Episode Summary: Dive into the pulse of the insurance sector with our latest episode of The Connected Podcast. We cover crucial developments and strategic insights from leading experts across the industry, giving you an in-depth look at the evolving challenges and innovations.
In this focused segment, Michael LaRocca from Swiss Re discusses the financial upheaval caused by severe convective storms, reporting a staggering global insured loss of $64 billion for 2023, predominantly in the U.S. This incident underscores the urgent need to reassess catastrophe models amidst escalating urbanization and inflation pressures.
Karen Clark from Karen Clark & Company reveals enhancements in damage prediction models by integrating comprehensive daily data. As we move into the predictions for an active hurricane season by Phil Klotzbach of Colorado State University, the emphasis is on preparedness and preemptive action, particularly for the southeastern U.S.
Peter Zaffino of AIG outlines the company's turnaround and growth since his 2017 appointment, amidst the backdrop of rising premiums and labor shortages. Meanwhile, loss control expert Scott Honer champions strategic risk mitigation to curb insurance costs for commercial property owners.
The conversation expands to regulatory scrutiny in offshore reinsurance with insights from Alan J. Routhenstein of the American Academy of Actuaries, and the evolving definition of 'pedestrian' affecting insurance benefits in New Jersey. Plus, the segment covers PacifiCorp’s $178 million settlement over the 2020 Oregon wildfires, highlighting complex legal and corporate responsibility dynamics.
In a significant structural shift, Lucy Pilko of AXA XL details their Americas region's underwriting operations reorganization into three segments. Concurrently, David Gritz from InsurTech NY discusses accelerating digital MGA market entries, fostering vital insurtech developments.
With a focus on education, Dan Keough from Holmes Murphy and BrokerTech Ventures, discusses their new course designed to bridge the gap between insurtech innovations and traditional insurance fundamentals, developed in collaboration with the National Alliance for Insurance Education & Research.
This episode not only explores the implications of current events within the insurance sector but also highlights initiatives aimed at fostering innovation and strategic foresight in the face of ongoing challenges. Tune in to gain a comprehensive understanding of the dynamic landscape that shapes modern insurance practices.
Don't miss this episode filled with expert analyses and forward-thinking strategies that cater to anyone connected with or interested in the insurance ecosystem. Whether you’re an industry professional, policyholder, or enthusiast, these insights are crucial for navigating today’s complex insurance environment.
Cat models scrutinized as storm losses rise
Greater Chance of Major Hurricane on the East Coast This Year, But Less in Gulf, Scientist Says
AIG ‘A Different Company’ Poised to Grow in E&S and More: CEO Zaffino
Rethinking Property Insurance
Regulators ponder two options to toughen reinsurance reserving standards
NJ court considers: Are e-scooter riders 'pedestrians?'
Warren Buffett's Pacif
