Andrew Siffert, CCRMP’s Post

Extreme weather affects the insurance industry in more ways than one, and insurers need to understand its moving parts and the future challenges in this space. I am privileged to be part of a panel that includes Dave Stangis, Doug Bujakowski, Charlie Sidoti, and Jonathan Godfread to discuss the various issues at hand at the Global Insurance Symposium on April 16th. My company, BMS Group, is a Gold Sponsor and looks forward to meeting and having a discussion with attendees. #Insurance #Reinsurance #RiskManagement #ClimateChange

SPECIAL REPORT: 🚨 As the true cost of Hurricane Beryl unfolds, Insurtech Insights talks to three parametric insurance experts about the increasing demand for solutions in our increasingly unstable climate. We get insights from Martin Hotz, climate risk leader and Head of Parametric Nat Cat at Swiss Re, Jaime Esteban Molina, Director of Product Management and Strategy, Fadata and Nelson Castellanos, Chief Partnerships Officer (International) at HDI Embedded. We discuss: ➡ Evolving parametric use cases ➡ Where parametric insurance is most in demand ➡ Pros and cons - the downsides of the solution ➡ The future of parametric innovation. Hotz says: "There has been a realisation in the market that while conventional insurance may be a good instrument to cover property damage and business interruption, NatCat events usually cause rippling effects, such as supply chain disruptions. As financial losses from nat cat events go beyond property damage and business interruption, parametric insurance plays an increasingly important role in fostering companies’ and society’s resilience by providing a quick payout and covering certain financial losses that otherwise would be uninsured.” Read the full report here: 👉 https://lnkd.in/eCewgkAi #insurtechinsights #parametric #climate #insurance #hurricaneberyl

Incredible to see this story in the Financial Times. It’s an honest reflection on the state of the insurance industry from Ian Smith and Kenza Bryan, addressing its need to catch up where it has been and continues to be complacent on climate - for everyone’s sake. Also great to see Lindsay Keenan from Insure Our Future Global in this big read, showing the important role that civil society is playing in monitoring the growing dangers of business as usual for insurers, and pushing for necessary change. Well worth a read. #InsureOurFuture

What is the biggest benefit of parametric insurance? 🌪️ 31% of the insurance community states that it’s providing solutions to previously uninsurable areas, like extreme weather events such as hurricanes. 🔍What are the limitations of such insurance? Read Jaime Esteban Molina's insights in Insurtech Insights: https://lnkd.in/eCewgkAi #RiskManagement #Insurance

Although models and tools for climate and catastrophe underwriting have been available for 30 years, the insurance industry still experiences unexpected losses from natural and man-made disasters.   🔸 I am really looking forward to speaking at InsTech’s upcoming event “Climate and property blind spots revealed: making the right decision at the right time” supported by EigenRisk and Reask.   🔗Register here to attend: https://lnkd.in/eVx7Rch6   📣 I will speak alongside Vinay Mistry at Apollo and Matthew Grant at InsTech. 👂We’re bringing together the leading founders, insurers, brokers, and climate experts to discuss the tools available in 2024 to reduce losses and reveal climate and property blind spots.   🔗Register here: (It’s FREE For risk managers, insurers, brokers and MGAs) https://lnkd.in/eVx7Rch6

The Climate and Resiliency (EX) Task Force, chaired by Alaska Insurance Director Lori Wing-Heier and California Department of Insurance Ricardo Lara opened today's presentation with an update on the Louisiana Fortify Homes Program and the NAIC National Climate Resilience Strategy for Insurance at the #NAICFallMeeting in Denver.

Although models and tools for climate and catastrophe underwriting have been available for 30 years, the insurance industry still experiences unexpected losses from natural and man-made disasters…   I looking forward to speaking at InsTech’s upcoming event “Climate and property blind spots revealed: making the right decision at the right time” supported by EigenRisk and Reask.   🔗Register here to attend: https://lnkd.in/ebN5ZwpD   📣 I will speak alongside Derek Thrumble at Alesco, Tim Spencer at Vave and Matthew Grant at InsTech. We’re bringing together the leading founders, insurers, brokers, and climate experts to discuss the tools available in 2024 to reduce losses and reveal climate and property blind spots.   🔗Register here: (It’s FREE For risk managers, insurers, brokers and MGAs) https://lnkd.in/ebN5ZwpD

We are excited to share that our Head of Catastrophe & Climate Research, Dr Paul Wilson, will add his specialist insight at tonight’s InsTech event “Climate and property blind spots revealed: making the right decision at the right time” which brings together leading founders, insurers, brokers, and climate experts to discuss how new tools and new approaches are pushing the boundaries of understanding in climate and catastrophe risks.   Paul will join an expert panel alongside Alexandre Caillol, CFA and Marc Lehmann to discuss climate cycle and catastrophe concentrations. #InsTech #ClimateRisk #CatastropheRisk #InsuranceInnovation  #IndustryExperts #ClimateModelling #HurricaneRisk #ILS #InsuranceLinkedSecurities

Parametric insurance will be crucial in closing the coverage gaps for when a natural disaster occurs. As a North Carolina native, it is hard to see so many in the western part of our state lose so much. Alternative risk transfer solutions will certainly allow people who are impacted to be indemnified for their losses. #AlternativeRisk #HurricaneHelene #Insurance

Alex Kaplan, EVP of Alternative Risk, recently participated in a #ClimateWeek panel, moderated by Leslie Kaufman - Climate & Environment Reporter, Bloomberg Green, discussing insurance gaps plaguing the public sector amid natural disasters and the need for more coverage options. Alex highlighted the progression of parametric options in the marketplace, which offer insureds more flexibility to use claims payout funds for comprehensive disaster recovery efforts. “Unlike traditional insurance where you are insuring a specific underlying asset or portfolio of assets, parametric insurance is indemnifying an entity against the circumstances of an event, and it gives them the latitude to then use the capital from that policy however they see fit to recover from the event – atmospheric rivers, wildfires, etc. in California – including business interruption, lost tax revenue, emergency response and more.” Fellow panelists included Bessie Schwarz from Floodbase, Jackie Higgins from Swiss Re, and Deborah Halberstadt from the California Department of Insurance. #ClimateWeek #AlternativeRisk #Amwins