Hinshaw Reviews Key U.S. Insurance Developments in RPC's 2020 Annual Insurance Review
The Hinshaw insurance services practice authored the United States region chapter on key insurance developments in 2019—and things to watch in 2020—in the global RPC 2020 Annual Insurance Review.
Hinshaw identifies advancing technology and the gig economy as transformational forces in the U.S. insurance industry. Artificial intelligence and predictive analysis is significantly impacting underwriting, while carriers continue to grapple with emerging technology risks, from cyber and data breach claims to privacy challenges and cryptocurrency. The opioid epidemic continues to result in multi-million dollar settlements, while the #MeToo Movement has laid siege to the practice of using nondisclosure agreements in corporate sexual misconduct cases.
Hinshaw also notes adoption of the American Law Institute's Restatement of the Law – Liability Insurance will result in pro policyholder advocacy, meaning insurers must develop effective strategies to combat the effects of the revised Restatement.