Hooman Motamed, PhD’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

The tragic Baltimore bridge collapse is a stark reminder of the devastating impacts of unforeseen events. As we witness the aftermath unfold, it's crucial for companies to reassess their total cost of risk. Our proprietary P2RIME® process provides valuable guidance on managing risk through avoidance, planning, insurance, and risk transference. This catastrophe highlights the importance of regularly analyzing a company's total cost of risk to effectively mitigate both insurable and non-insurable risks. Read more in our latest blog post from our own John Dorsey, Client Executive, here: https://lnkd.in/eYk7hvzP #RIskManagement

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

Taking proactive steps to manage risk around your home, such as removing dried or flammable brush, trimming trees, and creating defensible space, can significantly impact your insurability. Developing a risk management plan is crucial in making your risks more acceptable to insurance carriers. By doing so, you not only expand your options but also safeguard yourself, your family, and your insurable assets. #RiskManagement #HomeSafety #InsuranceProtection #USIOneAdvantage

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!

🌪️ Are You Prepared with the Insurance Data You Need for Catastrophic Loss? 🌊 The weather is unpredictable. Or IS it? While understanding the potential impact of natural disasters is crucial, catastrophe or "CAT" modeling can help you evaluate risks and prepare for the unexpected. At Centurisk, we’re breaking down how CAT modeling data can enhance your risk management strategy and protect your risk pool or state from potential loss. Learn more in our latest blog: https://buff.ly/3NcqNXK #RiskManagement #CATModeling #Centurisk #DisasterPreparedness #BusinessContinuity

The insurance industry faces a surge in convective storms, redefining risk assumptions. Aon Plc's report highlights a record 37 thunderstorms costing over $1 billion each in 2023, prompting a rethink in risk management amid a changing weather landscape. https://hubs.la/Q02hHxd60 #WeatherRisk #InsuranceChallenges #ClimateAdaptation #RiskAssessment #IndustryInsights

The Big Question: Is the parametric approach the solution to natural catastrophe challenges? #swissre #parametricinsurance #risk #riskmanagement #emergingrisks #natcats https://lnkd.in/eb5ZSGV6

After the storm One year ago, at the annual conference of the French risk and insurance management association AMRAE, the feeling among risk managers was that they had been in firefighting mode for the last two years, struggling to stay ahead of one crisis after another. More here 👉👉https://ow.ly/225y50QzatY AMRAE - Management des Risques et des Assurances de l'Entreprise #RiskManagement