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For our newest Artemis Live video interview we desired to understand how the market loss from Hurricane Ida has been establishing and explore the intricacies in the restoration and healing that might affect simply how high the insurance coverage and reinsurance market loss might rise.Who much better to do that with, than executives from Property Claim Services (PCS), a department of Verisk, so we were joined by Tom Johansmeyer, Head of PCS and Ted Gregory, Director of Operations, PCS and ISO Claims Analytics for this video interview.
Cyclone Ida has currently had a considerable effect on insurance coverage and reinsurance markets, with the insurance-linked securities (ILS) market also taking its share of the market loss.
The ramifications of this major disaster loss have also been acutely felt in the retrocession market, as Hurricane Ida drove considerable losses to some collateralized and conventional retro reinsurance authors, aggregated on top of another heavy global industry disaster loss year.
Estimates for the industry loss from Hurricane Ida still vary from as low as $25 billion to as high as $40 billion, sometimes above, so its clear at this phase there is no consensus.
In order for the marketplace to actually comprehend whats going on, its crucial to look at the realities on the ground and the claims information flowing through the market from underwriting business.
Our conversation with PCS in this interview hopes to offer some more information on whats being seen on the ground in Louisiana, as well as further afield and how that will potentially affect the ongoing development of losses from Hurricane Ida.
Johansmeyer and Gregory provided us their views on how Hurricane Ida has established up until now, what the PCS group gained from a visit to Louisiana to survey a few of the damage, how commercial losses remain a huge unknown, what contribution the northeast will have, and importantly how a still establishing Hurricane Ida loss will play into completion of year reinsurance renewals and cravings to buy retro hedging items like market loss warrants (ILWs).
Unpredictability remains high. The more insight into the damage brought on by Hurricane Ida and how that is impacting the insurance and reinsurance market that is gotten, the more the complexity of the occasion ends up being clear and indicates the potential for loss creep and amplification to emerge.
Enjoy this video interview to understand where these unpredictabilities lie and to get useful suggestions on what reinsurance and ILS underwriters require to be watching out for, for potential loss development in their exposed positions and portfolios.
The complete video interview is ingrained below and can likewise be seen completely, along with 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.