The annual survey of P&C insurers revealed the continuing pressures from the global pandemic and hardening market conditions, but underscores the industries capacity to stay resilient. While Hurricane Ida’s $20bn+ loss adds greater strains, a long-term outlook is necessary to press forward.
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 rise.
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
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.
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.
Great #insurtech does not replace risk & insurance professionals; it bolsters and expands their capabilities.
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 analytics and strategies to stay prepared.
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.
Maptycs’ CEO shares her journey on being a French insurtech entrepreneur in the United States for French Morning USA. #insurtech #startup #entreprenership #insurtech #risktech
Tropical Storm Fred became the 6th named storm last night as it approaches the Florida peninsula with reports of it possibly becoming a hurricane tonight. With how rapidly conditions change, real-time notifications are crucial for risk and insurance professionals this hurricane season.