Morning Briefing: Millennials would rather buy this than life insurance

Morning Briefing: Millennials would rather buy this than life insurance | Insurance Business America

Morning Briefing: Millennials would rather buy this than life insurance
Millennials would rather buy this than life insurance
The millennial generation prioritize spending on internet access and smartphones over life insurance. It’s perhaps not that surprising but a new survey from Life Happens and LIMRA has found that 60 per cent of 20-35 year olds see those everyday items are more important ways to spend their dollars than protecting against life’s unhappy surprises.

Although many of the millennials polled may not yet have children it seems that they do not worry about the possibility of leaving partners or spouses with the burden of shared debts such as mortgages if the worst should happen.

Although convincing a healthy 25 year old with no dependents that they should arrange life cover may not be the easiest sell it appears that part of the problem is the myth around premiums. The survey found that millennials believe that for a 20-year U$250,000 policy they would need to pay $600 per month – whereas the actual premium is nearer $160.
New senior roles at BHSI
Berkshire Hathaway Specialty Insurance (BHSI) has announced new additions to its executive & professional lines leadership and new dedicated underwriting capabilities in the US. Danielle Librizzi is Senior Vice President, Head of Professional Liability; Will Fahey is Senior Vice President, Head of Commercial Executive Lines; Joe Schrancz is Vice President, Head of Architects & Engineers (A&E) Professional Liability; and Maura Verrone is Vice President, Head of Private & Not for Profit, Executive & Professional Lines. The insurer says the appointments will spearhead its push into new lines to expand its US business.
Founding members of drone insurance body named
Allianz Global Corporate and Specialty, AIG Aviation, Global Aerospace and Transport Risk Management are among the founding members of a new industry body focused on the increasing risk from the use of unmanned aircraft, or drones. The UASIA (Unmanned Aircraft Systems Insurance Association) aims  is to assist the insurance industry in establishing and maintaining best practices and procedures focused on the growing world of UASs in commercial operations.

“As the UAS world moves forward and grows, it is important that the insurance industry has a defined voice in the dialogue and a place at the table,” according to Mark Dombroff, counsel to the Association and Partner at the global law firm Dentons. “All of the founding members of the Association encourage their colleagues in the industry to join them in this important undertaking.”