A.M. BestTV: Inland Marine Targets Emerging Risks But Vexing Old Risks Remain

OLDWICK, N.J.--(BUSINESS WIRE)-- In this ^A.M.BestTV episode, Kevin O’Brien, president and chief executive officer, Inland Marine Underwriters Association (IMUA), states that members are responding to new risks and data brought by the Internet of Things, telematics and more. Meanwhile, traditional risks such as cargo theft remain a challenge to insurers. Click on http://www.ambest.com/v.asp?v=kobrien416 to view the entire program.

O’Brien spoke about the focus of the IMUA’s upcoming annual meeting, which is delivering quality education about the evolving forces affecting the market. “Today the IMUA has about 52 member companies, with almost 3,500 professionals in its database, and the organization is making dramatic progress in attracting new agents and brokers,” said O’Brien.

O’Brien also addresses some of the bigger issues facing the inland marine sector in the episode. “Rates are soft right now, so it is tough to get premium,” said O’Brien. “We’re trying to get some extra premium through economic development—construction, transportation, etc.—which happens to increase the exposure base.” He also said that another big challenge facing the inland marine industry is trying to bring millennials up to speed as baby boomers retire.

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^A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View ^A.M.BestTV episodes at http://www.ambest.tv.

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A.M. Best Company, Inc.

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Group Vice President, Publication and News Services

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Source: A.M. Best Company, Inc.