David Valzania

My thanks to Stephen Morton for being my third guest on the Multinational Insights with AIG podcast, and for sharing his insights on the captive market. Don’t hesitate to let me know your thoughts and future topics you would like to hear about! Listen on the Multinational website or search for ‘Multinational Insights with AIG’ and subscribe wherever you get your podcasts. #AIGMultinational #MultinationalInsights #AIGMultinational #MultinationalInsights

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🔒 Don't overlook Kidnap and Ransom (K&R) insurance! In Priya Cherian Huskins' latest Forbes article, she dives into its importance in risk management for directors and executives, covering personal physical risks during international trips.

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As the economy and workforce continue to evolve, private companies are facing increased management liability risks. Munich Re Specialty’s Nan Murphy shares her insights on the current management liability environment in her recent article 👉 https://ow.ly/3bGH50SXzyQ #MunichReSpecialty #ManagementLiabilityRisks

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Directors, officers and risk managers emphasize the importance of integrating cyber risk management with broader corporate governance, according to our survey https://ow.ly/1nPC50SoAZt #CyberRisk #InsuranceIndustry #DirectorsAndOfficers #ASmarterWayToRisk #WTWPerspective

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As the economy and workforce continue to evolve, private companies are facing increased management liability risks. Munich Re Specialty’s Nan Murphy shares her insights on the current management liability environment in her recent article 👉 https://ow.ly/I2z150T16cW #MunichReSpecialty #ManagementLiabilityRisks

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Hurricane Helene made landfall this week as a Category 4 hurricane, causing widespread damage, devastating flooding, and leaving millions without power. So many resources and tools to help from our talented teams. Stay safe and access direct claims information immediately.   Gallagher is ready to help ➡ https://lnkd.in/gnu5KC92   #insurance #riskmanagement #claims #safetyfirst

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There will be significantly more of these systemic cyber attacks and concomitant losses in the weeks, months, and years ahead. Cyber risks are nothing like any other risks the insurance industry has seen and profitably underwritten through the many hundreds of years of the industry’s existence. Nothing, Nada, Zip, Zilch. These systemic cyber attacks should be ‘underwritten’ only by the US Federal Government. #cyber #cyberattacks #systemiccyberattacks #federalgovernmentbackstop

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The distance between economic and insured loss is a measure of systemic risk. This Q3 Global Cat loss report is another good data source compiled by our colleagues & friends at Aon. Our own Verisk contribution to systemic stability is the technical definition of natural catastrophe risk, https://lnkd.in/eV7X9tJG.

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BMS Tropical Update 09/27/2024 The "No Surprises" initiative aims to provide the insurance industry with insightful updates on tropical events like Hurricane Helene, highlighting the event's unique impacts on insurance-related concerns. While agencies like the National Hurricane Center provide vital forecasts, these BMS Tropical Updates focus on key nuances relevant to insurers, such as tree fall, storm surge, building density, and how catastrophe risk models might respond. Hurricane Helene made landfall in Florida’s Big Bend as a Category 4 storm, marking a record eight Category 4 or 5 U.S. Atlantic hurricane landfalls since 2017. Despite clear warnings, the event underscores the ongoing production gap in flood insurance, with many affected areas having minimal coverage, leading to significant uninsured losses. We need to remember the catastrophic models likely do not have events that match Helene forward speed, size, and intensity, and it will be a few days until they can provide realistic events for loss estimate. As Helene continues to affect inland areas, particularly the Appalachian region with record rainfall, flooding and potential landslides, the insurance industry is gleaning new insights for future preparedness. While additional work on intensity forecasting is needed, improved forecast models did accurately predict Helene’s severity. In response to these challenges, research teams and technology, such as drones and Doppler radar, captured valuable data during Helene, offering critical information for future loss analysis. Additionally, advanced storm mitigation measures, like Tampa General Hospital's AquaFense, showcased effective ways to limit damage. Despite Helene’s destruction, the insurance industry’s ability to adapt and build resilience continues to evolve. For more detail above below, take a few minutes to read and get educated on a unique aspects of #Helene that you likely won't read any other place. ⬇ https://lnkd.in/g_4PA7TJ Below is the BMS iVision 3 second wind gust swath, which is a geospatial data layer BMS clients can use to understand wind impact to specific risk better and apply damage ratio to get an idea of loss. This data layer from Verisk Respond gets updated four times a day and depicts at a high resolution what types of wind gusts could be experienced over the entire life of the storm. Other data layers include 1 wind speed, wind duration, and accumulated rainfall. #HurricaneHelene #TropicalUpdate #HurricaneSeason #Insurance #Reinsurance

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Do you have confidence in your BI valuations and indemnity periods? Marsh’s large loss report gives insight into the industry’s largest losses. #energy #power #insurance #riskmanagement #marshspecialty

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Excitement is building for #RIMS2024! Join me at Sompo's Hospitality Suite or message me to connect. Let's chat about Sompo's innovation journey and how we are leveraging cutting edge #IOT data, computer vision #AI solutions to help our clients conquer today's challenging risk landscape. #easeofexpertise #sompo #riskcontrol #iykyk #innovation

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Hey, everyone....cyber is NOT something to be taken lightly (see forwarded post from Kurtis Suhs). Most policies are written to exclude bad foreign agents, who are the vast majority of violators. Your Captive Insurance Company can write policies to cover these holes in coverages and EXPAND the breadth and width of them, AND, if you have reasonable claims, YOU can reap the rewards of your good claims history by keeping your premiums....not the insurance companies. If you want to know more about how Captives can work for you and your business, happy to have a conversation. Stay safe out there! #CPA #CFO #riskmanagement #insurance #business #finance #financialmanagement #advisor #financialadvisor #interimCFO #insuranceagent #broker

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With hurricane season almost here, La Niña implies significant weather events and wide-ranging risk considerations for organizations. Risk managers, insurance professionals, and business leaders need to understand the nuances of this complex climate pattern to effectively navigate the associated risks and make informed strategic decisions. Read how Marsh can help you understand the causes, effects, and associated risks to better mitigate and manage impacts of La Niña. #riskmanagement

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Check out Risk & Insurance’s recent article featuring our state of Private Management Liability report: https://ow.ly/oq7Y50SMgol #PrivateManagementLiability #MunichReSpecialty

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As a #design firm, are you exposed to #climate liability for failing to adapt your projects to future climate conditions? Listen in on Victor's recent webinar to learn more. https://lnkd.in/eDCR6qaV

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Enjoyed chatting with Lori Chordas of AM Best TV and thank you as always to our brilliant Marketing team! Our Global Risk Services Practice Leader Will Mule chatted with AM Best while at #RISKWORLD about the common misperceptions about international risk. It’s a lot of more complicated than it seems, and that’s why having an experienced team with a strong broker network around the globe is essential. See what else Will had to say. https://ow.ly/hL3A50RGoOE #internationalrisk #complexrisk #riskmanagement

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In its 10th year, the Global Insurance Symposium was held last week in Des Moines, Iowa. It brought together insurance industry regulators, executives, and leaders for insightful sessions and productive discussions on elevating digital customer experiences, accelerating transformation, and leading innovation. I was happy to be part of the panel with Dave Stangis, Doug Bujakowski, Charlie Sidoti, and Jonathan Godfread on “Climate Risk: How Insurers Can Weather the Storm.” The discussion could have lasted all day.  The panel closed out with the question of what is the most important thing the insurance sector should be considering/factoring into their business models over the next 12 months: Data Integration: Insurers can integrate meteorological data and climate models into their underwriting processes to gain insights into the potential risks associated with specific geographic areas. This includes historical weather patterns, climate projections, and other relevant environmental data. Risk Assessment Tools: Developing advanced risk assessment tools that incorporate meteorological data and climate models can help insurers evaluate the potential impact of extreme weather events on their portfolios. These tools can provide a more comprehensive understanding of the risks involved and help insurers make more informed underwriting decisions. Scenario Analysis: Conducting scenario analysis based on climate models allows insurers to assess the potential impact of different climate scenarios on their portfolios. By simulating various weather conditions and their effects on insured properties, insurers can better understand the range of potential risks they face and adjust their underwriting practices accordingly. Tailored Pricing and Coverage: Using meteorological data and climate models, insurers can develop more tailored pricing and coverage options for policyholders based on their specific risk exposures. This can help ensure that premiums accurately reflect the level of risk associated with a particular property or location, ultimately leading to more sustainable underwriting practices. Collaboration with Scientists and Researchers: Insurers can collaborate with meteorologists, climatologists, and other scientific experts to enhance their understanding of climate risks and improve the accuracy of their underwriting models. By leveraging the latest research and data-driven insights, insurers can stay ahead of emerging climate-related challenges and adapt their underwriting practices accordingly. Investment in Resilience Measures: Insurers can also invest in resilience measures aimed at mitigating the impact of extreme weather events on insured properties. This could include promoting risk reduction initiatives, encouraging the adoption of sustainable building practices, and incentivizing policyholders to implement measures that improve the resilience of their properties to climate-related risks. #GIS2024 #Insurance #Reinsurance #ClimateChange

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This is a good report with nice visual presentation of data from our colleagues at Gallagher Re. Putting the insured and economic loss together gives a strong perspective of the #insurance coverage gap. For readers outside of the industry & for #publicsector & political leaders it is a good data point of motivation in the continuous effort to reduce the gap. https://lnkd.in/eiMgu-ng

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