Wicked Weathah Wednesday - The Insurance Nerds Newsletter (March 5, 2025 Edition)

Quote of the Week:

If you feel resistance before you begin, it's usually procrastination and you need to get started. If you feel resistance after you begin, it's usually feedback and you need to make adjustments - James Clear

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Wicked Weathah All Over The Place

The United States is experiences a little bit of everything, and almost all of it is wicked.

• Blizzard conditions in the upper Midwest
• Severe storms including hail and tornadoes from Arkansas eastward
• Wildfires in Texas, Oklahama, and South Carolina
• Snow measuring in feet in the Sierras and Rockies

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A Bold Reimagination of Insurance Markets

by InnSure

InnSure is an climate focused organization reimagining insurance markets to make them inclusive and effective for everyone, especially vulnerable communities.

Their mission is to enable these communities to manage climate risks that threaten their success. They recognize that insurance is the most efficient means to finance risk, yet the current market struggles to meet the evolving needs, especially in addressing the increased frequency and severity of climate-related disasters. InnSure aims to close the protection gap between insured and economic losses through innovation that makes insurance more affordable and accessible. They emphasize the need for collaboration within the industry, using their Connect - Learn - Solve methodology to generate innovative solutions for combating climate change and improving societal resilience. This approach is crucial as it empowers the insurance industry to remain relevant and impactful in the face of environmental challenges.

Charlie Sidoti & Christopher Lowell, CPCU, MBA and the team are leading an effort to engage communities, the insurance marketplace, and other stakeholders in rethinking how risk mitigation and transfer can more effectively be managed

The document "A Bold Reimagination of Insurance Markets" discusses the urgent need to overhaul the current insurance system to better address the increasing risks posed by climate change. Key points include:

1. Current Challenges: The insurance market is struggling to cover catastrophe risks, with significant protection gaps and many homeowners lacking adequate insurance.
2. Proposed Solutions: The document advocates for a new risk financing model that incentivizes risk reduction and supports innovative community-based actions. This includes increasing risk capital, investing in R&D, and fostering cross-sector collaboration.
3. Community Development Reinsurance Institutions (CDRIs): These new entities would support innovative insurance solutions and provide risk capital, particularly for underserved populations and early-stage innovations.
4. Innovation and Collaboration: The document emphasizes the need for dramatic increases in innovation investments, particularly in insurtech and resilience technologies, and calls for a collaborative approach involving public, private, and philanthropic sectors.
5. Government and Philanthropic Roles: Government backstops and philanthropic funding are crucial for closing protection gaps and promoting innovation.
6. Local Community Focus: The document suggests that local communities should lead innovation efforts, addressing their unique risk problems and collaborating with the insurance industry to develop tailored solutions.

The white paper can be downloaded HERE

The Hurricane Story with Frances Fox by Meteorologist Cyrena-Marie Arnold and illustrated by Landon Goldsborough

Here is video of Landon illustrating pages 4 & 5

Go to www.francesfoxstories.com for purchase of this, The Weather Story or the bundle.

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June 4-5

Insurtech Insights Javits Center, NYC

???? Nick Lamparelli to moderate - MGA Mastery: Transforming Insurance Distribution Models

Panel Date, Timing, Location: June 5, 2025 2:05 PM → 2:45 PM