Category Archives: Property

Are you ready for peak 2018 hurricane season?

a car submerged under water

While current predictions indicate a relatively quiet hurricane season, particularly in comparison to last year, it only takes one major hurricane making landfall in a built-up area to create a significant loss, as we saw with Hurricane Andrew in 1992 … Continue reading →

IFRS17: More snakes than ladders for property & casualty insurers?

Close up of a hand, moving a pawn around the holes of a wooden Snakes and Ladders game board

On first sight, the requirements of the new IFRS17 global accounting standard that will come into effect on January 1, 2021, appeared none too daunting for property and casualty (P&C) insurers. In general, such insurers appeared pretty relaxed, even nonchalant, … Continue reading →

Insights from the Willis Re Flood Club: the weaknesses and strengths of flood modelling

cars in flooded parking lot

When industry experts gathered to consider the state of flood modelling, they discovered a disconnect between theory and reality that can leave insurers under some expensive water. So what’s next for modelling approaches? Insurers are worried about their flood exposure. … Continue reading →

An insurer’s ‘duty to speak’

a man and a woman in suits talking at a table with papers in front of them

Does an insurer have a duty to tell you that unless you take certain steps, you will lose rights under a policy of insurance? Depending on the facts, the answer may be yes. In the first Ted Baker Plc. and … Continue reading →

Managing design-build risk

construction site zone showing highway pillars

As an underwriter and a broker specializing in Architects and Engineers (A&E) professional liability (PL) insurance over the last twenty years, I’ve seen design-build (DB) projects succeed and I’ve seen them fail miserably. Most would agree that everyone loses when … Continue reading →

Seasonal climate forecast for Europe

A thermometer in a window, showing a temperature of -25°C

At this time of year, in the midst of contract renewals, property insurers are keeping an eye on the long-range forecasts for the rest of the winter in Europe. We’ve all seen the headlines in the tabloids about the next … Continue reading →

Hurricane Harvey – More exposures in the mix than just water and wind!

streets flooded around a building

The full damage and devastation caused by Hurricane Harvey is not yet known and will likely be felt for months to come. While the most pressing issues facing Insureds at this time are the devastating impacts of water and/or wind … Continue reading →

How can insurers find real value in their predictive models? Experiment thoughtfully with practical implementation top of mind.

There’s a lot of conversation about new modeling approaches and novel sources of data poised to revolutionize insurance. This extraordinary industry transformation actually began about a decade ago. Analytical methods such as generalized linear models (GLMs) and decision trees were … Continue reading →

Climate risk: The $35 trillion question

As Donald Trump’s presidency gets underway and Britain begins its painful divorce from the E.U., it would be all too easy for major corporations to focus solely on navigating political volatility. But a 2015 report from the University of Cambridge’s … Continue reading →

Architect and Engineers and the standard of care

True or False? The standard of care of a design professional is perfection. When we ask this question to a room full of architects and engineers they typically chuckle and get this one right. The answer of course is “No” … Continue reading →