Goran Trendafiloski

An interesting development in the flood prevention area, which could give more property owners chance to prepare for flooding events. Of course, those who have automatic barriers like #Floodmatik are already well prepared. https://lnkd.in/gVp8cHD7 #floodmatikyourdoorin24 #automaticfloodbarriers

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As flood risks become more unpredictable, actuaries need robust tools and insights to manage these challenges effectively. In our recent paper, we offer a specialized primer for actuaries, exploring the intricacies of flood modeling and how it can be applied to strengthen risk assessments. Equip yourself with the knowledge to navigate the evolving landscape of flood risk and make data-driven decisions with confidence. Dive into the primer here: https://hubs.ly/Q02LH51M0 #Actuaries #FloodModeling #RiskAssessment #Insurance #ClimateRisk

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Common risk in "Short and Long Term" risk categories. Most of the risk assessment agencies placed the "Extreme Weather Risk" at top position. The noticeable points is that "Climate change related risks" are common risk, which appears in "Short and "Long" Term ambit.   We have seen similar reflection in "UAE" wherein extreme weather hit various cities resulting in chaos. This is definitely an alarming situation for re-insurers, which leads to see further inflate in reinsurance prices covering the Catastrophic events. Picture extracted from Global Risk Report published by World Economic Forum.

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The Continuous Mortality Investigation (CMI) model is the most popular model used by insurers in the UK to express views of future mortality. The release of the latest model is a key event within a life actuary's calendar and, following consultation on the core parametrisation, #CMI_2023 was published on 18 April. In our latest newsflash, Megan Hart and Ross Murray take a first look at the model and its key updates. Click here to read more: https://okt.to/2UHXO9 #longevity #lifeinsurance #financialservices

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Are insurers ready to handle compounding disasters? Complex risk scenarios are emerging due to compounding natural disasters, and a recent report warns that new approaches are needed. #pcclaims #insurance https://lnkd.in/dQaQFCzM

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Read the open access article from the North American Actuarial Journal. “Reverse ES (CVa) Optimization Formula” shows a new formula based on Expected Shortfall (ES) and is available for free until Dec. 3: https://bit.ly/40aDKt4. #riskmanagement #actuaryresearch

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“This gives the industry a step change in its ability to manage flood risk.” —Our Chief Product Officer, Dr Matthew Jones, spoke with Reinsurance News on the launch of our new Global Flood Cat model earlier this month. Read the full article to learn how Fathom’s new model is transforming flood risk management for insurers and beyond: https://hubs.ly/Q02V35QT0

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Might help if municipalities focused on long term implications vs short term cash inflows, i.e. allowing for constant development without proper infrastructure to manage stormwater.

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When disaster strikes, timely and accurate response is critical. Actuaries have played a pivotal role in enhancing disaster response efforts through advanced risk modeling. By analyzing historical data and predicting potential outcomes, actuarial science helps governments and organizations better prepare and allocate resources during crises. In a notable case, actuaries developed a comprehensive model for hurricane risk assessment, which enabled quicker and more effective response strategies. This model improved the accuracy of forecasts, allowing for better evacuation planning and resource distribution, ultimately saving lives and reducing economic losses. #ActuarialScience #DisasterResponse #RiskModeling #ActuarialImpact #EmergencyManagement

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Flood risk action plan: How to protect your business this autumn ☔https://ow.ly/3rRz50Tu3HE What practical steps can you take to reduce the risks to your organisation and secure insurance ahead of a potentially wetter than average autumn? #WTW #FloodRisk #RiskMitigation #RiskManagement #BusinessResilience #PropertyDamage #ClimateChange #FloodWarning #BusinessContinuity Mark Field Neil Gunn

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The recent increase in the frequency of extreme weather events has impacted risk modelling and calibration, as it becomes harder to accurately predict weather related risks. Reinsurance costs have also risen in response to the increase of extreme weather events and uncertainty around risk calibration. These factors have impacted UK insurance companies, claims for flooding damage alone in the UK between 2000 and 2019 exceeded £1.3bn, which has in turn created more difficult market conditions for clients to find the necessary cover or weather related risks. Find out more in our latest article: https://lnkd.in/eBttDyhz #floodinsurance #weatherrisks #businessinsurance #TysersBrokers #TysersRetail #insurancemarket #commercialinsurance #insights

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How are insurers responding to extreme weather in Europe? Consultants Anandi Shah and Ian Penfold discuss the severe impacts of 2023 weather events and gaps in insurance coverage. To learn more, check out Milliman’s annual research paper "Extreme weather in Europe": https://lnkd.in/dEc4usD4 #millimanuk #milliman #climatechange #riskmanagement #insurance

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"Consumers are becoming increasingly digitally savvy... as insurers, we need to adapt to these changes in behaviour and challenge our existing ways of doing things." - Mike Essam, Head of Express Claims, Zurich Insurance ​​​​​​This is just one of the many insights shared during our on-demand webinar 'Designing a human-centric approach to claims transformation'. Hear more from Mike and his fellow panelists Tom Helm, WTW; Samir Khan, Accenture; and Chirag Jindal, ServiceNow as they are asked the most pertinent questions on strategies to streamline the employee and customer experience. Watch the webinar now >> https://shorturl.at/mnrV7 #insurance #webinar #panel #insurers #claims #transformation #ai #tech

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The September 2024 issue of the Journal of Risk and Insurance is now available!   #risk #riskmanagement #insurance #research

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After #floodwaters recede and the damage becomes clearer, companies whose sites were hit need to put their Emergency Response Plan into action — quickly, but safely. Zurich North America's Risk Engineering experts outline tips on how to respond. https://spkl.io/60464COxM #EmergencyResponse #Flooding #SevereWeather #Floods

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After #floodwaters recede and the damage becomes clearer, companies whose sites were hit need to put their Emergency Response Plan into action — quickly, but safely. Zurich North America's Risk Engineering experts outline tips on how to respond. https://spkl.io/6049f6RnU #EmergencyResponse #HurricaneErnesto #HurricaneDebby

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After #floodwaters recede and the damage becomes clearer, companies whose sites were hit need to put their Emergency Response Plan into action — quickly, but safely. Zurich North America's Risk Engineering experts outline tips on how to respond. https://spkl.io/6049fPouh #EmergencyResponse #HurricaneMilton #SevereWeather #ExtremeWeather

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