As part of the AAIS Webinar Series, AAIS hosted a virtual presentation on June 13, 2023, featuring AAIS Partner, Davies. Moderated by AAIS Personal Lines Product Manager, Linda Jancik, the session explored how wind models are created, used, and regulated. Featured guest speakers, Greg Fanoe, Director & Consulting Actuary at Davies, Sandra Darby, Property & Casualty Division Actuary at the Maine Bureau of Insurance, and Shaveta Gupta, Catastrophe Risk & Modeling Actuary at the NAIC, discussed how this data is gathered from inside the storm, why it’s collected, and how it is used by insurance carriers to price policies. The panel also analyzed hurricane models from the regulation side, explaining how regulators use this data to develop legislation to further protect consumers and ensure a healthy market.
In a recent AAIS Webinar, industry leaders from Britecore, East Tennessee Mutual and Friends Cove Mutual discussed ‘How Small Insurers Can Compete and Win the Customer of the Future.’
On a recent edition of AAIS Pulse, Crawford & Company CEO Rohit Verma and AAIS VP of Products John Kadous sat down to discuss the state of the insurance market, including topics such as the economy and supply chain, auto risks, climate change and natural catastrophes, data, and technology, and much more.
Dr. Matt Hinds-Aldrich, Senior Risk Strategy Lead, was a recent guest on the FNO InsureTech podcast, joining hosts Rob Beller and Lee Boyd to talk about how new thinking around data can enhance insurers’ ability to measure, rate and mitigate fire risk and the challenges associated with insuring the peril, particular in wildfire-prone areas such as California.
Phil Klotzbach, Research Scientist at the Colorado State University, stopped by The AAIS Executive Roundtable with a preview of the upcoming hurricane season in The Florida Report.
Dr. Phil Klotzbach, Ph. D., from the Department of Atmospheric Science at Colorado State University, says climate change is real. In a recent interview he explained that “if you go back to the late 1800s, parts-per-million of carbon dioxide was about 280; now we're sitting at about 420. We've gone up by about 50 percent of what we were about 140 years ago. With that, we've seen a global temperature rise of about eight- or nine-tenths of a degree Celsius … about 1.5 degrees Fahrenheit.”
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.
Accurate risk assessment is key to mitigating exposure and to unlocking underwriting opportunities.