Insurance
Student Hacker Teams Showcase Their Winning Skills at PennApps 3rd Annual Hack-for-Resilience Competition
From Friday, September 11 to Sunday, September 13, the third annual the Hack-for-Resilience competition (“H4R”) was hosted by Wharton Risk Center and the Insurance Information Institute’s (“Triple-I”) Resilience Accelerator as part of the PennAppsXXI hackathon. This year’s competition yielded an impressive array of powerful data, robotics and AI solutions, as well as unique perspectives on…
Read MoreHurricane Sally to bring “historic flooding” to Gulf Coast region
While hurricane Sally’s wind speeds have remained relatively static throughout today as a Category 1 hurricane, the expectations for rainfall from the storm have increased, with the NHC warning of a “historic flooding” event for the northern Gulf Coast region. Hurricane Sally continues to meander slowly towards the Gulf Coast, with maximum sustained winds currently…
Read MoreHurricane Sally Update: 09/15/20
Hurricane Sally looks to be a very significant hurricane for the northern Gulf Coast according to Triple-I non-resident scholar and Colorado State University atmospheric scientist Dr. Philip Klotzbach. While the Category 1 storm doesn’t look to intensify much today given relatively strong wind shear and cooler sea surface temperatures (since the storm is moving very…
Read MoreAhead of Hurricane Sally’s Rains, Many Lack Flood Insurance
As Hurricane Sally slowly meanders over the Gulf Coast in the next few days, historical flooding is predicted from rainfall for Alabama and Mississippi. National Weather Service yesterday published a map of areas in Gulf Coast states most at risk for flash floods. Triple-I has estimated the percentage of properties in these counties that are…
Read MoreUnderstanding & pricing secondary perils crucial to long-term profitability
It’s hard to ignore that in recent years the insurance and reinsurance market has been beset by losses from so-called secondary perils such as wildfires and floods, which makes the understanding and pricing of these risks absolutely crucial to companies long-term profitability, analysts at J.P. Morgan have said. This also applies to the insurance-linked securities…
Read MoreMunich Re & Farmers Edge team up on parametric agricultural insurance
Global reinsurance giant Munich Re has teamed up with digital agriculture specialist Farmers Edge to deliver large-scale parametric weather insurance solutions for the farming sectors. Making use of cutting-edge technologies that provide highly specific field-centric data and make use of artificial intelligence, the pair aim to deliver revenue protection risk transfer solutions for the agricultural…
Read MoreCarriers expect reinsurance cover on BI claims from FCA test case judgement
Insurance carriers potentially affected by today’s judgement in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case, are suggesting their reinsurance, including catastrophe covers, will provide support. The judgement came through from the High Court this morning and has found largely in favour of insurance policyholders in the FCA’s business interruption insurance test case.…
Read MoreHigh Court favours policyholders in FCA business interruption test case
The UK High Court has found largely in favour of insurance policyholders in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case. The move means insurance firms may end up facing paying for many more business interruption claims from the COVID-19 pandemic than they had been hoping to, as the decision suggests coverage should…
Read MoreTremor to run live cat auctions for every hurricane, including today for Sally
Tremor Technologies, the insurtech company that offers a technology-based programmatic insurance and reinsurance risk transfer marketplace, is set to make its marketplace available for every major hurricane threat, with live cat auctions set to be run by the insurtech, including today for hurricane Sally. Hurricane Sally is heading for a northern Gulf Coast landfall tonight…
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