Insurers Evolving to Risk Mitigation to Reduce Costs

As the frequency and severity of natural catastrophe losses continues to rise, insurers are turning their focus beyond underwriting perils to mitigating losses before they happen. Insured natural catastrophe losses were USD 108 billion in 2023, the fourth year in a row of insured losses north of USD 100 billion and a continuation of the 5–7% annual growth trend since 1994, Swiss Re said. Swiss Re Institute estimates that insured losses could double within the next 10 years as temperatures rise and extreme weather events become more frequent and intense. To stem the rising tide of claims, insurers are working with clients before catastrophes strike to improve their resilience, using tools including: smart technology, such as telematics and IoT Integration to detect, respond and link properties to emergency services in real time; offering concrete advice to insureds to reduce their risks; employing their own emergency response crews to solidify potential targets before an event strikes. Join insurance insider, in partnership with Guidewire, for a free webinar, 11:30 ET/16:30 GMT Jan. 29 to learn more about how insurers are taking a more active role in preventing losses. Discussion questions include: --Overview of how insurers are fighting to reduce loss costs --The evolving role of technology in identifying ways to prevent risks --How insurers are advising policyholders how to best secure their properties --The shift from insurers passively paying claims to taking a more active role in preventing losses --Possible implications of increased risk management on expense ratios Speakers: Tammy Nichols Schwartz, CPCU, Senior Director, Analytics, Guidewire Patrick Blandford, Founder and CEO, Green Shield Risk Solutions Andrew Siffert, SVP, BMS Group Valkyrie Holmes, CEO/Cofounder, Faura Moderator: Meg Green, Senior Editor, Insurance Insider