Paisley Partners Inc.’s Post

Some excellent risk insights from Northbridge Insurance for developers to consider for preventing wind damage in suburban developments. #lossprevention #losscontrol #insurancebroker #insuranceclaims #winddamage https://lnkd.in/gZFKbrBq

Insurers Face Potential $4 Billion Loss After Baltimore Bridge Collapse A recent tragedy in Baltimore, the collapse of a major bridge, could result in significant financial losses for insurers, with estimates reaching up to $4 billion. The full impact of the incident is still being evaluated, but early reports suggest extensive damage to property and infrastructure, along with potential loss of life. This will undoubtedly trigger insurance claims across various categories, including property, casualty, and potentially business interruption. The insurance industry is now assessing the situation and bracing for a surge in claims. The final cost will depend on several factors, including the extent of damage, the number of casualties, and the specific terms of insurance policies involved. This incident highlights the importance of infrastructure maintenance and risk management. It also serves as a reminder of the crucial role that insurance plays in mitigating financial losses from unforeseen events. #BaltimoreBridgeCollapse #Insurance #Infrastructure #RiskManagement https://lnkd.in/gifTA3VP

January's deep freeze cost Alberta $30 million in damages. With the growing frequency of severe weather events, it's increasingly important for Albertans to prepare ahead of time. Haskayne's Anne Kleffner provides her expertise and advice to Albertans in a recent article with CBC: https://bit.ly/4aaIZe4 #MyHaskayne #thoughtleadership #severeweather #insurance #riskmanagement

The latest report from Gallagher Re sheds light on the first-quarter 2024 natural catastrophe losses, revealing significant insights for the insurance and reinsurance industry. The insurance industry still faces challenges with insured losses amounting to over $20 billion. While this marks a notable decrease from the previous year, it still surpasses the 10-year average. 🌩️ Severe convective storms emerged as the leading cause of loss, particularly affecting the U.S. with $11 billion in insured losses. ☔ Hail, identified as the primary subperil, drove the majority of insured losses across the central and eastern U.S. This reaffirms the significance of understanding regional risk factors and preparedness measures here in Texas. #Insurance #Reinsurance #RiskManagement #NaturalCatastrophes #GallagherRe https://lnkd.in/giHFWk3c

📣📣📣 INSURANCE AND DAMAGE 📣📣📣 🔔🔔 Risk 🔔🔔 First of all, let's start with what "Risk" means in insurance. ➡️ It is the probability that the event that the insured wants to be covered will cause harm to the insured. Based on this, we can say this; An insurance contract is unthinkable without risk. For this reason, "Risk" is one of the main principles of insurance. Risk; 🟩 Future, 🟩 Possible, 🟩 Uncertain, 🟩 Legitimate, should be. The fact that a risk is probable means that it is as likely to happen as it is to not happen. For example, if a building owner whose neighbor had a fire wants to insure his building at this stage, even if the fire has not yet spread to his own building, this request cannot be accepted by the insurer because it does not comply with the nature of the risk being probable. The uncertainty of the risk is; ❓ Which risk? ❓ When, ❓ Where, ❓ How it will happen, It means that it is not known by the insured. In fact, the insurer can predict which risk will occur, when and to what extent using statistical methods. As the number of samples increases, this prediction can get closer to reality. For example; The insurer can estimate how many vehicles of a certain brand may be damaged in a year, but it cannot know whether its own vehicle will be among these vehicles. In the next post, we will discuss the subject of “Insurance Premium”. #insurance #damage #DamageManagement #expertise #policy #premium #collateral #compensation #risk #market #finance #economy

Extreme weather events like the most recent Western Canada deep freeze pose significant challenges for our communities and have profound effects on the insurance landscape. As business owners, it's crucial to be aware of these shifts and take proactive steps to safeguard your ventures. 💡 Key Takeaways: 1. 🌧️ Rising Costs: Climate-related catastrophes are causing insurance payouts to skyrocket. The recent freeze in Western Canada cost insurers significantly, emphasizing the financial impact of unpredictable weather. 2. 🔄 Regular Updates are Vital: To my fellow business owners, when was the last time you reviewed your insurance coverage? With climate patterns evolving, it's more crucial than ever to ensure that your policies are up-to-date and aligned with potential risks. 3. 🔍 Avoid Coverage Gaps: Don't let unforeseen gaps in your insurance coverage catch you off guard. Regular reviews will help identify areas where adjustments are needed, providing comprehensive protection for your business. Together, let's fortify our businesses against the unpredictable and build a resilient future. Lemonade Insurance Canada #LemonadeInsurance #BusinessInsurance #ClimateRisks #RiskManagement #Insurance #InsuranceClaims #CalgaryBusiness #Construction #Hospitality #RealEstate

With property and casualty insurers posting big losses again in 2023, we are likely to continue seeing both rising rates and more stringent underwriting. #propertyandcasualty #riskmanagement https://lnkd.in/ewPwjtsm

"Covering the cost of fire damage without #insurance can be financially devastating for anyone and any #business. Flames, smoke and the water used to extinguish a fire can severely damage #buildings, #assets and belongings. If you are not adequately #insured, you may not be able to rebuild, #repair or replace assets," says Lungile Thabo Twalo, the Chief Underwriting Officer for the Santam Broker Solutions. #insurance #fireinsurance #firedamage #businessinsurance #buildingsinsurance #insurancepolicy #santambrokersolutions Santam Insurance

As the climate shifts, extreme weather events seem to become more commonplace. Insurance companies stand by homeowners impacted by these changes, with compensation reaching unprecedented amounts following a challenging season of relentless storms, starting with Agnes, which resulted in extensive flooding. Please message me to talk about our unique Supply chain risk assessment software SCAIR

I enjoyed interviewing Adam Rimmer of FloodFlash to hear his thoughts on parametric insurance! Check out his interview for Insurance Thought Leadership to learn what he thinks about the future of parametric, how it is filling gaps left by traditional coverage, and the surprises between the UK and US markets. Thanks to Adam for sharing his thoughts! #abileads #insurance #risk #riskmanagement #parametric #cpcu #parametricinsurance https://lnkd.in/evVUEh_P