Real-time evaluations of Hurricane Ida have allowed insurers to prioritize those most impacted by storm damages and effectively allocate resources. Proactive preparation for severe weather events dramatically helps mitigate losses, and while the damage from Hurricane Ida is extensive, initial reports show that Ida has been significantly lower than Hurricane Katrina. Maptycs provides real-time notification…
P&C premiums are projected to almost double over the next two decades due to climate risks, according to a new report by Swiss Re. For risk and insurance professionals able to provide relevant insurance products, the expected jump provides an opportunity – and a need – to innovate their offerings to support the escalating property…
Human relationships and data relationships should work in harmony with one another, not in conflict. Great #insurtech bridges the gap.#risktech #riskmanagement #insuranceindustryhttps://www.propertycasualty360.com/2021/08/17/insurance-innovation-when-tech-meets-humanity/
As 1 million homes remain without power due to Hurricane Ida, the Federal Insurance Office (FIO) announced “an important step towards assessing climate-related financial risk in the insurance sector.” With more in-depth climate risk disclosures on the horizon, risk and insurance professionals should take additional steps to bolster their risk analytics capabilities as climate issues…
QotW: “When I think about technology, I don’t think in terms of analytics or data science, I think in terms of what do our customers want.” – CIO, RSA #risktech #insurtech #riskmanagement
Digital tools serve to enhance the skills and capabilities of brokers and risk managers, not to replace them. The human touch is a crucial part and integrating new #risktech must go hand-in-hand with building stronger relationships. #insurtech #riskmanagement
Effective #insurtech investment is much more than simply adopting new technologies; it requires investing in the people and processes to fully utilize the new capabilities and analytics. #riskmanagement #risktech
Great #insurtech does not replace risk & insurance professionals; it bolsters and expands their capabilities. #riskmanagement #risktech
With the wildfire season underway, the insurance market “will likely continue to harden as insurers adapt to the reality of increasingly strong fires across the western U.S.” as climate risks rise. With the IPCC’s report on climate change underscoring a surge in compound events from heat waves, risk and insurance professionals must widen their risk…
FEMA’s National Flood Insurance Program (NFIP) will undergo a massive overhaul this October, marking the most substantive change since 1968. With the IPCC’s report on climate change last week, risk and insurance professionals have an imperative to reevaluate and adjust their property risk strategies in the coming months. #risktech #insurtech #riskmanagement #climaterisk
