Reinsurance rates improved by 20% on July 1st, but captive managers and brokers should be wary as retrocession rates have increased sharply. For carriers, this means taking a serious look at your own exposures and adjusting risk appetites heading into 2021.
Colorado State University and Tropical Storm Risk have raised hurricane forecasts once again, predicting more serious potential natural catastrophes for this year’s hurricane season. Companies should incorporate the new data to update their models and adjust their risk management strategies.
Insurtech has grown in importance as the Covid-19 pandemic has pushed insurers to introduce new technologies into their tech stack. In this process, it is imperative for insurers to intertwine digital innovation and technological advances into their core strategies and reevaluate the opportunities these new technologies provide.
As infections rates in Florida continue doubling every week in June, companies must prepare for sudden shifts in reopening and closing of properties. It is important now to stay vigilant with risk management practices and think in the long-term to see over the hill.
Forecasters predict a 60% chance of an above-normal hurricane season, with only 10% chance being below-normal. While companies are focused on Covid-19 response, it’s crucial to stay aware of natural hazard risks that may compound risks already being managed.
The “new” approaches to risk management are all about utilizing the new technologies available to strengthen best practices – better monitor risks through centralized data and improved collaboration. It’s why Maptycs was created by veterans of the insurance and risk management industry to meet the present and future needs of risk professionals.
Assessing physical climate risk comes with a steep learning curve because the insights are not found in one single model or data set, they exist when they’re overlaid on one another.
“A key to flood resilience — and disaster resilience more broadly — is to make it an integral part of overall strategy. Responding to individual events as “one-offs” is, generally, not cost-efficient. Nor is relying exclusively on civil flood defenses to protect properties.”
Data-driven storytelling has been monumental in communicating urgent healthcare information during the Covid-19 pandemic. Business leaders and insurers should utilize the same lessons in visualizing their data to walk their companies and clients through important improvements in their risk management strategies.
76% of CEOs and CFOs state their businesses are somewhat to significantly exposed to climate risk, underlying the World Economic Forum’s report listing climate change as 4 of the top ten major risks of 2020.