Risk

An emerging trend that is spreading out into new regions of the country.

The industry’s reliance on historical loss data and traditional catastrophe models is limiting its understanding of future climate risks.

The industry will increasingly harness data to meet the growing expectations and demands of switched-on consumers.

In other news: Appointments at Acrisure, Marsh and Tokio Marine Highland.

Insurers have closed shop in Louisiana and Florida, leaving in the lurch thousands of homeowners.

The Insurance Institute for Business & Home Safety announced standards that can demonstrably lower a home’s risk of wildfire damage.

Hemant Shah co-founded the company in 2018, which is a streamlined platform for commercial risk property data.

The World Property and Casualty Insurance Report emphasizes the effects of climate change on the insurance industry.

Automation can uncover new opportunities to improve the way insurers do their jobs.

Underwriters are charging as much as 10% of the value of a ship’s hull, according to four people involved in the market.

Keeping track of frequent changes to homes has become a complex issue for many insurers. With limited resources and rising customer expectations, many insurers are moving beyond traditional forms of customer outreach – emails, phone calls, and on-site inspections— to obtain the latest underwriting data about the properties in their portfolio.

The New York-based investment firm said in a letter to the company’s board Thursday that it has also been advocating for more independent directors on the board and operational improvements at the company in recent months.

Lessors of planes stuck in Russia since the onset of sanctions have warned insurers of possible claims to come if the jets aren’t returned. Insurers, meanwhile, are canceling some policies, including for war risk, and may challenge claims on coverage still in force, industry participants say.

More than 14.5 million single and multi-family homes were affected by natural disaster events last year. There was an estimated $56.92 billion in property damage.

Insurers that are able to make the best use of data are already winning market share, improving key ratios and generating superior risk intelligence, according to a report from the Capgemini Research Institute.

Mike Kreidler has adopted a temporary rule banning insurers from using credit information to set auto, homeowner and renters insurance rates. Kreidler initially issued an emergency rule in March 2021 but it was struck down by a court last year. The new rule goes into effect March 4.

The total losses and physical damages were estimated to cost $343 billion, well below the peak loss year in 2011 of $615 billion, however the 2021 losses, compared to 2011-2020 were about 4% higher than the average of $271 billion, according to the 2021 Weather, Climate and Catastrophe Insight report.

A recent study shows cyber incidents, business interruption and natural catastrophes are the most important global business risks for companies in 2022.

In a report titled Shifting Powers, academics at the University of Cambridge and experts at the insurance marketplace Lloyd’s of London try and imagine what that reshaped world is likely to look like.

There’s little faith in the global economic recovery accelerating, with officials and business leaders citing climate change and rising social tensions, alongside the pandemic, among their top risks, the World Economic Forum found.