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AM BestTV at RIMS: Quickly Evolving Cannabis Business Provides Moving Target, Says Panel

OLDWICK, N.J.–(BUSINESS WIRE)–In this A.M.BestTV episode at the Risk and Insurance
Management Society, Inc.’s (RIMS) conference in Boston, MA, a panel of
industry experts said insurers face many challenges in underwriting the
changing cannabis industry. Click on http://www.ambest.com/v.asp?v=rims3419
to view the entire program.

Legal cannabis is a rapidly growing industry, with reports estimating a
$166 billion market emerging.

Nancy Bewlay, chief underwriting officer, long-tail risk, Axa XL, spoke
about the legal perspective, giving an overview of the current legal
environment.

“Underwriting the risk of cannabis is really tough,” said Bewlay. “To
understand state by state where you are and what regulation you are
working within is rough. It is hard to actually have a consistent
product offering when there is not a consistent environment to be
offering that product in.”

Kara Thorvaldsen, partner, Wilson Else, and Robin Westcott, vice
president and general counsel, AAIS, discussed the state of market
regulation, as well as the concerns held by insurers and regulators.

“I think one of the positive things about this new industry is that the
regulators have learned lessons from the past and have had the
opportunity from the outset to enact pretty strong regulations,” said
Thorvaldsen. “I think the industry is very conscious of those issues,
having seen the effects in the tobacco industry.”

“There is much more acceptance from the industry of the regulatory
environment. It protects them as well,” said Westcott. “They need to
make sure that there is not illegal activity going on in this
marketplace. Ultimately, it is a benefit to be able to have that
regulatory environment.”

For full video coverage of RIMS, including exclusive executive
interviews, visit http://www.ambest.tv/rims19.

Recent episodes of AM BestTV include:

  • Consolidation Underway in Kazakhstan Insurance Market, Says AM Best
    Senior Financial Analyst
    : Yevgine Asatryan, senior financial
    analyst, AM Best, said the insurance market in Kazakhstan continues to
    develop and faces a variety of market and regulatory adjustments: http://www.ambest.com/v.asp?v=kazakhstan_english419.
  • IFRS 17 Will Put Market Values for Insurance Liabilities in
    Accounts, Says AM Best Associate Director
    : Anthony Silverman,
    associate director of analytics, AM Best, said International Financial
    Reporting Standards (IFRS) 17, which takes effect in 2022,
    requires insurers to perform calculations closer to the policy level: http://www.ambest.com/v.asp?v=ifrs419.
  • AM Best Shows How Technology Is Speeding the Pace of Insurance
    Innovation
    : Andrea Keenan, senior managing director—industry
    relations, AM Best, travels to burgeoning startups and established
    companies across the United States and Canada to learn more about
    their innovative efforts: http://www.ambest.com/v.asp?v=innovators419.
  • Philly I-Day: Insurers Fear Missing Out on Insurtech: At the
    Insurance Society of Philadelphia’s annual Philly I-Day conference,
    industry leaders discuss the fear of missing out on the next Apple or
    Amazon when it comes to investments in technology: http://www.ambest.com/v.asp?v=phillywrap419.

AM BestTV covers exclusive AM Best and insurance
industry information and reports, targeted topics and key developments
in the insurance, reinsurance and related sectors daily
. Sign up
for alerts of episodes at
http://www.ambest.com/multimedia/ambtvsignup.html.
View
AM BestTV episodes at http://www.ambest.tv.

AM Best is a global rating agency and information provider with a
unique focus on the insurance industry
. Visit www.ambest.com
for more information
.

Copyright © 2019 by A.M. Best Company, Inc. and/or its
affiliates
. ALL RIGHTS RESERVED.

Contacts

Lee McDonald
Group Vice President, Publication and News
Services

+1 908 439 2200, ext. 5561
lee.mcdonald@ambest.com

Staff

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