Insurance Nerds

The USA as an (Insurance) Startup by Peter Crowe of Team Focus Insurance Group & 🇺🇸 Nick Lamparelli of Insurance Nerds On July 4th, 1776, a remarkable startup was born. Dubbed the United States of America, this fledgling entity struggled in a world dominated by established powers. Much like any new business venture, the USA had to fight—quite literally—to establish its place. Once it found its footing, the next challenge was determining how to survive and thrive amidst formidable competitors. The parallels between the early USA and a modern startup insurer or managing general agency (MGA) are striking. As soon as you gain some traction, you face an immediate exposure management problem. For the USA, the exposure was not just financial but existential. Surrounded to the North by the British Empire (which they just fought against for several years), to the West by the French Empire, and to the South and Southwest by the Spanish Empire, the USA had to navigate an unstable geopolitical READ THE FULL ARTICLE HERE: https://lnkd.in/eeYFvEqP

The New Science (and Art) of Flood Modeling – Using AI For High-Resolution Analysis (#ProfilesInRisk E568) In this episode of “Profiles in Risk” (E568), host 🇺🇸 Nick Lamparelli speaks with Iordanis (Danny) Chatziprodromou, CEO of REOR20, an expert in flood modeling, about the challenges and evolution of flood modeling over the years. Danny shares his journey from academia to the finance industry and then to insurance, where he realized the limitations of traditional flood modeling. He discusses the technological advancements in AI and machine learning that have revolutionized flood modeling, offering a new approach that accelerates calculations by orders of magnitude. The conversation jumps into the complex nature of floods, including coastal, riverine, and flash floods, highlighting the importance of accurate forecasting in mitigating risks. We discuss the use of computational fluid dynamics and AI in flood modeling, highlighting the importance of accurate forecasts and risk mitigation strategies. We also dive into the role of insurance, government, and individuals in reducing risks associated with floods, emphasizing the need for collaboration and proactive measures. Additionally, we touch on the potential applicability of their technology to other natural disasters like hurricanes, wildfires, and climate change impacts. https://lnkd.in/eRMVpZmB

Best named Fire of the Week? It is not even close this week….the “Whip-poor-Will” fire wins hands down! Thanks, NJ for such a unique fire name! Now, either there was a guy named Will who started the fire and took a beating, or it was named after the bird…who could be more of a firebug than a nightjar. Honorable mention to the "Rolex fire" in OK, going to be a costly fire over time. Is it a crown fire of achievement? Let’s hope it's not built to last! Enjoy the weekend!

When I see the sales process in Insurtech, they mostly do not execute these principles. The world has changed in the prior two decades. The buyer has so much more leverage and information that the traditional enterprise sales approach is no longer effective. What is reposted here is the way! It takes a lot of practice and diligence to get good at this, but your sales approach CAN and SHOULD be a differentiator for your firm. Your buyers want more...of your insights and wisdom. Stop selling them on your solution, and start delivering value. #SalesAndMarketingSunday

The best weekly reading and content list about financial preparedness in North America. https://lnkd.in/e_K6PhcY

We often hear about loss reserves for P&C insurers, especially case and IBNR. But there are other types of liabilities that insurers are required to recognize. The attached summary provides a 50 thousand foot view of the various types of P&C reserves. I hope you find this summary handy. Be sure to follow me for more actuarial and risk management content! You can find a PDF copy of the attached overview on my website: https://lnkd.in/eVf934fv

***CAREER ALERT***

Message: Happy Insurance Nerds Day to all you crazy CATS! 🐱 (see what we did there?) Yes, you heard it right—today is the day we celebrate those who can make risk assessments sound like a party trick. Whether you're calculating premiums in your sleep or dreaming about the perfect actuarial table, this day is for you! Let's give a big shout-out to the unsung heroes who make sure our policies are as tight as our spreadsheets. You folks are the real MVPs, turning catastrophes into just another day at the office. Who else can turn a natural disaster into a cocktail party conversation starter? "Oh, you had a tornado? I had three last week!" So, grab your calculators, put on your favorite risk management podcast, and let's toast to the quirkiest, most detail-oriented bunch in the business. May your deductibles be low, your coverage be high, and your coffee always be strong. Happy Insurance Nerds Day! 🎉📊 P.S. Remember, in the world of insurance, every day is a CATastrophe waiting to be insured! <some...but not all of this post, was generated with AI> 😉 🙀

Such an interesting study in Science Direct! In a warming world, tornadoes are projected to thrive under tropical cyclones, with their surrogate events expected to increase significantly, by 56% to 299%, due to higher levels of CAPE (Convective Available Potential Energy), wind shear (changes in wind speed or direction with height), and helicity (atmospheric rotation). As noted in the images, a warmer world also supports a different potential track for tropical cyclones too.

***CAREER ALERT***