Recently spoke with the Analytics Team from a very large Insurance company here in the US. Here were the biggest takeaways: + They collect millions of lines of data each day, keep the data on the sidelines and don't leverage them to help make impactful business decisions. 🙃 + Hurricane season is coming up, being able to understand which of their assets might be the most vulnerable based on flood plains, the path and the possible monetary impact to the company. 🌀 +Being able to flag fraudulent claims from the fallout of a catastrophe. 🚩 Leverage your data, it could be the # 1 impacting factor in making better business decisions. #Insurance #GIS #Analytics #Geospatial #Hurricanes
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🌀With 2024 Atlantic hurricane season right around the corner, let's explore the current market conditions and the implications for primary insurers. 🕓 Time: 10:30 ET/15:30 GMT 📆 Date: June 5 Register now: https://bit.ly/4aSCUU7 Discussion questions include: --Overview of June 1 #renewals --Where is new capital entering the market? --How are insurers responding to the most challenging property markets? --Is the role of #ILS expanding? --What parametric solutions are gaining traction? --Do you see collateralized #reinsurance growing? --What role does #AI play in renewals? Speakers: Peter Giacone, Senior Managing Director, KBRA Warren Berkstresser, Executive Vice President and the Property/Short Tail Lines Solutions Leader, Gallagher Re North America Moderator: Meg Green, Senior Editor, Insurance Insider In partnership with KBRA #InsuranceInsider #InsiderOnAir
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🚨 Last chance to register: https://bit.ly/3RaX9Vu 🌀With 2024 Atlantic hurricane season right around the corner, let's explore the current market conditions and the implications for primary insurers. 🕓 Time: 10:30 ET/15:30 GMT 📆 Date: June 5 Discussion questions include: --Overview of June 1 #renewals --Where is new capital entering the market? --How are insurers responding to the most challenging property markets? --Is the role of #ILS expanding? --What parametric solutions are gaining traction? --Do you see collateralized #reinsurance growing? --What role does #AI play in renewals? Speakers: Peter Giacone, Senior Managing Director, KBRA Warren Berkstresser, Executive Vice President and the Property/Short Tail Lines Solutions Leader, Gallagher Re North America Michael Schindel, Head of North American Property, Hiscox Re & ILS Moderator: Meg Green, Senior Editor, Insurance Insider In partnership with KBRA #InsuranceInsider #InsiderOnAir
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"As we continue to see more headwinds from Mother Nature, the trend leads to more action by insurance companies when it comes to rate making, aggregation management and portfolio management." - Patrick Abbe The 2023 NAMIC Mutual Factor report revealed that extreme weather events continue to be a significant driver of loss activity. From Hurricane Ian in Florida to Severe Convective Storm frequency in the Midwest to wildfires in Hawaii, insurers are having to review their rates and portfolios more closely and frequently. Listen to Pat Abbe and NAMIC's Neil Alldredge as they discuss the findings in this year's Mutual Factor report: https://lnkd.in/e3EkspCD #MutualFactor #NAMIC
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Wildfires in the West. Hurricanes in the East. Tornadoes in the Midwest. Blizzards in the Northeast. “Once-in-a-century” floods happen much more frequently than “once-in-a-century.” And more recently, skies over New York, Philadelphia, Chicago and other major cities filled with smoke from forests ablaze in Canada. If disasters seem more frequent and severe, you’re not imagining it. We invite you to click on the link in our comments to read how Altus can help you through uncertain times. #AltusPartners #ThePowerofObjectivity #insurance #propertyandcasualtyinsurance #insurancefirm
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Hurricane Season is Here!!! Managing #data can be a risky business and in today’s increasingly digital world, there are a myriad of considerations. Leveraging #BaaS and #DRaaS with SMB Network Consultants and #Veeam can minimize risk and maximize growth. Learn more >> https://stwb.co/ezhprhl.
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We are right in the heart of Atlantic Hurricane Season, and NOAA’s Climate Prediction Center has now increased their severity prediction for the next few months. The outlook now includes a 70% chance of 14-21 named storms, of which 6-11 could become hurricanes and 2-5 could be classified as “major.” In a nutshell, a bad season has just been called worse. When heavy wind, rain and flooding damage people’s lives, they need an insurer to save the day. And insurers need tools they can trust. That’s why WaterStreet’s Platform simplifies and streamlines the claims process, lets you initiate, approve and make loss expense payments easily, and is as comprehensive and flexible as it gets. So you can help turn “worse” into “worry not.” Do more. Start now. With WaterStreet. #insurance #policyadministration #insuranceindustry #insuretech #pcinsurance #insurancetechnology
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🌀 As the 2024 hurricane season begins, experts are predicting an extraordinarily active and potentially catastrophic storm season. In the face of rising insurance premiums, some homeowners are making the risky decision to go without insurance, leaving their most valuable assets unprotected. A recent Bloomberg article highlights this troubling trend and underscores the importance of reliable risk assessment and insurance coverage. With extreme weather becoming more likely due to climate change, the need for precise probabilistic models has never been more critical. At KatRisk, we are proud to be at the forefront of providing these advanced modeling solutions. Our technology helps insurance companies price policies more reliably, ensuring that homeowners are adequately protected and that communities can recover swiftly after disasters. #ClimateChange #HurricaneSeason #RiskModeling #Insurance #KatRisk https://lnkd.in/gvwdzib6
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We’re well into the holiday season after Thanksgiving last week, but the US team are still busy meeting brokers, agents, and clients across the US. Next week, Broker Distribution Manager Chris Grasso, CPRIA, ANFI, AIS is in California, where it’s been a tough year for many. The Golden State faced significant flooding at the start of 2023, caused by multiple atmospheric rivers. These are narrow columns of condensed water vapour in the atmosphere that can produce significant levels of rain. The floods caused an estimated $30bn in damages, but insurance covered only $1bn. Hurricane Hilary also brought flooding to the state in the summer, marking the first time a tropical storm made landfall on California’s coast since records began in 1949. As flooding patterns continue to become more unpredictable, and more insurers pull out of the state, FloodFlash can help. To book a meeting, get in touch at getaquote@floodflash.co #parametric #californiaagents #floodinsurance
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🏠 Southern California faced an unprecedented event as Tropical Cyclone Hilary became the first severe tropical storm to reach the area in 84 years. This serves as a reminder that no matter where we are, being prepared for severe storms, hurricanes, and natural disasters is crucial. Our homes and belongings are valuable assets that deserve safeguarding. To help prepare you for the rest of the storm season, we've put together a checklist and a visual guide for homeowners on protecting your home and belongings. Read more in the blog here: https://lnkd.in/edjdsCSY #hurricanehilary #tropicalstorm #preparedness #homeowners #riskmanagement #insurance
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Tropical Storm Watches are now in effect from the California/Mexico border to Orange and Los Angeles Counties, as well as on Catalina Island, ahead of Hurricane Hilary's landfall. This is the first such severe weather alert to be issued for southern California. The lower map shows all tropical storm and hurricane tracks in the Eastern Pacific from 1990 to the present. Often, remnants of tropical storms impact the Southwest, but it is quite rare for actual tropical storms, let alone hurricanes, to directly impact this area. Opterrix provides Re/Insurers, Brokers, and MGAs the actionable insights and proactive workflows that streamline preparation and response to tropical events. Insights include: • Real-time Hurricane forecast winds, coastal surge, and flood data • Address-specific data to identify exact exposures impacted • Weather monitoring and alerts send customized reporting to stakeholders • Automated moratoriums prevent the binding of at-risk policies • Policyholder notifications to proactively communicate with at-risk customers • Claims Predictions to optimize claims resource management and loss reserving Contact us today to learn how we can help you before, during and after the storm. https://hubs.la/Q01_vl700 #HurricaneHilary #HurricaneSeason #RiskManagement #Claims #WeatherIntelligence
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