FLASH 2014: Revelations around resilience

Recently, ISO Community Mitigation manager Ralph Dorio and I attended the 2014 FLASH Annual Conference in Orlando, Florida. FLASH, the Federal Alliance for Safe Homes, is one of the country’s leading nonprofit consumer advocates for strengthening homes and safeguarding families from natural and man-made disasters. The organization focuses on innovation, integrity, and collaboration, and ISO […]

Evolving August Catastrophe Landscape

Hurricane season tends to define a year’s catastrophe results. Last year, for example, only two tropical storms made landfall, contributing to a quiet year overall. In 2004, however, Hurricane Charley, an August event, caused $7.2 billion in insured losses. The following August, Hurricane Katrina caused $41.1 billion in insured losses and became the most severe […]

Hurricane Arthur was not U.S. catastrophe

PCS staff actively monitored the effects of Hurricane Arthur from July 3–7, 2014. While the storm rained out many Independence Day parades and fireworks displays, a comprehensive PCS industry outreach indicates it did not cause enough damage to be designated a catastrophe. PCS kept track of storm damage as the hurricane developed in the Atlantic, […]

PCS Catastrophe Designation in Indemnity-Triggered Catastrophe Bonds

Indemnity-triggered catastrophe bonds are increasing in popularity, but it’s clear that the insurance-linked securities (ILS) community wants some degree of third-party validation in them. The number of sponsors using PCS® for catastrophe designation in indemnity triggers grew in 2013, with three sponsors adopting the approach in four transactions. Together, those issuances accounted for more than […]

NetMap to release updated versions of its fraud-fighting product suite

Organized fraud remains one of the property/casualty insurance industry’s greatest challenges, and insurers face a constant struggle to analyze large quantities of data quickly and improve the efficiency of their SIU investigations. The NetMap® product suite provides visual link analysis combined with more than 860 million claim records in ISO ClaimSearch® to help SIUs identify […]

Expect Replacement Cost Estimates to Rise in the Third Quarter

Overall, insurers can expect replacement cost estimates to increase in the third quarter of 2013. According to data from Xactware’s Industry Trend Reports, reconstruction costs in all 50 states are up compared with costs at this time last year. In almost 20 states, reconstruction costs are more than 4 percent higher than they were last […]