Quote of the Week: “It’s easy to get really focused on the pandemic, but I think what worries me generally is resiliency, and what the pandemic has pointed out is that if you didn’t plan for [it], but you planned to be resilient, those companies have done better.”
Extreme weather conditions topped Zurich’s Global Risks Report 2021. While many recognize the catastrophic losses that can occur, most organizations still remain unprepared with reactive, not proactive, risk strategies to protect their businesses.
Risk strategies that revolve around “a static, formulaic, and purely financial view of risk” are still all too common, and organizations will fall behind unless they implement more dynamic and flexible policies, according to McKinsey & Co.
The rise of hurricane event frequency coupled with rising sea levels are incredible likely to worsen future damages from the severe weather event, with losses projected to increase by approximately 20%. Developing a robust, proactive risk strategy is critical to stay ahead of the curve.
In the new Insurtech Insights interview, our CEO Jacqueline Legrand shares her insights on the future of the insurance industry and how Maptycs is continuing to redefine next-generation risk analytics.
2020 underscores the importance of robust risk management strategies. As 2021 progresses, risk and insurance professionals should broaden the risks they analyze and ensure they’ve bolstered their real-time threat monitoring capabilities.
KPMG outlines the three major classes of climate risk in their worldwide executives study: physical risk, transitional risk, and liability risks. With almost three-quarters of executives recognizing a skill gap in addressing these issues, organizations must invest more in #risktech to bolster their ability to proactively address these issues.
As the saying goes, an ounce of prevention is worth a pound of cure. Proactive risk management and risk resilience strategies against climate risk should be front and center for all risk and insurance professionals as we enter into 2021.
Climate change accounts for more than one-third of all U.S. flood damage since ’98, and with rising climate risks, risk and insurance professionals must bolster their real-time response as historical models become more inaccurate.
Natural disasters from climate risk caused over $210 billion in losses in 2020, representing an almost 44% increase from 2019. With less than two-thirds of those losses being insured, risk and insurance professionals should be proactive in protecting their organizations as the same trend of greater climate risk continues in 2021.