How to Better Identify and Manage Risk Through the Use of Analytics
Catastrophe Resiliency Network Podcast
Release Date: 04/07/2022
How Do You Best Measure Dependency Risk?
Catastrophe Resiliency Network Podcast
Sean Rider is the Chief Revenue Officer at One Concern, a firm that transforms risk into resilience and calculates how to make disasters less disastrous. There’s a fundamental problem happening in the world today and that’s digital infrastructures are failing. How do you best calculate when these electronic systems will fail, and plan for it? Sean shares his thoughts on this week’s podcast about how you can have a strong metric for something that seems very intangible. Key Takeaways: A little bit about Sean and One Concern. One Concern has built the digital infrastructure for...
info_outline
A Behind-The-Scenes Look into Spatial Insurance and How it Works
Catastrophe Resiliency Network Podcast
Christopher G. McDaniel is joined by Matt Schmidt from Ecopia AI. Matt is a Senior Associate and uses geospatial data to better calculate insurance and financial risk. In this week’s episode, Matt breaks down the importance of spatial insurance and how it works. At this current time, his firm is focused on creating a digital twin of earth, and they’ve got some exciting 3D representations of the entire United States, but how does insurance leverage this data to make better risk assessments? Matt shares his insights! Key Takeaways: An introduction of today’s speakers and...
info_outline
How to Better Identify and Manage Risk Through the Use of Analytics
Catastrophe Resiliency Network Podcast
AIR Worldwide is one of the top data solution providers in the catastrophe modeling world. AIR provides risk modeling software and consulting services that make individuals, businesses and society more resilient to extreme events. Today, Chris welcomes Bill Churney, president of AIR Worldwide. He’s responsible for setting global strategy and overseeing the worldwide operations for the company. Bill has extensive experience working with companies to better understand how they manage risk and identify ways to use analytics to improve catastrophe risk management. He shares his thoughts and...
info_outline
What the Federal Insurance Office (FIO) is Requesting on Climate Change
Catastrophe Resiliency Network Podcast
In August, the US Department of the Treasury announced that the Federal Insurance Office (FIO) will be requesting information from the insurance and climate sector as a response to President Biden’s May 2021 Executive Order on climate change. In this episode, Chris welcomes Dale Porfilio, Chief Insurance Officer of Insurance Information Institute (III), to talk about the FIO’s request. Dale oversees the Research and Education division, working closely with III subject-matter experts to develop data-driven industry insights and analyses. He shares his thoughts and III’s responses to the...
info_outline
How to Evolve the Catastrophe Model to Take Advantage of Technical Advances
Catastrophe Resiliency Network Podcast
In this Catastrophe Resilience Network episode, Chris McDaniel welcomes Dickie Whitaker, CEO and one of the founders of Oasis Loss Modeling Framework. Dickie also co-founded and worked for The Lighthill Risk Network, FiNexus Ltd, Oasis Palm Tree Ltd, and the Oasis Hub. He shares his insights of the current catastrophe model and how it should be adopted with our rapidly changing technologies. He also talks about Oasis and how insurance is a force of good despite how others may perceive it. Key Takeaways: What are some of the key issues and risks in the insurance industry? ...
info_outlineAIR Worldwide is one of the top data solution providers in the catastrophe modeling world. AIR provides risk modeling software and consulting services that make individuals, businesses and society more resilient to extreme events. Today, Chris welcomes Bill Churney, president of AIR Worldwide. He’s responsible for setting global strategy and overseeing the worldwide operations for the company. Bill has extensive experience working with companies to better understand how they manage risk and identify ways to use analytics to improve catastrophe risk management. He shares his thoughts and expertise on this episode.
Key Takeaways:
- What are the challenges insurers and communities face with the changing climate? How can the insurance industry navigate it?
- Bill thinks that analytics will be critical to help make people make sound decisions because the signs of climate change are complex.
- How is the insurance industry evolving with regards to modeling the climate change risks? Bill shares some examples.
- Chris agrees with Bill and adds that working in silos won’t help anyone in the long run.
- Different regulatory bodies are taking their own approach on climate change but it would be good for them to have more alignment. Bill expands on this further.
- The use of analytics models can help assess climate change because these are future risks where there is really no historical data.
- What is AIR doing to ensure their models can be used to assess the risk of climate change in the future?
- Climate change is the biggest challenge in profitability in the next five years. As a catastrophe modeler, Bill talks about their vision of the future.
- Bill also shares their plans of how to capture risks of climate change.
- Their ARM team, which does liability modeling, is developing a range of climate change scenarios.
- Understanding the risks you have today is very important to identify the impact of climate change in the future. Bill shares how they are doing this.
- How can AIR help the insurance industry to achieve the global net zero in 2050?
- The insurance industry has a unique ability to be a leader in the area of reducing emissions. Bill shares why.
- Data analytics combined with an insurer's ability to collect and work with high quality exposure information will be a positive path forward helping society achieve its goals.
- Bill encourages clients to ask questions around the impact on climate change and to help reduce its uncertainties.
Resources:
Email: [email protected]