Artemis Live: The US winter storm & Texas freeze claims situation

Artemis Live: The US winter storm & Texas freeze claims situation

All of our Artemis Live video interviews have a focus on reinsurance, ILS and the efficiency of danger transfer and can be accessed directly from our YouTube Channel.
You can likewise eavesdrop audio to these interviews by signing up for the Artemis Live podcast here.
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For our latest Artemis Live video interview we spoke with two senior Verisk Analytics officers with years of experience on the claims-side of the market, Mike Fulton, President of Xactware and Tom Johansmeyer, Head of PCS, about the recent winter storm and Texas freeze loss event.For this Artemis Live video interview we wanted to take a deep-dive into the current severe winter season weather condition and deep freeze event that impacted a substantial proportion of the United States in February, hitting Texas especially hard.
Early estimates recommended the capacity for the insurance and reinsurance market, including insurance-linked securities (ILS) funds, to face losses of $15bn to $20bn.
Over the last number of weeks estimates have actually been coming down a little, as higher clarity on the losses emerged, especially with some reporting from the significant nationwide insurance providers most exposed in Texas.
To assist me dive deeper into the insurance claims environment associated to this occasion, we invited two senior Verisk Analytics officers with years of experience on the claims-side of the market, Mike Fulton, President of Xactware and Tom Johansmeyer, Head of PCS to this interview.
The set explained why the winter season storm and freezing weather does not appear to be driving an insurance coverage and reinsurance industry loss as high as early predictions had suggested.
However Fulton of Xactware likewise described the scale of the claims deluge his firms systems saw can be found in, with substantial numbers of claims seen streaming from Texas and the surrounding location.
Fulton stated that a common February may see around 400,000 claims in Xactwares systems from throughout the US, but in 2021 the company saw almost a million claims projects logged.
” More than half of those (claims) being from freezing weather condition and burst pipelines,” Fulton explained. “Roughly 30% of those 1 million claims, was because of what we believe to be freeze claims in Texas alone.
” So the effect when comparing to a typical year, for the individual lines market, was actually considerable.”
We also talked about business disturbance (BI) and Johansmeyer of PCS said that the BI element of this winter season storm loss hasnt manifested to the degree some feared, although some BI claims are prepared for.
We will continue to bring you these interviews with leaders of the ILS and reinsurance market on an ad-hoc basis, as and when our time and that of our contacts allow.
The full video interview is ingrained listed below and can also be seen in complete, in addition to previous Artemis Live video interviews, over on our YouTube channel.
You can likewise eavesdrop audio to our interviews by signing up for the Artemis Live podcast here.

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