BIBA’s Post

Our Chief Operations Officer, Mikhail Grishin, recently joined industry leaders at the SIFMA 22nd Annual Insurance-Linked Securities Conference in Miami! The conference provided a crucial platform for exchanging insights and forging valuable connections within the ILS sector. Mikhail Grishin emphasized the significance of such engagements, stating, "Attending the SIFMA conference has been immensely valuable for Mandarin Re. It's not just about gaining insights into the latest trends and developments in the industry, but also about forging connections with peers and thought leaders. These interactions are vital for staying agile and innovative in the ever-evolving landscape of reinsurance." One of the highlights of the event was a keynote address by Dr. Phil Klotzbach, a Senior Research Scientist at the Department of Atmospheric Science of Colorado State University. Dr. Klotzbach provided valuable insights into the forthcoming 2024 Atlantic hurricane season, offering attendees crucial information to navigate potential risks and opportunities in the insurance and reinsurance sectors. Mandarin Re's presence at the SIFMA conference underscores its commitment to staying at the forefront of industry developments, leveraging insights and connections to drive innovation and excellence in reinsurance services globally. #MandarinRe #SIFMA2022 #Reinsurance #ILSConference #insurance #capitalmarkets #ils Mikhail Grishin

CHU Underwriting Agencies Pty Ltd continues to implement improvements that will enhance preparedness, transparency and response when it comes to catastrophe management. Read more in this latest report. https://lnkd.in/gp-mRBZR #catastropheresponse #claims #insurance #strata #riskmanagement David Gow, Kimberley Jonsson, Steve Tchepak, Ani Kakulapati

Today, the RMetS Insurance Group is bringing together academics and sector experts, to review the state of research in insurance, and shape future best practice for weather and climate data utilisation. Watch this space! Find out more about the RMetS Insurance Special Interest Group at https://lnkd.in/e_X63X4x. #rmets_insurance #riskmanagement #commercialinsurance #floodinsurance Brit Insurance, WTW, UK Centre for Greening Finance and Investment (CGFI), Flood Re

Explore the dynamic relationship between climate change and the insurance industry, particularly within the strata market, as highlighted by CHU Underwriting Agencies Pty Ltd. Recent catastrophes, such as the Southeast Queensland/northern New South Wales flooding in 2022 (CAT221), have underscored the urgent need for insurers to adapt to evolving risks. https://hubs.la/Q02m5jty0 #ClimateChange #InsuranceIndustry #StrataInsurance #Catastrophes #RiskManagement #ExtremeWeather

Looking forward to the Reinsurance Association of America Cat Risk conference 2024 in Orlando later this month. If you haven't already done so, please reach out to Reask colleagues Louise Braybrooke CCRA and Jacqueline Willis to book a time to meet. Let's talk about dynamic, climate-aware modeling for tropical cyclone, droughts and wildfires. #catrisk #catmodeling #machinelearning #orlando #raa #climaterisk #parametricinsurance #reinsurance

Aviva UK and Ireland marine underwriters are all meeting in York today to harness their collective power and discuss what they can do today to make a better future tomorrow. And what a fine bunch of people…#avivamarine #avivacargo #avivaspecie #cargoinsurance #marineinsurance

Exciting market scoop! Shoutout to Michelle To and David Flandro at Howden Tiger for giving us their take on the (re)insurance market update. Dive in and let's stay in the loop together! #howden #howdeninsurance #insuranceinsights #insurance

Kiffmeister's Alternative Risk Transfer (#ART) Digest (two weeks ending 03/01/2024). The last two weeks’ key developments in #longevity/ #pension and #catastrophe (CAT) risk transfer markets.

Our view of 3Q/9M results and outlook going into renewals: Michelle To, Wade Gulbransen and I discuss how the sector has shown remarkable resilience and positive momentum in light of Q3 earnings. Underwriting has been bolstered by the pricing environment, by lower catastrophe losses at higher attachment points and by capital recovery. This is unfolding despite significant economic challenges and a volatile nat-cat and casualty backdrop. Wade’s excellent advice in regard of renewals is a highlight. Thank you, Michelle, Wade and the entire #businessintelligence team! #Howden #HowdenNova #insurance #InsuranceInsights #reinsurance

In its 10th year, the Global Insurance Symposium was held last week in Des Moines, Iowa. It brought together insurance industry regulators, executives, and leaders for insightful sessions and productive discussions on elevating digital customer experiences, accelerating transformation, and leading innovation. I was happy to be part of the panel with Dave Stangis, Doug Bujakowski, Charlie Sidoti, and Jonathan Godfread on “Climate Risk: How Insurers Can Weather the Storm.” The discussion could have lasted all day.  The panel closed out with the question of what is the most important thing the insurance sector should be considering/factoring into their business models over the next 12 months: Data Integration: Insurers can integrate meteorological data and climate models into their underwriting processes to gain insights into the potential risks associated with specific geographic areas. This includes historical weather patterns, climate projections, and other relevant environmental data. Risk Assessment Tools: Developing advanced risk assessment tools that incorporate meteorological data and climate models can help insurers evaluate the potential impact of extreme weather events on their portfolios. These tools can provide a more comprehensive understanding of the risks involved and help insurers make more informed underwriting decisions. Scenario Analysis: Conducting scenario analysis based on climate models allows insurers to assess the potential impact of different climate scenarios on their portfolios. By simulating various weather conditions and their effects on insured properties, insurers can better understand the range of potential risks they face and adjust their underwriting practices accordingly. Tailored Pricing and Coverage: Using meteorological data and climate models, insurers can develop more tailored pricing and coverage options for policyholders based on their specific risk exposures. This can help ensure that premiums accurately reflect the level of risk associated with a particular property or location, ultimately leading to more sustainable underwriting practices. Collaboration with Scientists and Researchers: Insurers can collaborate with meteorologists, climatologists, and other scientific experts to enhance their understanding of climate risks and improve the accuracy of their underwriting models. By leveraging the latest research and data-driven insights, insurers can stay ahead of emerging climate-related challenges and adapt their underwriting practices accordingly. Investment in Resilience Measures: Insurers can also invest in resilience measures aimed at mitigating the impact of extreme weather events on insured properties. This could include promoting risk reduction initiatives, encouraging the adoption of sustainable building practices, and incentivizing policyholders to implement measures that improve the resilience of their properties to climate-related risks. #GIS2024 #Insurance #Reinsurance #ClimateChange