mea’s Post

📢 Attention Insurance Professionals 📢 Munich Re's latest report reveals some staggering numbers: Global insured losses from natural disasters in the first half of 2024 reached $62 billion, a 68% increase compared to the ten-year average of $37 billion and slightly higher than last year. This surge in losses is putting immense pressure on the property market. The critical question is: Are we buying sufficient coverage for our cat program? 🏢🌪️ If you have any doubts or concerns, don't hesitate to contact 21RISK. We're here to help you understand and meet your coverage needs. Let's navigate these challenges together! 🤝 Book a meeting here: https://lnkd.in/eRZy-2_a #Insurance #RiskManagement #NaturalDisasters #PropertyMarket #ClimateChange #21RISK

Discover how ICEYE's advanced satellite technology is driving a revolution in parametric insurance, enhancing resilience and swift response to natural disasters. #SatelliteInnovation #ICEYE #NaturalDisasters #ParametricInsurance #insurance #insurtech #technology https://lnkd.in/evWXMpyN

How can satellite technology boost the insurance sector?

"Digital transformation will ultimately empower people to undertake more meaningful and productive work. It will result in insurance professionals spending less time on some of the more menial, often time-consuming, tasks, and enable them to spend more time focused on customers." 💬   As part of Esri UK's Insurance Market View Report, Michael Gregory, our Director of Underwriting Strategy, explores a range of emerging risks facing the insurance industry: https://lnkd.in/exr5UCYT #Insurance #InsuranceInnovation #Climate

Yesterday, Alejandro Solorzano, XS Global Parametric Director Managing, Jean-Christophe Garaix from Liberty Mutual Reinsurance, and Matthew Grant from InsTech discussed how sensors are closing coverage gaps in earthquake insurance. You can watch the webinar on demand through the following link: https://shorturl.at/ADKO7 #InsuranceInnovation #EarthquakeInsurance

CRESTA, the insurance industry organisation providing a global standard of risk accumulation zones, has today released the quarterly update of its CRESTA Industry Loss Index – CLIX. The largest non-US event loss in 2023 was the Kahramanmaras Earthquake Sequence in Turkey on 6 February, which CRESTA estimates has generated an industry loss of USD 5.8bn, the largest ever Cat loss for the Turkish insurance market. It is followed by the severe convective storms which hit Northern Italy from 19-25 July, which are estimated to have generated an industry loss of USD 2.7bn, also a record-breaking figure for the Italian insurance market. Similarly, New Zealand experienced two record-breaking weather events in early 2023 with a combined industry loss of USD 2.7bn. Learn more: https://lnkd.in/evaaWfbn

Do you truly understand #climaterisk? Well, most probably not - as even the insurance industry does not know entirely what to brace for. Chances are urban climate change could fuel a 40% increase in annual natural-catastrophe losses for the global insurance industry. The annual loss could rise to $151 billion from the average annual loss of $106 billion reported over the past five years, according to the analysis by Verisk: Mitigrate Storebrand Gjensidige LB Forsikring GF Forsikring Forsikringsakademiet Elite Forsikring If Insurance Fremtind

What did we learn from Silkyara Tunnel tragedy, on both aspects of Risk assessment and risk mitigation aspects. For insurers it is understood that any project start with detail assessment and analysis with Plan A and Plan B strategy, only point is Insurers must ask questions to settle down their queries. submitting random quote based upon available rating in market will not help neither Insurers nor insureds, remember such projects are of National and strategic importance. simultaneously Insurance is not only a financial protection it is a kind of garuntee which provides you strength to go ahead with your projects having inherent risk. today UW/Insurers/Brokers need to understand all these aspects in detail. point to ponder 1. Thorough study of project. 2. direct meeting of Insured and Insurer is important 3. multiple exchange of mails full. of information provide better understanding and coverage formulation 4. understanding inherent risk 5. understand project from Project heads view. 6. check where Project team is not sure, what their fears are, their actual requirements. 7. Contingent planning 8. Bar chart or progress planning chart 9. procedure to be followwd during project. 10. study similar project completed earlier. 11. phase wise work if any. now focus on important points 1. understand topography 2. understand geographic condition 3. soil test reports 4. Q reports and R reports for mapping of land and area of tunnels 5. tunneling method 6. escape tunnel is there or not. now point 6 is of utmost important, if project team plans for Escape tunnel it means risk of debris falling is very high. also soil reports, terrain reports will also be very important. Answers to all these questions will equip you with information and you will be able to identify 1. appropriate rating for project 2. you will be able to check capacity to offer or risk appetite 3. you will find insured requirements and formulate addons accordingly 4. with contingent planning reports you can prepare in advance your strategy for claim handling or offering made in policy. 5. you can plan proper Reinsurance arrangements rate a project or deriving premium is very asy using mathematical formulas in India using market rates, but understanding of risk is what matters where you can decide what to offer and how much to offer. Indian Insurance UW need time to study to equip themselves with wholenlot of information to compete with UK or US market. Today we have rating machines which can be done using Automation tools or system but system lacks analytical thinking ability where UW is required. I rest my case here, you can have your own thoughts about this situation coz it is very subjective. #insurance #insuranceindustry #insurancebroker #reinsurance #riskmanagement #riskmitigation #riskassessment #underwriting #insurancenews #insurancecompanies HDI Global SE Munich Re Hannover Re Swiss Re Berkshire Hathaway Allianz Global Corporate & Specialty (AGCS)

Revolutionizing Catastrophe Insurance in the Caribbean: Leveraging Technology for Resilience. Explore how modernization efforts are reshaping insurance practices to better manage and mitigate the impact of natural disasters in the Caribbean region. Visit https://lnkd.in/gtRd7MYZ for more details! #caribbeaninsurance #insurancetechnology #resilience #modernizationchallenges

“Over the course of last year, global natural disasters and severe weather are estimated to have caused the insurance and reinsurance industry losses of US $95 billion, Munich Re estimates, while the economic cost of the same disasters is put at $250 billion by the reinsurer.” #insurance #reinsurance #riskmanagement #abileads