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.
AAIS Risk Awareness Service
In August 2020, AAIS introduced its new Risk Awareness Service (RAS), a digital resource center tracking catastrophic risk and providing risk information in real time. At the inaugural AAIS Pulse Newsmagazine, AAIS VP Data and Actuarial Services Phil LeGrone described the Risk Awareness Service, its goals, and the value it can provide insurance carriers and the customers they serve. He also welcomed Jeff Waters, a Senior Product Manager at Risk Management Solutions (RMS), the leading modeling firms, to add his perspective on emerging modeling approaches and tools.
It’s common to hear the phrase, ‘the world is getting more complex every day’…so much that it’s become cliché. That is, unless it’s your job to try to understand, quantify, and insure the perils that come from that complexity. We know you’re looking for actionable insights to protect your business. The problem is typically not the lack of information about these perils but rather, the information overload that makes it a challenge to to find timely, relevant, and reliable insights that you can use to make informed decisions. You rely on AAIS for advisory expertise on the products your customers use, and now we’re inviting you to try our new Risk Awareness Service, our latest tool to help our Members maintain your competitive advantage.