Graham Company’s Post

Let this devastating event serve as a reminder to re-analyze your company's total cost of risk to effectively mitigate risks, both insurable and non-insurable. At Graham Company, we use our proprietary P2RIME process to advise clients on key considerations in these analyses. #grahamcompany #p2rime #riskmanagement

As #wildfire_risk escalates in the U.S., particularly in California, the need for innovative risk management strategies is critical for businesses. Guy Carpenter emphasizes the importance of collaboration among insurers, capital providers, and regulators to enhance investor confidence and attract capital for wildfire protection. Advances in risk modeling and #parametric_solutions are vital in addressing this peril, enabling businesses to secure sustainable insurance coverage. By fostering a deeper understanding of wildfire risks, we can create a more resilient marketplace that supports both communities and investors in navigating these challenges. Sources: Artemis.bm https://lnkd.in/dwZgVnUg

No one can predict the future, but insurance professionals are likely the best qualified when it comes to predicting risk. For this special report, Insurance Journal magazine asked industry thought leaders their predictions for the property/casualty world in 2024 and what they'd wish for if they could have what they wanted. Here's what they had to say. #planning #riskmanagement #governance #2024outlook #2024predictions #future #riskmanagement #risk #buckler https://lnkd.in/e9rqZEqX

Commercial property owners in California face growing risks from wildfires, earthquakes, and other natural disasters. Parametric insurance offers a proactive solution with fast, pre-defined payouts based on event triggers rather than damage assessments. This means quicker recovery and less business interruption when disaster strikes. If your property portfolio is in high-risk areas, it's time to consider parametric coverage as part of your risk management strategy. Are you prepared for the next big event? #RealEstate #insurance

Navigating Rising Property Insurance Costs: A New Era of Risk Management In recent years, the cost of property insurance has seen a sharp increase, largely driven by the frequency and severity of natural disasters like hurricanes, wildfires, and floods. For property owners and businesses, this means higher premiums and, in some high-risk areas, limited coverage options. To stay resilient, it’s critical to adopt proactive risk management strategies, from investing in protective infrastructure to ensuring properties meet updated safety standards. As we navigate these challenges, insurers and policyholders alike are rethinking what effective, sustainable coverage looks like. Is your organization prepared for this evolving landscape? #Insurance #RiskManagement #PropertyInsurance #BusinessResilience

Patience, fortitude, and parametric insurance are key elements in navigating today's risk management landscape. Just like the lions, Patience and Fortitude, outside the New York Public Library symbolize these qualities, success in the business world demands their consistent cultivation. Fortitude, defined as "Courage in Pain or Adversity," is essential when facing the diverse challenges that businesses encounter. By partnering with a knowledgeable broker, you can navigate these adversities and enhance your fortitude in risk management. On the other hand, Patience is crucial in tolerating delays and uncertainties. With traditional insurance capacities dwindling for risks like hail, earthquake, and wildfire, clients embracing patience are now benefiting from Parametric Insurance programs that fill these critical gaps. Kudos to #MunichRe for hosting the 2nd Annual Parametric Conference in New York City! Connect with your #Alliant Insurance Broker today to discover how your #Patience and #Fortitude can lead to rewards, and how #parametricinsurance can complement your risk management strategies. #Amorerewardingwaytomanagerisk #parametric #safehub #hail #earthquake #flood #wildfire

Have you seen a change in your Commercial Property Insurance? Here’s a snapshot of key trends: ⬆️ Inflation’s Impact: Rising costs challenge coverage accuracy. 🌪️ Catastrophe Preparedness: Enhanced strategies for natural disasters. 🔄 Reinsurance Challenges: Seeking comprehensive solutions. 📊 Dynamic Pricing Models: Real-time risk assessments for precise rates. 👷🏼♂️ Labor Shortages: Collaborative solutions for construction delays. 🛰️ Tech-Driven Valuations: Utilizing satellite imagery for accurate property replacement cost assessments. 📝 Underinsurance Concerns: Education on policy updates and reviews. Stay ahead of the curve with proactive risk management! Let’s set up a time to chat about your insurance program. #CommercialInsurance #RiskManagement #LeavittGroup #FarmerWoodsGroup #PropertyInsurance

As we explore the #parametric concept with our clients, we always start with two key questions: (1) When an event (e.g. natural catastrophe) occurs, what are the many ways in which the event can impact you financially? (2) What tools do you have at your disposal to address this wide variety of loss categories? Businesses and public entities have a number of different “tools” to address these risks, including some combination of cash on hand, debt issuance, traditional insurance, and government assistance. In many cases parametric insurance can offer unique benefits that complements the other tools. As such, parametric can be a very important 𝙖𝙙𝙙𝙞𝙩𝙞𝙤𝙣𝙖𝙡 tool to create a more comprehensive and responsive risk management toolbox to deal with these risks. A number of great Aon colleagues got together with the goal to create a document that summarizes (1) how we might help our clients think about their overall risk management framework and (2) how parametric can fit into that framework. The link to the article is below, and I hope it is helpful as you think about how your organizations manages risk. As always, feel free to reach out anytime if you would like to discuss these concepts in more detail.  

We are super enthusiastic about how parametric insurance can solve for the unique challenges faced by public entities and their stakeholders (i.e. all of us tax payers). Great article below by my team!

Where increasingly severe weather meets growing populations, property damage from wind, hail and flood may seem inevitable. Fortunately, there’s much that property risk engineers can do and there’s no better time to talk about the measures that companies can take, not just to transfer their risk but to really reduce it.