Weekly Newsletter 24th July: Hurricane Watching
Hurricane season has officially begun. After Hurricane Beryl, a string of major companies including Verisk , 穆迪分析 RMS, CoreLogic and more have all estimated insured losses to be above $2.5 billion USD.??
This comes after an already busy year, with Aon estimating that economic losses from natural catastrophe events in the first half of 2024 will reach $117 billion USD. One positive aspect is that Aon estimates that around half of the sum was covered by insurance, resulting in one of the lowest protection gaps on record.
We too are turning our heads toward catastrophe risk. Our July evening event held yesterday in collaboration with EigenRisk Inc. and Reask is dedicated to the new tools available to insurers and brokers to prevent unexpected losses from natural and man-made disasters and increase understanding in climate risk. Full recordings from the session will be released soon.?
We caught up earlier this week with Deepak Badoni , President and Co-founder of EigenRisk, to touch on the tools they are providing for the industry and the challenges that come with building a one-stop shop for catastrophe risk analytics. Deepak explained:
“We need to go back to the difference between modelling and analytics. For some, the word modelling is synonymous with everything you need to know to make decisions about catastrophe risk. And that’s because it comes from the pricing mindset. […] What we offer is not modelling, just simple exposure analytics.”?
As hurricane season matures, we’ll be seeing a lot more of the tools and recent start-ups being put to the test, and likewise whether Aon’s estimate of the low protection gap will continue into 2024’s H2.
The latest from InsTech:
PODCAST: Complex catastrophe analytics made simple - Episode 312
EigenRisk Inc.’s Deepak explored the role of technology platforms in simplifying catastrophe risk analysis for underwriters.?
INSIGHT: Decerto: intuitive insurance software
Marcin Nowak, MBA , Board Member at Decerto discussed the company’s proprietary business rules engine and plans for expansion into the global market.
Upcoming events at InsTech:
WEBINAR: Unlocking the value of accurate property data: a vital resource for insurers, lenders, and beyond, 8 August, 3:00 pm BST
Join Matthew Grant with Sachin Keshavan , Head of Modelling at SCOR and George Gallagher , Senior Leader at CoreLogic as they examine the importance of accurate property data.
EVENING EVENT: Beyond Theory: Unlocking Business Value with Complete Digital Risk Flows, 3 September, 4:30 pm BST
Supported by Cytora and Google Cloud , discover what it means to create decision-ready risks and how claims digitisation is helping insurers.
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News from the InsTech members:
Reask on Jamaica’s Cat bond and potential alternatives
Reask modelled Hurricane Beryl using Metryc, a wind field and rainfall model. The insights highlighted that relying solely on distance for parametric insurance is unpredictable in terms of how it translates into impacts for insureds.?
Carbon Underwriting announces in principle approval for Lloyd’s Syndicate 5757
This will be Carbon Underwriting 's second syndicate at Lloyd’s, and the new syndicate will focus solely on US programme business.
Cytora collaborates with Gamma Risk
Cytora will integrate Gamma Risk ’s Perilfinder? to enhance commercial property underwriter’s capabilities through map visualisation and accumulation reporting.
OneAdvent partners with Solace Global Risk
The specialist MGA services platform has collaborated with the risk management and security services company, Solace Global Risk, to provide a risk management offering to clients within its Accident & Health (A&H) MGA.
Previsico on the importance of ESG performance for insurers
Previsico CEO, Jonathan Jackson , explained to Emerging Risks Media why ESG is increasingly linked to share price.
AEGIS London launches New Data Science and Analytics Team
The new Data Science and Analytics team will enhance underwriting capabilities and data-driven initiatives.
Frequent Flyers
Scott Quiana , CEO of Noldor , is in London the week of 22nd July. Noldor provides a platform to cleanse, manage and analyse data for the delegated authority market. Scott is open to meeting people during this time.?
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