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Catastrophe Management
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Narragansett Bay Insurance’s dynamic reaction plan and Blue Cod’s services enabled the carrier to handle more than double anticipated claims.Be the first to comment
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The NOAA predicts 13 to 20 named storms this hurricane season, while CoreLogic estimates $1.1 trillion in property at risk from storm surge.
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If insurers were permitted to put aside funds with favorable tax treatment, it would not take long to build up significant reserves that would be available in the event of a catastrophe, notes Howard Mills, chief advisor with Deloitte LLP's insurance industry group.
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The deadly twister in Moore, Okla., accounts for a majority of the loss potential, according to EQECAT.
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Insurance losses are expected to be at least in the hundreds of millions, but it's too early to tell whether the event will exceed the $1 billion in losses of the Bridge Creek-Moore tornado of 1999.
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Already used by top ten P&C carriers and reinsurers, the tool has been made generally available to enable customers to create realistic footprints for hurricanes both before and after landfall and to conduct detailed claims analyses using their own loss experience.
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Insurance loss estimates have yet to be released for storms that hit a community southwest of Fort Worth last night.
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Among a roster of recent appointments and promotions announced by Selective Insurance were George Neale as SVP, Chief Claims Officer, and John Bresney as SVP, Application Delivery Services.
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The Hartford CEO Liam McGee tells Fox Business that the company expects weather to "be more severe this year"
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The new environment will provide intuitive, enterprise-wide access to real-time risk intelligence, enabling decision-makers at every level of the organization - from risk analysts to the CEO - the opportunity to ask questions and get answers in real time, according to the vendor.
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Policyholders in the blast zone may not have an easy time recouping their losses via insurance, according to the Wall Street Journal.
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Policy holders concentrated by type and geography are among the reasons mutual insurers are more susceptible to catastrophe claims challenges, but proactive measures and technology solutions can enable carriers to compensate, according to Willis Re.
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Implementing a consolidated litigation management solution helps insurers trim claim expense costs, streamline and automate workflows, and enforce best practices throughout the claims discipline.
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PwC identifies several key challenges that insurers will face during 2013, in areas such as risk management, strategy and operations.
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Technology is democratizing insurers' access to high-performance computing and expanding their view of risk exposure.
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Celent recognized 18 insurers with Model Insurer awards last week for their innovative use of technology. These four are early adopters of capabilities that we predict will become table stakes across insurance.
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Catastrophes have blunted improved underwriting results across geographies, and two out of three customers are at risk of retention with only a neutral or negative customer experience.
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Wide use of mobile technologies lets insurers engage better with claimants, adjusters and others across a spectrum of communications, business continuity and claims handling activities.
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Allstate Corp's quarterly profit fell 45 percent on losses from superstorm Sandy, but the home and auto insurer said it has paid out about 95 percent of Sandy claims and is seeing rate increases across businesses.
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Big Data and analytics are implicated in four of the respondents' top five business disruptors and explicitly identified as comprising the fifth.
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When Hurricane Sandy struck Haiti late last year, the home Guerda Pierre shares with her three children and mother in Cabaret, north of Port-au-Prince, was flooded - and so was the merchandise she sold to make a living.
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Insurers are combining technological prowess with an improvisational spirit to address the superstorm's claims challenge.
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AIR Worldwide and Willis counsel against increased risks from natural catastrophe, cyber risk, reputational risk and the potential consequences of abandoning ERM efforts.
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Former Senator Ben Nelson brings legislative, regulatory and executive experience to CEO role.
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Insurers' claims systems appear to have been up to the challenge of handling Superstorm Sandy claims. The same can't always be said for the industry's leadership and communication, however.
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