JBA Risk Management’s Post

The latest Swiss Re Institute sigma finds natural catastrophe losses exceed the USD 100 billion for the 4th consecutive year. Absent a peak-loss event like Hurricane Ian in 2022, the main driver behind 2023’s insured losses was event frequency, in particular as regions in the US and Europe were hit by ⛈️severe convective storms. ➡️Download the full report for more insights 🔎 https://ow.ly/XjTi30sCu2Q #Insurance #ExtremeWeather

$17 billion of insured Nat Cat loss in Q1, flooding in the Gulf nations, an historic late April tornado outbreak in the US and forecasts for an active hurricane season all point to continued volatility from natural catastrophes. With $670 billion of reinsurance capital available, there are a lot of ways to manage this exposure. To learn more, read our Q1 Catastrophe Report here: https://lnkd.in/ejHJfXeJ #catastrophe #insurance #reinsurance

Let’s discuss about frequency and severity of Nat Cat events

The Week in 90 Seconds: Zurich investor day, Smart-follow future, Q3 hurricane losses http://spr.ly/6042sfPZn #InsuranceInsidernews #insurance #reinsurance

#beryl CoreLogic estimates insurable losses in #Jamaica and the #Cayman Islands at less than $1 billion; similar losses in #Mexico. CoreLogic Hazard HQ Command Central™ estimates that total insurable losses across Jamaica and the Cayman Islands will be between $400 million and $700 million. Estimated insurable losses in Mexico’s Yucatan Peninsula are also less than $1 billion. The estimated losses include wind-only damage to residential, commercial, industrial, and agricultural properties, including damage to contents and business interruption. Insurable losses account for damage to all modeled exposure types prior to the application of any insurance terms (such as deductibles or limits). It does not include losses to any regional insurance programs. “While it’s unfortunate that a part of Jamaica experienced the devastating winds of Hurricane Beryl, it is lucky the storm stayed just far enough south of Kingston and merely brushed against Jamaica, its strong winds avoiding the most populated areas. A more northward shift could have caused a stronger storm surge and wind event in the more developed areas of Kingston, like what happened in 1988 with Hurricane Gilbert.” Jon Schneyer https://lnkd.in/eNt74QhU

In this week's news will talk about how US homeowners' insurers hit record low, Hurricane Beryl to cause up to $3 billion in insured losses, and much more… Read more here ➡️ https://lnkd.in/em6MTGbB #COVU #COVUNews #insurance #insuranceagency #insuranceindustry #blog #news #business #investment #insurtech

𝙐𝙣𝙥𝙧𝙚𝙘𝙚𝙙𝙚𝙣𝙩𝙚𝙙 𝙎𝙩𝙤𝙧𝙢𝙨 𝘾𝙝𝙖𝙡𝙡𝙚𝙣𝙜𝙚 𝙍𝙚𝙞𝙣𝙨𝙪𝙧𝙖𝙣𝙘𝙚: 𝘼 𝘾𝙖𝙡𝙡 𝙛𝙤𝙧 𝙎𝙩𝙧𝙖𝙩𝙚𝙜𝙞𝙘 𝙊𝙫𝙚𝙧𝙝𝙖𝙪𝙡 Hurricane Milton, anticipated to be one of the most destructive storms in recent history, highlights significant vulnerabilities within the reinsurance industry. As Milton follows closely on the heels of Hurricane Helene, the potential for catastrophic financial losses is immense, mainly through mechanisms like catastrophe bonds. These bonds risk significant payout triggers as Milton threatens major damage, especially in densely populated areas like Tampa. Financial analysts predict damages from Milton could soar to $150 billion, overshadowing the $60 billion insured losses from Hurricane Ian in 2022. This escalation underscores the urgent need for the reinsurance sector to adapt to climate-driven events' increasing severity and frequency. Additionally, the crisis exposes critical flaws in federal flood-risk maps, which need to be updated to reflect the heightened flood risks of today's climate reality. This gap in accurate risk assessment could leave communities inadequately protected and financially unprepared. The convergence of these factors calls for a strategic overhaul in managing and mitigating financial risks from natural disasters. It's time to update our risk assessment tools and financial strategies to better align with the realities of climate change and safeguard against future catastrophes. #ClimateChange #Reinsurance #FinancialRisk #HurricaneMilton #InsuranceIndustry https://lnkd.in/g758UVXk

When intense storm surges and flooding, like those from Hurricane Helene, hit regions rarely affected by natural hazards, the impact on uninsured homes can be devastating. Because much of the damage occurred outside FEMA Special Flood Hazard Areas, homeowners are estimated to face $20-30 billion in out-of-pocket costs to repair their properties. Learn more about the financial risks: https://lnkd.in/g2sGb8MM #RiskManagement #Resilience #quollintelligence #climaterisk #insurance #financialprotection https://lnkd.in/ga664BSS

Early analysis reveals that 78% of the properties affected by Hurricane Debby were located outside of FEMA's designated Flood Zone. The storm resulted in a staggering $12.3 billion in damages, with $9.7 billion occurring outside of FEMA's Flood Zone. These findings underscore the necessity for reevaluating flood risk assessments and preparedness strategies in vulnerable areas. www.flowinsurance.com     #riskmanagement #flowflood #floodinsurance #privateflood #privatefloodinsurance #NFIP #flow #gowithflow #gotflood #insurance #homeowners #floodforall #insurance #brokers #agents #privatefloodinsurance