INSURITAS’ Post

Let’s chat about partnerships with insurance adjusters and restoration contractors… In the aftermath of a natural disaster, collaboration is key to ensuring swift and effective recovery for homeowners and businesses. At Blue Kangaroo Packoutz of N. Central NJ, we understand the importance of working hand-in-hand with insurance adjusters and restoration contractors to streamline the restoration process. Our partnerships with insurance professionals are built on trust and efficiency. By aligning our efforts from the outset, we can provide timely assessments and detailed documentation that facilitate smoother claims processing. This collaborative approach not only expedites the restoration timeline but also ensures that our clients receive the support they need when they need it most. Similarly, our relationships with restoration contractors are integral to delivering comprehensive solutions. Together, we coordinate efforts seamlessly, leveraging each other's expertise to address complex challenges with precision. Whether it's removing items damaged by water mold, or fire, our combined efforts result in superior outcomes for property and business owners alike. At Blue Kangaroo Packoutz, we take pride in these partnerships because they enable us to deliver exceptional service and exceed expectations. By working closely with insurance adjusters and restoration contractors, we not only restore properties but also restore confidence and peace of mind for our clients. If you're an insurance adjuster or restoration contractor looking to collaborate on projects, let's connect. Together, we can make a positive impact on the lives of those affected by disasters, helping them rebuild and recover with resilience. #BlueKangarooPackoutz #NorthCentralNJ #ContentsRestoration #DisasterRestoration #InsuranceAdjusters #RestorationContractors #LocalBusiness #WomanOwnedBusiness

AiBEC has had the opportunity to hold inaugural face to face introductory meeting and conference with Andrew Hall CEO of Insurance Council of Australia. AiBEC’s formation, objectives, advocacy and willingness to engage with industry as a collective body of professionals in improving and bettering Expert services, transparency, training and quality within the claims handling process were all discussed. Presenting around the terms of an Association that is a “voice” for Experts, Building & Engineering Consultants, we look to develop a new platform for our Members and Allied Supporters through Technical Advisory Committees to engage, advise and serve in providing our professional views in responding to relevant issues surrounding building resilience, flood prone building practices, standardising terminology, expert reporting and training. Ultimately, we wish to promote better practices for our Members and Allied Supporters, industry engagement and improvement in the understanding and engagement of Experts within the insurance industry and claims handling process. The realisation and formation of AiBEC is direct response to the 2022 Flood Inquiry submissions by industry and general public, review of the GI Code of Practice including Australian Financial Complaints Authority reports directly pertaining to expert reporting quality and consistency. Also not to be overlooked is Australian Prudential Regulation Authority Standard CPS 230 which comes into effect on 1 July 2025, placing more responsibility on insurers in how they appoint and monitor their service providers including but not limited to AiBEC members. As we continue to evolve and grow as a new association, we look and call to all Building and Engineering Consultants, Experts and Allied Supporters for their vision, expertise and involvement in building this community which we aim to have significant impetus for what in a few years is envisaged to be a proactive and respected Association for engineering and building consultants in the insurance industry. We look forward to continued opportunities in offering our members expertise in consultation with Insurance Council of Australia and AiBEC members in assisting in betterment of the industry as a whole. How can you get involved with AiBEC? Individual Founding Members includes ANZIIF vulnerable customers course. Individual Founding Member IFM, click here 👇 https://lnkd.in/g5nCF6Ru Corporate Founding Member CFM, click here 👇 https://lnkd.in/gJe2vuF7 Corporate Member CM click here👇 https://lnkd.in/g-ACWUBF For organisations that support the objectives of AiBEC but do not qualify as a Corporate or Individual Member, an Allied Supporter (AS). For the AS application form click here 👇 https://lnkd.in/gH6zUHKN   For all membership class enquiries including Allied Supporter packages, please email CEO Tony Libke on admin@aibec.co. https://aibec.co/   AIBEC Experts are Qualified Experts!   #insuranceindustry #insuranceclaims

State Farm, California's largest private insurance provider, will not renew coverage for around 30,000 homes and 42,000 apartments in California beginning July 3. Why now: The announcement came after the company raised homeowner insurance rates in the state last week by 20%. The company paused issuing new homeowner policies in 2022. State Farm did not confirm how many of those homes and apartments are in Southern California but said the decision was driven by “inflation, catastrophe exposure, reinsurance costs, and the limitations of working within decades-old insurance regulations.” Reforms in California: California is in the midst of insurance reform, with state Insurance Commissioner Ricardo Lara announcing last year that companies doing business in the state can use future forecasts, including climate risk predictions, to write new policies. Companies are also now able to build California-only reinsurance costs into their prices. Reinsurance is when insurance companies buy insurance to cover the plans they’ve sold. (Yes, insurance to cover insurance plans.) And last week, Lara unveiled a plan to allow insurers to use computer models of disasters to determine rate increases. The state previously allowed insurers to use the catastrophe models for earthquakes and fires after an earthquake; the new change now includes disasters such as wildfires, terrorism and floods. In California, prior to Lara’s latest announcement, insurers could only use historical data on wildfires and other calamities for rate hikes. ✍️ Yusra Farzan 📸 Robyn Beck/AFP

Beazley 9M 2024 Insurance written premiums increased by 7% to $4,625m (Q3 2023: $4,325m) · Net insurance written premiums increased by 7% to $3,792m (Q3 2023: $3,532m) · Premium rates on renewal business are flat as expected (Q3 2023: 5%) · Investment income of $513m or 4.7% year-to-date (Q3 2023: investment income of $202m or 2.1%) · Initial view of net exposure to Hurricanes #Helene and #Milton combined is between $125m-$175m · Gross IWP growth guidance for the year remains at high single digits · Combined ratio guidance for the year remains at around 80% on an undiscounted basis, assuming average catastrophe activity for the reminder of the year Adrian Cox , Chief Executive Officer, said: "I am extremely proud of how our business has navigated the volatile claims environment we have seen so far this year. Our commitment to disciplined underwriting and our risk selection expertise mean that, despite an active hurricane season and a global cyber event, we expect to deliver an undiscounted combined ratio of around 80% for the full year, consistent with our guidance at our interim results in August." In #Cyber Risks, rates have remained stable over the last quarter. As previously highlighted, competition in Europe is increasing and the market is experiencing an uptick in severity on ransomware claims, however this has not impacted our outlook for this year or our view of the long-term opportunities available. Following a restructure of our platforms at the start of 2024, a higher proportion of MAP Risks, written on a managed basis, is supported by third party capital providers, resulting in a year-on-year reduction at the Group level. On a total managed basis, the division continues to grow overall with continued demand for the specialist product set within MAP Risks. Property Risks continues to be a significant growth driver this year, and has performed in-line with expectations, benefiting from the ongoing flow of business into the E&S market. Capital market activity remains relatively subdued resulting in lower demand, surplus capacity and very competitive pricing in the insurance market for a number of our products within the Specialty Risks division. Our commitment to disciplined underwriting means we anticipate very moderate growth by year end as indicated in Q1. https://lnkd.in/ewMsV9e6

Can we describe the biblical NOAH's act of building an ARK an act of insurance (assurance) against the floods that came afterwards?? Yes, Noah's act of building the ark can metaphorically be described as an act of insurance. In essence, Noah's obedience to God's instruction to construct the ark served as a form of "risk management" against the catastrophic flood. Here’s how this analogy works: 1. Risk Assessment: Noah believed in the forecast (God's warning about the flood) and acknowledged the potential danger, akin to identifying a risk in modern insurance terms. 2. Preparation (Insurance Policy): Building the ark was akin to taking out an insurance policy, with the ark serving as the "coverage" for his family and the animals. 3. Premium (Effort and Obedience): Noah's effort, resources, and unwavering obedience to God's command were like paying the premium for this protection. 4. Payout (Salvation): When the flood came, the ark safeguarded Noah, his family, and the animals, much like an insurance policy pays out during a loss event. Thus, Noah’s proactive and faithful action exemplifies the core principle of insurance—preparing for unforeseen events to secure a better future. But if God explicitly warned Noah about the impending flood would that not be described as a foreseen event ? Absolutely —God's warning to Noah about the impending flood makes it a foreseen event. However, the idea of insurance isn't limited to unforeseen events; it also involves preparing for a foreseen event whose impact could be catastrophic if unaddressed. Let’s break this down: 1. Foreseen vs. Catastrophic Risk: While Noah was explicitly informed about the flood (foreseen), the magnitude of its destruction was immense. The ark served as protection against the catastrophic consequences. 2. Faith and Obedience as Actionable Response: Even though Noah had foreknowledge, it required faith and action to prepare. Similarly, in insurance, individuals take proactive steps to secure coverage for risks they know are possible, such as illness, fire, or accidents. 3. Foreseen Risks in Modern Insurance: Some insurance policies address foreseeable risks. For example: Life insurance assumes eventual death (a certainty), but it protects loved ones from financial ruin. Property insurance may cover natural disasters in areas prone to them. In Noah's case, the flood was foreseen, but the ark functioned like an insurance policy by minimizing the loss and ensuring survival. This perspective highlights the value of preparedness and protection, whether for foreseen or unforeseen risks.

Putting the focus on reducing losses and speeding recovery from natural disasters, the National Association of Insurance Commissioners’ (NAIC) Membership adopted the first-ever NAIC National Climate Resilience Strategy for Insurance to protect the nation’s property insurance market. “Our property markets and the consumers we work to protect are under pressure. The PCMI data call and the National Climate Resilience Strategy for Insurance will help us close protection gaps and make every community stronger and more resilient,” said Alaska Division of Insurance Director Lori K. Wing-Heier. “This strategy document brings together many of our existing workstreams, focuses our work on pre-disaster risk mitigation, and will provide important coordination among U.S. state regulators,” Wing-Heier added. “U.S. states are in the forefront of making safer communities to withstand extreme weather and climate change, which is critical to keeping insurance available for all,” said California Insurance Commissioner Ricardo Lara. “Our national climate resilience strategy puts reducing risks and protecting solvency at the center of our work to protect consumers.” “Closing the protection gap means hardening properties and continuing to vigorously monitor solvency protection oversight,” said NAIC President and Connecticut Insurance Commissioner Andrew N. Mais. “As insurance regulators are seeing in our states and territories, this is a national problem that calls for a national strategy to ensure that insurance remains available and reliable.” Read more: https://ow.ly/XROi50R9Ebo

For those that live in areas frequented by naturally occurring extreme weather events, Mitigation is not secondary. It is primary to economic survival and the only practical solution to an ever changing climate.

Insurance and climate in USA - how to keep insurers in a state, secure policies and provide protection without high premiums for property liability and builder’s risk insurance? Piece by Carl Smith in Governing #propertyinsurance #climaterisk #bluelining -

https://lnkd.in/gtEWmm2X The posted article from Governing Magazine provides a considered analysis and careful exploration of disaster risk insurance for homeowners, including the current crisis regarding such insurance in a number of States. It also examines actions that are being taken to keep homeowner insurance available, private insurers financially sound and viable, and homeowners protected. #homes #housing #homeownership #homeownersinsurance #homeownerinsurancecrisis #riskassessmentmodels #riskmitigationmodels

🗣️ AiBEC’s Initial Commentary on Recommendation 17 & 18 - Report on the Inquiry into Insurers’ Responses to 2022 Major Flood Claims - Flood failure to future fairness. We refer to Recommendation 18 within the Report. In particular where stated: “Stronger Code provisions in relation to quality of Scopes of Work (as per Recommendation 74 of the Independent Review of the General Insurance Code of Practice).” We refer to Independent Review of the 2020 GI Code of Practice Consultation Paper and the question raised about Scopes of Work. Our Submission in May 2024 to the Code Review Committee detailed the following: “We support a collaborative and consultive process with all stakeholders within the insurance industry to develop and better current actions and outcomes for the following processes, which Experts are engaged to deliver during the claims process: 🚩 A standardised insurance industry approach and formulation that includes training or guidelines of proximate cause when reporting on causation to enable clear and precise assessment of claims by Experts for Insurers. 🚩 An Insurance Industry and Expert defined set of clear terms and definitions of terminology regarding but not limited to proximate cause, wear and tear, deterioration, building movement, ground movement, settlement, subsidence, rot, gradual, and progressive to describe loss or damage to a building or structure without ambiguity or misinterpretation. 🚩 A regulated, comprehensive training level and expectation, including minimum qualification requirements for all Experts involved in reporting within the Insurance Industry to ensure that all aspects of the Code are met with professionalism, quality and spirit. 🚩 An ongoing training expectation and standard for all Experts would include formal training relating to The General Insurance Code of Practice, Scopes of Work, including dealing with Vulnerable Consumers, and Mental Health as set by the Insurance Council of Australia (ICA). Subsequent to this Submission, AiBEC has formed its first Technical Committee, Chaired by Dr Adrian Grosvenor of ATTAR commenced open and collective discussion with Members towards developing balanced recommendations and considerations from an Expert’s perspective on the current draft of the ICA Best Practice. This Technical Committee currently is comprised of the following AiBEC (IFM) members from around Australia - Dr Adrian Grosvenor (Chair) - ATTAR (CFM), Grant McIntosh - Suncorp Group, Bruce Haines - BExA Building Solutions, James McIntosh - Sedgwick Building Consultants and Andrew Morse - Morse Building Consultancy (CFM), Chris Zervos - BCRC - Durability Consultants, Nik Housh & Deniz Bekir 🐺 AiBEC (IFM) - Silver Wolf Projects - Australia Wide & Beyond! (CFM) AiBEC Experts are Qualified Experts! For all enquires regarding membership class enquiries including Allied Supporter packages, please email CEO Tony Libke on admin@aibec.co #insuranceindustry #insuranceclaims