers up to $25 billion, and estimate its total loss cost will price out at $40 billion maximum.
Many don’t know if they even have life insurance
September is Life Insurance Awareness Month, promoted by the nonprofit organization, Life Happens. In an online poll conducted by Unum, some 40% of respondents indicated that they don’t have – or don’t even know if they have – life insurance. Additional responses show that for many, thinking about what might happen to their family if they died was a top cause of anxiety. For more on the results of this poll, read Unum: 40% of Adults Don’t Have or Unsure if They Have Life Insurance on InsuranceNewsNet.com.
Opportunities in small-business insurance
Excerpted from Small businesses represent big opportunity for agents, brokers, by Elaine Stattler for Property Casualty 360: One of the best steps agents and brokers can take to grow their small-business accounts is to become super-savvy about clients’ and prospects’ industries. Keeping apprised of your clients’ assets is the best way to protect those assets over time. For example, if agents and brokers stay informed on what is happening in the client’s business as it evolves, they’ll be much better prepared to convince clients of the need to add coverage.
Would you raise your coastal home?
Randy Young thinks you should, as he writes in his commentary for Property Casualty 360: Raise home now or sink later. “So, what can residents do to secure their beachside paradise when hurricane season comes and flood waters run rampant? There are two solutions in action by homeowners and developers: tear down an existing home and rebuild it above the floodplain, or raise the existing home above the floodplain.”