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

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    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.

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