This article was originally featured in Property Casualty 360.
In Back to the Future II, the far distant “future” was 2015! While we’re not to the point of hoverboards and time-traveling DeLoreans, there have been a lot of technological advancements that permeate every aspect of our lives, as well as new threats that can impact the well-being of individuals worldwide.
The 2015 Crash Course – Smart Connections report from CCC Intelligent Solutions looks at some of these changes and puts their impact on the insurance industry into perspective. CCC’s lead analyst, Susanna Gotsch, has been the primary author of the Crash Course report since 1995. She provides us with some insight and context for the findings in the report.
“The industry has been undergoing change for the last 15 years,” explained Gotsch. “The market has recovered nicely. There are increases across the board for different customers. Weather has had a lot to do with the big swings in volume. There has been a lift from the weather patterns and it’s helping the industry get a little bit of a cushion as they prepare to address some of the things coming down the pike. The economy is healthier and the market has emerged from the recession. Most businesses can do pretty well and while we should not see the same level of volume increases in the past, we will still see some.”
There are a number of factors that will affect the business of insurance in the coming months. Here are some of the key indicators identified by the report.