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Risk and insurance professionals should proactively prepare for an increase in hurricane activity in 2021. Early climate conditions project an increase beyond an already record number of hurricanes in 2020.
The January 2021 renewal period requires even greater nuance in analysis and preparation than normal, as “experienced underwriters once again find that capital and competition may make their forward-looking 2021 portfolio projections inaccurate (or impossible to achieve).”
A true pleasure for Maptycs to present for the Dragon’s Den session during the Airmic Climate Change forum earlier today! Our presentation – as well as resources from all the speakers at today’s event – can be found on the Airmic Forums website.
Four Twenty Seven’s new report underscores the rising severity and frequency of severe climate hazards in its most recent 20 year projection, and “understanding who and what is exposed to climate hazards is essential to pricing this risk and preparing for its impacts.”
Join our CEO Jacqueline Legrand this Wednesday, December 9th, for the Dragon’s Den session during the Airmic Climate Change Forum! She’ll be sharing how Maptycs helps risk professionals address climate change risks and how big data analytics transforms your risk exposure data into actionable insights.
Evolving data and analytical capabilities are the main differentiators for the top P&C industry leaders. Risk and insurance professionals progressing their organizations further are investing now to prepare for the future.
Quote of the Week: “Time-sensitive insights allow for a better understanding of the forecast track, timing, intensity, and uncertainty across multiple scenarios to inform proactive preparation strategies, as well as the quantification of potential hazard and loss impacts.”
The rise in storm frequency and rapid intensification of hurricanes this season underscores the need for quick adjustments to risk mitigation strategies as a large number of storms dramatically intensified in under 24 hours. While the 2020 hurricane season comes to end this week, risk and insurance professionals should take core lessons from this year to prepare for the next.
Siloed data inhibits effective decision making. Information is only as useful for risk and insurance professionals when it is is easily available in the right form and the right time.
Quote of the Week: “Insurers that cannot make faster, smarter, and safer decisions about their product offerings will not be able to sustain their business.”