We recently discussed the rapid proliferation of batteries in modern homes and businesses and the more worrying proliferation of fires associated with those batteries on AAIS Views. On October 12, 2023, the Fire Department for the City of New York (FDNY) hosted a one-day symposium titled, “A Conversation with the Insurance Industry About Lithium-Ion Batteries.” The intent of the symposium was to share the scope of the problem, the current state-of-the-art in mitigating these types of incidents, and a clarion call for insurers to join the fight in addressing this scourge.
“Check out my new drone. The camera and range are exceptional!”
“I’ve been getting out of the house more than ever with this new e-bike, have you considered getting one?”
“Now that my solar array is complete, and I’ve connected the new 3000-watt home battery backup, I’m ready to go off-grid.”
Dr. Matt Hinds-Aldrich, Senior Risk Strategy Lead at AAIS and fire peril subject matter expert, recently joined Tom Louis from First Due to discuss why the National Fire Incident Reporting System (NFIRS) still matters and why it needs to improve to meets the needs of the 21st century fire service. Watch the entire discussion here:
Clive Humby said it best with his oft-cited quote – “data is the new oil.” It is true that the value of data is in its refinement and synthesis into useful insights, tools, and products, all predicated on the existence of a complex infrastructure to share and transport data from where it is found (those with the data) to where the analysis occurs (those with the questions).
With the holidays and the end of the year upon us, it is the time to reflect upon the past year. And it is the time of year we tend to think about coming together, as a community, to share our experiences. In our case, I’m referring to AAIS’s product-focused advisory councils.
Risk Management Service Inc. (RMS) estimates $25 billion to $35 billion in onshore and offshore insured losses in the Gulf of Mexico alone were caused by Hurricane Ida. This doesn’t include the damage to other parts of the country. While the fundamentals of hurricanes are widely understood these days, there remain several important nuances to hurricane losses that are essential to understand for insurers, regulators, and the general public alike. Here we will look at one less understood type of claim from hurricanes – slab claims.
The collapse of the Champlain Towers South condo in Surfside, Florida, shocked the nation, starting a much-needed conversation about the importance of risk mitigation. As the events unfolded, we learned that the information about the significant risk of collapse was known—to some—but simply went unheeded.