Natural Catastrophe

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It is little wonder that brokers report that demand for political risk insurance has been on the rise in Latin America, and that underwriters have become wary of the risk.

Insurers can play a leading role in closing the protection gap by helping people plan to reduce the risk of disasters before they strike, and by providing financial help after, said Denis Duverne, chairman, Insurance Development Forum, and chairman of AXA, in an exclusive interview with Insider Engage.

Tim McCosh, Co-Founder and CEO of Yokahu, looks ahead to what promises to be a busy next year as parametric products step in to bridge the trust gap in insurance

A potent storm system on December 10-11 that saw a reported 70 tornados tear across Kentucky, Arkansas, Illinois, Mississippi, Missouri, and Tennessee resulted in widespread devastation and tragic loss of life. In Kentucky alone, a significant long-track tornado that started in Woodland Mills, Tennessee, traveled a 165.7 mile path of destruction to Falls of Rough, Kentucky.

Beyond the extensive devastation and tragic loss of life following the tornado outbreak, KBRA believes the insured property losses from the storms will be manageable for insurers.

How can re/insurers manage growing catastrophe risks if lessons from the past no longer apply?

Real events are necessary to test, and continually update, the accuracy of catastrophe models, said Karen Clark, founder and CEO of Karen Clark and Co.

Property is dominating discussions among insurers and reinsurers, even spilling into casualty talks, said Paul McKeon, President of Regional Business Units for TransRe. He recently spoke with Insider Engage Managing Editor Meg Green about challenges in the marketplace. To view the video interview, click below, or read on to see an edited transcript of the conversation.

The (re)insurance industry has a “responsibility” to help close the growing protection gap that is affecting the EMEA region, said Urs Baertschi, Swiss Re EMEA chief executive of reinsurance and regional president.

As the world emerges from the COVID-19 pandemic shutdown, there's growth opportunities for virtually every line of business, Tony Kuczinski, CEO and president, Munich Re US P&C Cos. Please click on the link below to watch the video interview.

Memo to P&C insurers: If you think the pandemic has been painful, just wait until you see the impact of climate change outlined in a UN report that's been characterized as "code red for humanity.”

Modeling and pricing are the biggest challenges facing the insurance industry today, said Christopher Donelan, CEO, Global Reinsurance, Sompo International.

Volatility may push carriers to divest reinsurance units, but can pure-play reinsurers survive in a world of climate change and high return hurdles?

Inflation, climate change, cyber risks and geopolitical instability are creating an uncertain environment for insurers, said Mike Mitchell, head of Property & Specialty Underwriting, Reinsurance, Swiss Re. Please click below to view the full video.

Although Hurricane Henri was downgraded to a tropical storm and narrowly missed densely populated Long Island, New York, Kroll Bond Rating Agency (KBRA) notes the following as we approach the peak of hurricane season:

Hurricane Ida has stirred up the ongoing challenge of catastrophe pricing.

Hurricane Ida made landfall near Port Fourchon, Louisiana, as a Category 4 storm on August 29. The storm, with wind speeds of 150 mph, slowly made its way into Mississippi and was downgraded to a tropical depression with sustained winds of 30 mph as of August 31. According to the National Weather Service, the heavy rain and flooding threat associated with Ida will spread from the Tennessee and Ohio valleys up through the Mid-Atlantic states on September 1. As events continue to unfold, our thoughts are with the individuals and families affected by Ida.

As catastrophe risks continue to grow, more businesses are seeking to tap catastrophe modelers directly for insights on managing complex risks, said AIR President Bill Churney.