Today's discussion dives deep into the crucial aspects of flood insurance, especially in high-risk areas like Florida, amidst increasing hurricane occurrences. We explore FEMA's 30-day waiting period for flood insurance activation— a pivotal strategy for residents during peak hurricane seasons. Notably, a staggering number of Florida residents—up to 850,000—remain uncovered by flood insurance, despite it being essential since standard homeowners policies do not cover flood damages from external sources.
Additionally, the episode highlights the broader implications of climate change on the insurance industry. With insured losses from natural catastrophes hitting about $62 billion in the first half of 2024 alone —a 70% jump compared to the past decade— experts like Munich Re's Tobias Grimm comment on the intensification of extreme weather events, including Hurricane Beryl's impact on Texas. A survey from Allianz Life also features, revealing public concerns over how extreme weather could jeopardize financial and health security, particularly affecting retirement plans.
The segment on the evolution of catastrophe modeling within the industry provides insight into how technological advancements have reshaped risk assessments. Daniel Zitelli from Holborn emphasizes how early models from the 2000s influenced insurance pricing and the transition to incorporating more diverse data sources for refined evaluations. Experts like Berkley Charlton and Melanie Hayes discuss leveraging location intelligence and machine learning for improved risk analyses and decision-making processes.
Furthermore, updates from companies like Mercury Insurance and ZestyAI underscore shifts towards more targeted and knowledgeable insurance practices. Mercury helps consumers gauge the insurance costs for popular new electric vehicles, while ZestyAI introduces an AI-driven model to better predict water and freeze claim severities and frequencies.
The podcast also celebrates the achievements of CCC Intelligent Solutions and discusses expansions by niche player Ahoy! Insurance in the maritime insurance sector, alongside the future focus at the upcoming ITC Vegas 2024. Each of these discussions shines a light on the dynamic changes influencing the insurance marketplace today.
Tune in to 'The Connected Podcast' for these engaging discussions designed to inform and guide through the complexities of the modern insurance landscape, helping stakeholders navigate new challenges and optimize opportunities in the face of a changing climate and technological advancements.
Floridians without flood insurance still common across the state
Extreme Weather Sends Insured Losses 70% Above Historical Norms
Americans Worry Extreme Weather Could Hurt Retirement Savings But Few Are Prepared
Riding the Insurance Roller Coaster | Insurance Thought Leadership
From disasters to data: The evolution of catastrophe modeling post-pandemic
How geocoding and property intelligence elevate risk modeling
The key InsurTech trends to look out for in H2 - part one - FinTech Global
Mercury Insurance Names the Most Affordable New EVs to Insure
ZestyAI Launches Non-Weather Water Solution Amidst Rising Severity of Water Damage Claims
CCC Wins 2024 AI Breakthrough Award for Top Computer Vision Solution - Autobody News
Ahoy! Insurance Announces Yacht
