Podcasts about Reinsurance

Michael van Wegen, head of client and market insights international, Gallagher Re Global Strategic Advisory, discusses how reinsurers are balancing strong returns with rising catastrophe losses and market headwinds.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews James Swanke, Lecturer in Risk and Insurance at the University of Wisconsin-Madison's Wisconsin School of Business. He currently serves as Director of the Risk Management and Insurance MBA program. Justin and Jim talk about his 42 years of experience in Risk Consulting with Willis Towers Watson, and his specialties there, particularly with captives. They discuss the University of Wisconsin-Madison Risk Management and Insurance MBA program, what the students learn, and the competitions they have won in the last year, and they look forward to winning this year. Also, Jim tells of disc jockeying in college, from Classic Rock to Polka.   Listen to learn about captive design, how to prepare for emerging trends, and who wrote the best music of the '70s.   Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. This is our special International Podcast Day episode because it's released on September 30th. We will be joined by Jim Swanke. He's a lecturer in the Risk Management Program of the University of Wisconsin. [:46] Jim started his career in broadcasting, and he still has the voice. We've got a lot to talk about today! [:54] RIMS-CRMP Prep Workshops! The next RIMS CRMP Prep Workshops will be held on October 29th and 30th and led by John Button. [1:06] The next RIMS-CRMP-FED Virtual Workshop will be held on November 11th and 12th and led by Joseph Mayo. Links to these courses can be found through the Certifications page of RIMS.org and through this episode's show notes. [1:23] RIMS Virtual Workshops! RIMS has launched a new course, “Intro to ERM for Senior Leaders.” It will be held again on November 4th and 5th and will be led by Elise Farnham. [1:39] On November 11th and 12th, Chris Hansen will lead “Fundamentals of Insurance”. It features everything you've always wanted to know about insurance but were afraid to ask. Fear not; ask Chris Hansen! RIMS members always enjoy deep discounts on virtual workshops! [1:58] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [2:09] Several RIMS Webinars are being hosted this Fall. On October 9th, Global Risk Consultants returns to deliver “Natural Hazards: A Data-Driven Guide to Improving Resilience and Risk Financing Outcomes”. [2:22] On October 16th, Zurich returns to deliver “Jury Dynamics: How Juries Shape Today's Legal Landscape”. On October 30th, Swiss Re will present “Parametric Insurance: Providing Financial Certainty in Uncertain Times”. [2:39] On November 6th, HUB will present “Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World”. Register at RIMS.org/Webinars. [2:51] We're very excited that today is International Podcast Day! Before we celebrate, I wanted to take a moment to acknowledge and mourn the passing of Todd Cochrane. Todd was a podcast pioneer. [3:06] I've linked in this episode's show notes to a wonderful obituary from Podnews®, about his career, starting with his time in the Navy up to launching his own podcast, and writing Podcasting: The Do It Yourself Guide, from Wiley Publishing in 2005. [3:25] Over the last couple of months, I've had the pleasure of communicating with Todd over email for the Podcast Awards, and it was only last week that I saw the unfortunate news of his passing, which occurred suddenly on September 8th. [3:30] Our condolences go out to his family, friends, and the greater podcasting industry. [3:47] On with the show! This is our special International Podcast Day episode, and I am delighted to be joined by James Swanke, the Director of the Risk Management and Insurance MBA Program at the Wisconsin School of Business at the University of Wisconsin-Madison. [4:06] Jim spent four decades at WTW, specializing in financial and strategic planning issues, as well as captive insurance company design. [4:18] Jim was recently quoted in a new professional report, available on the RIMS Risk Knowledge page, and sponsored by LineSlip Solutions, titled “The Future of Captive Insurance: Governance, Technology, and Performance Optimization.” [4:32] Jim got his start at the University of Wisconsin in broadcasting. We're going to talk about his career path and how being a disc jockey led him to where he is today, educating the next generation of risk professionals. Let's get to it! [4:50] Interview! Jim Swanke, welcome to RIMScast! [5:38] When Jim was in high school, he competed in forensics, in extemporaneous speaking. He did very well. He did well at the University of Wisconsin-Madison, and it got put in the newspaper. WLDY, in Ladysmith, Wisconsin, saw it in the newspaper and contacted him. [6:03] They were looking for a radio jock to “spin vinyls,” do some DJing, and read sports and news. That job helped Jim get into the University of Wisconsin-Madison. [6:21] Jim studied actuarial science and risk management. He went into the Bachelor's program, the MBA program, and the graduate program in risk management, insurance, and corporate finance. [6:40] Jim was hired by the Wyatt Company and did lots of feasibility studies. After 42 years at Willis Towers Watson, he retired. Now he teaches at the University of Wisconsin-Madison. [6:57] Broadcasting set Jim on his path. He says that everything about what we do in the captive and risk management area is about communication. If you're not communicating, listening, helping out, and building stuff, you're not going to be a success. [7:28] When Jim was a DJ at WLDY, they played different kinds of music. On Sundays, he played polka music. On Saturdays, it was country western, and Monday through Friday, it was rock music. Rock music is what he enjoys. At the top of every hour, he did the news and weather. [8:13] Justin recalls his own career. He was just waiting for podcasting to be invented, then he was able to make it all work out. [8:31] Jim worked with captives at Willis Towers Watson. He is quoted in a new LineSlip paper, “The Future of Captive Insurance: Governance, Technology, and Performance Optimization.” Justin saw his name there and thought it would be good to have him on RIMScast. [8:53] Jim described captives as a lifeline during extreme market conditions, comparing today's hard market to the turbulence of the 1980s. Jim tells what makes captives effective under hard conditions. Captives allow organizations to control their own destiny. [9:20] When you're in a hard market, having a captive allows you to take premiums that you normally pay to a commercial insurance carrier and put them into your captive insurance company. A captive is a subsidiary of the captive owner. [9:41] Most of the Fortune 500 companies in the United States have a captive. It allows them to arbitrage whatever's going on in the insurance marketplace. When we're having a difficult market, they put more of their premiums into the captive and rely on the captive more. [9:58] When the market softens, carriers may provide insurance at premiums that are lower than the expected losses. Organizations will buy commercial insurance all the time when the premiums are less than their projected losses. [10:14] Depending on where it is in the market, a captive has a role in an organization's risk management program. [10:27] Jim says a lot of organizations have looked to captives since 2020. We were in the midst of the pandemic, with all kinds of economic hardship. The insurance industry was in despair, as well. A lot of insurance companies cut back on the limits they were willing to offer. [10:49] Insurance companies put additional exclusions onto their insurance, so organizations had to rely on their own sophisticated ways of financing their losses. If they hadn't set up a captive, they set up a captive. If they had a captive in the past, they re-engineered it to do more. [11:15] They also used their captives to access the reinsurance marketplace. Reinsurance is insurance for insurance companies. A captive can be used as a platform to access reinsurers. [11:37] Even in difficult markets, having reinsurers involved created more competition, provided more limits, and there was more flexibility in the coverage terms. [11:48] That was when the pandemic was going on, which triggered the hardening of the market and the lack of availability of insurance. Organizations with captives relied on them and did more. Organizations without captives had captive feasibility studies done and formed captives. [12:09] Jim says the CEO of a captive should be a senior person who will monitor what's going on, fairly senior in the organization. It's not a full-time position. It takes three or four hours a month, plus board meetings. [12:46] A captive is required to have a captive manager, who is an accountant. They keep the books and interface for the captive with the regulator. The President or CEO of the captive relies on the captive manager to do a lot of the daily work. [13:09] Jim says you need a senior person involved so people take the captive seriously. The senior person is going to be the driver in reducing the severity of loss through loss prevention and loss reduction. Having a senior person is so important to the success of the captive. [13:40] There are lots of considerations when you're looking to make changes to your captive. Changes could include adding emerging types of risks, like cyber risk. If you're a hospital, a lot of medical malpractice captives have been hugely successful and have grown surplus. [14:08] Healthcare institutions are passing on some of their capitated risk exposures into their captives because they've done quite well with their medical malpractice. These risks are not correlated with each other, so there is a diversification benefit. [14:22] As you look to make these changes, you need to look at increasing risk assumptions, different attachment points on reinsurance, and changing your investment policy. You have lots of levers, and if you make changes, you need to analyze what the impact will be on your captive. [14:52] Jim talks about leaning into technology. Before 9/11, we didn't have the sophisticated software we've created in the last few years. [15:06] To look at covering all the possibilities and changing your captives, from adding new coverages to reinsurance reattachment points, was a monumental amount of actuarial work to figure out how to optimize your captive. [15:19] Recently developed software looks at all the possibilities in terms of changing your captive to optimize what you're doing. 20 years ago, Jim would spend months doing the actuarial work, working with an investment bank and charging them heavy fees. [15:39] Now, with new software, what took Jim months and months to do can be done in a matter of two to three days. The productivity today, in terms of optimizing your captive, is far greater than it was 20 years ago, because of the software that has been developed. [15:55] Jim likes that the software looks at all the risks and how these risks interact with one another. Looking at risks in a captive holistically is very important because many of these risks are hardly correlated with one another. [16:15] Looking at risks holistically, you can figure out the diversification benefit of having all of these risks within your captive, which has a major impact on the amount of economic capital that your captive will need to maintain. This software has been a game-changer. [16:34] RIMS Events! On October 1st through the 3rd, the RIMS Western Regional Conference will be held in North San Jose at the Santa Clara Marriott. The agenda is live. It looks fantastic! Visit RIMSWesternRegional.com and register today! [16:55] On November 17th and 18th, join us in Seattle, Washington, for the RIMS ERM Conference 2025. The agenda is live. Check out Episode 357 for Justin's dialogue with ERM Conference Keynote Presenter Dan Chuparkoff on AI and the future of risk. [17:14] Visit the Events page of RIMS.org to register. [17:17] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through May 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when you register by September 30th! [17:32] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by September 30th, and you will also be entered to win a $500 raffle! Do not miss out on this chance to plan and score some of these extra perks! [17:46] The members-only registration link is on this episode's show notes. If you are not yet a member, this is the time to join us! Visit RIMS.org/Membership and build your network with us here at RIMS! [17:56] If you are listening to RIMScast on our broadcast day, that means today is September 30th. It is last call for registration at the Earlybird rate! [18:08] In the spirit of it being September 30th, which is International Podcast Day, let's return to our interview with Jim Swanke! [18:22] Jim is the Director of the Risk Management and Insurance MBA at the University of Wisconsin-Madison. The curriculum includes technology, AI, and automation. In his classes, Jim is using the new software he discussed earlier. [18:46] Jim taught a class the day before on the principles of risk management. He talked about how risks are interrelated with each other and how you need to analyze them holistically, figuring out how they are correlated, not in siloes. [19:13] The holistic view will give you the best answer in terms of the economic capital that will be required to put into your captive. If you're analyzing risks silo by silo for each risk, that will lead you to having more economic capital in your captive than you need. [19:35] Jim has learned, in 42 years of consulting, that the CFOs in these organizations don't want to trap cash in their captives. Teaching this software to this new generation of students, they will be able to step into the roles of captive managers that the industry will need. [20:07] We're at the tip of the iceberg with AI. We're still learning in Academia what the power of AI is going to be. Jim foresees AI being very important in handling claims and in underwriting. [20:30] AI will allow commercial insurance companies to have a better way of doing their pricing and making decisions on whether or not risks should be accepted. It will also be beneficial to captives. [20:43] Jim thinks AI will advance the technology far ahead. We're just beginning to touch on some of the advantages within the insurance industry and within captives. [21:05] Jim started teaching in 2011. When University of Wisconsin-Madison Professor Dan Anderson retired, Jim was chosen to teach a class on sustainability that was started by Professor Anderson. He has taught it since 2011. [21:41] At the time, some students did not think anything was going on with climate change. A couple of students stood up in class and said all of this was just made up. It was a fantasy. [22:03] Today, when Jim goes into class, students are there a half-hour early and stay late. They are very connected and working together to figure out how to reduce CO2 emissions to slow down the heating of the planet and the extreme weather events that are coming more often. [22:24] The class has evolved over the years, and the students are more engaged than they ever have been. [22:33] The students from the University of Wisconsin-Madison were the winners of the Spencer-RIMS Risk Management Challenge at RISKWORLD 2025 in Chicago. Jim knows all of those students and had a couple of them in his class yesterday. [23:04] The students won with the Huntington, West Virginia case study, a six-month project. Huntington is on the Ohio River, and with extreme weather events, flooding has become a big issue in that community. They competed with students around the world to solve the issue. [23:49] Each school's team came up with things that could be done and conducted an analysis on what they thought was the best way of handling it. The University of Wisconsin-Madison's team focused on resiliency with levees and dikes to hold back the flooding. [24:27] The four Wisconsin students presented their paper and won, out of 61 schools competing. The University of Wisconsin-Madison received $10K. The second-place university, DePaul, received $7.5K, and the third-place school, IIRM Hyderabad (past year winner), got $5K. [25:04] The University of Wisconsin-Madison team entered two other contests last year and won them both. The CICA Captive competition involved case studies around Kaneka captives. It required an essay and a PowerPoint deck. [25:52] The MBA students entered the A.M. Best competition for insurance solutions to a global issue. The students used a combination of parametric and indemnity triggers to provide insurance to the disadvantaged in the Caribbean and Latin America. [26:23] If there was hurricane damage, it would trigger a parametric to allow an amount of money to be paid immediately to these disadvantaged families. Then there would be the indemnity insurance that would look at the actual losses and true them up to the loss amount. [26:49] It involved the combination of parametrics and conventional indemnity insurance, which was noteworthy and probably pushed the team over the top. [27:11] The professor who was the advisor in the Spencer Challenge is Carl Barlett. Carl is an attorney by training, and he has the energy to work with bachelor's students. He's graduated hundreds of people out of his program over the last four or five years. [27:59] The University has Career Fairs where 60 or 70 companies will come to meet with students. That's a credit to Carl. Not a lot of companies will come to a university to meet with students. Because of the program he put together, lots of organizations want to hire students. [28:21] The University of Wisconsin-Madison business school is typically ranked number 1. [28:31] A Final Break! The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada. [28:50] Since 1999, Spencer has awarded over $2.9 million to create more than 570 Risk Management Internships. The Internship Grants application process is now open through October 15th, 2025. [29:06] To be eligible, risk managers must be based in the U.S., Canada, or Bermuda. A link to the Internship Grants page is in this episode's show notes. You can always visit SpencerEd.org, as well. [29:19] Let's Get Back to Our Interview with Jim Swanke of the University of Wisconsin-Madison! [29:46] Jim tells his students that we don't know today what the emerging risks are going to be. What we need to do is design our risk management program and keep our eyes and ears open to what is going to happen next. [30:04] Jim cites The Black Swan, by Nassim Nicholas Taleb. It gets into what we need to do as people of risk management and societies to try to identify the emerging risks that will impact us going forward. [30:21] In risk management, we look at the past to try to project what's going to happen in the future. We were caught by the pandemic. Very little business interruption insurance was offered. If we had been forward-thinking, we would have thought about coverages for the emerging risks. [31:19] An emerging risk after 9/11 was that insurance companies put exclusions on their insurance policies, excluding terrorism. The Federal Government passed the Terrorism Risk Insurance Act (TRIA) and offered it as a backstop to insurance companies. [31:55] Anybody with a captive could access that reinsurance through the U.S. Treasury, using their captive insurance company. [32:23] Jim sees more employee benefits going into captives. The advantages you have in the P&C area are also in place for employee benefits. Organizations with large workers' compensation self-insurance programs are putting excess workers' compensation into captives. [32:57] Jim says you need to be nimble and on your toes. Emerging risks are going to come out over the next 10 to 15 or 20 years. Keep your eyes and ears open so when they emerge, you can deal with them to reduce the frequency and severity of loss and see how to finance them. [33:19] Jim highly recommends reading The Black Swan. It's a good way to begin to think about how you should think about emerging risks. [33:42] Jim says school is going really well. One thing he noticed this year is the diverse nature of his students. There are more disciplines within the risk management area that people are interested in. [33:56] In class recently, Jim had a group that was in the investment banking area, a group that was in HR, and a couple of students from China. There was a broad diversity in the class. [34:16] It enriches the conversation to have people coming from different places with different backgrounds and different educational experiences. It shows the power of having diversity in the classroom. It's exciting. [34:32] The class will write papers on Enterprise Risk Management and talk about captives, and more. They'll compete in the CICA Captive Competition again, to maintain their number one rating there! They're off to a great start! It's nice to see students so highly energized! [34:53] Jim says the future is bright with the students graduating from the Wisconsin School of Business at the University of Wisconsin-Madison. [35:22] Justin and others have liked Jim's broadcasting voice. Jim thanks Justin for commenting on it. [35:55] Jim's time as a DJ was 50 years ago. He recalls two or three instances of hot mikes, when some of the FCC's seven deadly words may have been spoken. He says nobody wants that, but it was a real learning experience. [36:29] Jim recalls when the studio tower was hit by lightning. Jim was alone in the radio station when it happened. Lightning bolts were flying around the building after the tower got hit. The station went off the air, and Jim had to figure out a way to put it back on the air. [36:58] Jim highly recommends to young people, if you get an opportunity to get involved with radio or TV, give it a shot, because it's a lot of fun! Justin ties it to podcasting and video blogging. [37:42] Jim likes all the music of 1976 and didn't have a favorite album. He likes Deep Purple and Bob Seger. He says there's no better songwriter than Bob Seger. There was a diversity of good music going out at that time. It was a wonderful time to be working in a radio station. [38:47] Justin is a father of two young people under 12 who like to listen to classic rock. “Dancing in the Moonlight,” by King Harvest, is a greatest hit in the family. They love Van Morrison. [39:56] On the subject of podcasting, Jim thinks there is an opportunity to develop content that helps the everyday American with their personal insurances, like homeowners, auto, health, life, and how they buy their insurances. [40:45] In class recently, the MBA students, the brightest and best, designing plans for New York investment banks and worldwide financial institutions, told Jim that they had questions about what to buy in auto policies and homeowners policies. [41:07] Jim states that an insurance podcast for the everyday American is something the industry needs to be doing. Justin suggests that members of the global RIMScast audience could pick up the baton and get to work! [41:27] Maybe it becomes part of the coursework for a class like Jim's. It could be part of a challenge, like the Spencer-RIMS Risk Management Challenge. [41:48] Jim says being able to talk about this with graduate students gives them some familiarity with what risk is, in terms of the instability of results. They can relate to it because they need to buy an auto policy or a homeowners policy. [42:03] While these coverages don't match up perfectly with what's going on in the commercial insurance marketplace, learning about them gives students a sense of what insurance is about, what risk management is about, and how to reduce the frequency and severity of losses. [42:22] Jim, it has been such a pleasure to speak with you and to pick your brain on risk management education, broadcasting, and music! Thank you so much for joining us here on RIMScast! [42:33] Good luck to you and your students at the University of Wisconsin-Madison, as you look to the 2026 competitions. I can only imagine they're going to do great things! [42:58] Special thanks again to Jim Swanke for joining us here on RIMScast! For more information, check out the links in this episode's show notes. [43:06] Remember to check out “The Future of Captive Insurance: Governance, Technology, and Performance Optimization”, a Professional Report sponsored by LineSlip. It is available through the Risk Knowledge Page of RIMS.org. That link is also in this episode's show notes. [43:22] The paper features a lot of Jim's fascinating perspective and insights on captives. [43:28] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [43:56] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [44:14] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [44:33] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [44:48] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [45:02] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at Content@RIMS.org. [45:15] Practice good risk management, stay safe, and thank you again for your continuous support!   Links: RIMS ERM Conference 2025 — Nov. 17‒18 Spencer Internship Program — Registration Open Through Oct. 15. RIMS Western Regional — Oct 1‒3 | Bay Area, California | Registration open! RISKWORLD 2026 — Members-only early registration through Sept 30! — Last Call! RIMS-Certified Risk Management Professional (RIMS-CRMP) The Strategic and Enterprise Risk Center RIMS-CRO Certificate in Advanced Enterprise Risk Management — Featuring Instructor James Lam! Next bi-weekly course begins Oct 9. RIMS Diversity Equity Inclusion Council RISK PAC | RIMS Advocacy | RIMS Legislative Summit SAVE THE DATE — March 18‒19, 2026 RIMS Risk Management magazine | Contribute RIMS Now “The Future of Captive Insurance: Governance, Technology, and Performance Optimization” — Professional Report, Sponsored by LineSlip | Featuring insight from James Swanke University of Wisconsin-Madison Wins 2025 Spencer-RIMS Risk Management Challenge Internationalpodcastday.com Obituary for Podcasting Trailblazer Todd Cochrane RIMS Webinars: RIMS.org/Webinars “Natural Hazards: A Data-Driven Guide to Improving Resilience and Risk Financing Outcomes” | Oct. 9 | Sponsored by Global Risk Consultants “Jury Dynamics: How Juries Shape Today's Legal Landscape” | Oct. 16, 2025 | Sponsored by Zurich “Parametric Insurance: Providing Financial Certainty in Uncertain Times” | Oct. 30, 2025 | Sponsored by Swiss Re “Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World” | Nov. 6 | Sponsored by HUB   Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Virtual Exam Prep — Oct. 29‒30, 2025 RIMS-CRMP-FED Exam Prep Virtual Workshop — November 11‒12 Full RIMS-CRMP Prep Course Schedule Risk Appetite Management | Oct 22‒23 | Instructor: Ken Baker Intro to ERM for Senior Leaders | Nov. 4‒5 | Instructor: Elise Farnham Fundamentals of Insurance | Nov. 11‒12 | Instructor: Chris Hansen Leveraging Data and Analytics for Continuous Risk Management (Part I) | Dec 4. See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes about Education, Risk Talent, and Captives: “Risk Management Momentum with Lockton U.S. President Tim Ryan” “RIMS 2025 Risk Manager of the Year, Jennifer Pack”   Sponsored RIMScast Episodes: “The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!) “Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich “Understanding Third-Party Litigation Funding” | Sponsored by Zurich “What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS President Kristen Peed!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: James Swanke, Lecturer: Risk and Insurance at the University of Wisconsin-Madison's Wisconsin School of Business, Director of the Risk Management and Insurance MBA program Production and engineering provided by Podfly.  

In this episode, Matthew Grant sits down with Matthew Eagle, Head of Global Model Solutions and Advisory at Guy Carpenter, to explore how one of the industry's most respected voices sees the future of modelling, capital management and advisory in reinsurance. With three decades of experience, Matthew reflects on what's changed — and what hasn't — in how reinsurers view risk. From the early days of catastrophe models to today's generative AI agents and open modelling platforms, he shares how his team is helping insurers manage volatility, optimise capital and drive profitable growth. In this episode, Matthew shares: Why flood, wildfire and severe convective storm are the perils to watch — and model — more closely How generative AI is already reshaping pricing, underwriting and actuarial workflows What insurers need to know about build vs buy when it comes to new analytics tools How Guy Carpenter is scaling open-source tech through Oasis and data standardisation What skills are now essential for new analysts entering the industry How AI agents are being used to replicate complex actuarial decisions in seconds Why “good enough” modelling still matters, and where precision can be a false economy The link between terrorism modelling and gaming engines — and what it signals for future innovation If you like what you're hearing, please leave us a review on whichever platform you use or contact Richard Hartley or Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. Continuing Professional Development This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Define the evolving skill sets required for analysts working in catastrophe risk and capital modelling. Identify the trade-offs in choosing between ‘build' and ‘buy' approaches when adopting new analytical technologies. Produce a framework for helping clients achieve profitable growth, manage volatility and optimise capital. If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 374 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Dive into the world of Carbon Capture and Storage (CCS) with Michel Krenzer, Global Head of Energy, and Figen Lipley, Senior Onshore Energy Underwriter. In this insightful overview, they demystify CCS technology, explain how it differs from Direct Air Capture (DAC), and highlight its pivotal role in global decarbonization strategies. Whether you're new to the topic or looking to deepen your understanding, this session offers a clear and compelling look at one of the most promising solutions for reducing industrial emissions.

On Aon — Episode 92 Title: From Risk to Resilience — What's Driving the Re/insurance Market In the latest episode of On Aon, Emma Crookes and Dave Nicholson explore the latest trends in the insurance and reinsurance markets. The conversation covers key trends in Property and Casualty, including the evolving pricing environment, the impact of tariffs and inflation and the significance of natural catastrophe losses in 2025. Looking ahead, the episode emphasizes the market's resilience and the importance of addressing emerging and uninsured risks. With disciplined management and robust capital, the industry is well-positioned to navigate future uncertainties and foster a healthy insurance and reinsurance landscape for global clients. Key Takeaways:Reinsurers are leveraging strong capital positions and disciplined management to offer clients effective protection against volatility and large losses. The industry is innovating to address emerging and uninsured risks, with substantial opportunities in areas like casualty, real estate and data centers. Transparent dialogue and differentiation are increasingly important for insurers and reinsurers as they navigate evolving market conditions and client needs. Experts in this episode:Emma Crookes — Insurance Industry Vertical Leader, Aon (Host)Dave Nicholson — Global Client Leader for Reinsurance, Aon Key moments: (2:15) Two big property insurance trends to look out for: the impact of inflation and tariffs and natural catastrophe losses (4:00) While there is pressure in the original property insurance market, it's a very healthy time and a great time to be a reinsurance buyer. (8:55) A recent Aon report highlighted a $5 billion opportunity in emerging casualty risks. This underscores the potential for growth and innovation within the insurance industry.  Additional Resources:Relevance Through the Market Cycle: 5 Strategic Imperatives for Insurers to Drive Performance Soundbites:Dave Nicholson:“I think the view of Aon is a healthy insurance and a healthy reinsurance market is good for our clients and good for the world because it creates resiliency.” Dave Nicholson:“Then we think with the future potential of increased loss costs, it's a great time to add a little bit more limit on the top of your program to ensure that in the event of a large natural catastrophe, that your capital is well protected.”  

Jonathan Spry, CEO and co-founder of Envelop Risk, joins Robin Merttens for a deep dive into how data science, AI and portfolio-level modelling are transforming cyber reinsurance. As one of the earliest voices in the industry championing machine learning and systemic risk analysis, Jonathan shares what he's learned over nine years of building Envelop into a leading hybrid underwriter operating across London and Bermuda. In his own words, this episode is about building smarter ways to understand, underwrite and capitalise on emerging risk — with cyber as just the starting point. What you'll learn: Why Jonathan and his team focused on cyber risk and portfolio-level underwriting from day one The rationale behind favouring systemic insights over individual vulnerabilities How causal inference provides a leap forward in predicting tail events Why AI liability is already creating new market opportunities The need for creative, multi-source data strategies beyond traditional claims Why Envelop steers clear of SaaS and keeps underwriters embedded in the modelling process How algorithmic underwriting fits into the next chapter of insurance innovation Candid thoughts on the AI hype cycle — and what matters more than the buzz Jonathan also talks through Envelop's shift from MGA to reinsurer, how to think long-term in a volatile market and what kind of partnerships are needed to unlock new forms of risk. If you like what you're hearing, please leave us a review on whichever platform you use or contact Robin Merttens on LinkedIn. You can also contact Jonathan Spry on LinkedIn to start a conversation! Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. Continuing Professional Development This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Identify the structural and economic drivers pushing insurers toward algorithmic and portfolio underwriting. Produce a strategy for aligning capital, analytics and data science in cyber reinsurance underwriting. Summarise how Envelop Risk evolved from an MGA to a hybrid reinsurer and the rationale behind its capital partnerships. If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 372 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Reinsurance can be complex and confusing. However, in this 23-minute episode of The Edge of Risk Podcast by IRMI, Larry Schiffer, attorney at Schiffer Law & Consulting PLLC, helps you understand the basics. In plain talk, Mr. Schiffer breaks down important reinsurance concepts as they relate to agricultural risks. After this podcast, you'll understand the importance of Mr. Schiffer's philosophy of "say what you mean, and mean what you say."

This week on The Leadership In Insurance Podcast, I sat down with Tarun Mathur, Co-founder & Chief Business Officer of Policybazaar.com, to explore their journey from pioneering digital insurance in India to building out an ambitious global reinsurance strategy.Founded in 2008, PolicyBazaar has grown into India's largest insurance broker, managing $3B in annual premiums across life and general insurance. Built on a unique digital + human model, their mission has always been clear: protecting India's middle class through affordable, accessible insurance.In this episode, Tarun shares the story behind their growth, their push into reinsurance and surety bonds, and their vision to expand into Europe, the US, and beyond.✨ Highlights from the conversation:

Heard of the reinsurance market? On Money and Me, Kenrick Law, Chair, Singapore Reinsurers’ Association speaks with Michelle Martin to discuss how the field is evolving and why Singaporeans may want to consider a career in it.See omnystudio.com/listener for privacy information.

"Insurance companies are the wealthiest businesses, wealthier than banks and even countries. It seems very scammy." This listener question captures what most people think about insurance - and why they're wrong about life insurance.Hans and Brian examine contract law to explain why life insurance operates under completely different legal protections than the car and home insurance that's given the industry its bad reputation. From centuries of case law to the incontestability clause, this episode reveals the legal guidelines protecting policyholders.When courts consistently rule against insurance companies and companies are required to maintain 100% reserves plus reinsurance, it's not a coincidence that no whole life insurance beneficiary has ever gone unpaid. The math, the law, and the business model all align to protect you in ways most people never understand.The Contract That Can't Be Negotiated (And Why That's Good for You)Life insurance contracts are "contracts of adhesion" - you can't negotiate terms, it's take it or leave it. Since the insurance company writes the entire contract and you have no bargaining power, courts heavily favor policyholders in every dispute. Centuries of case law have built an almost impenetrable wall of consumer protection.Warranties vs. Representations: The Historical Shift in Your FavorIn the 1700s, maritime insurance contracts used "warranties" - black and white statements that could void your policy for any breach. If you warranted your ship would sail with convoy protection and it sailed alone, coverage was nullified regardless of circumstances. Modern life insurance has evolved to use "representations" instead, requiring proof of intentional misrepresentation, materiality to the contract, and knowledge of falsity. The burden of proof is entirely on the insurance company.The Two-Year Window: Your Contestability ProtectionInsurance companies have exactly two years to challenge a policy for misrepresentation. After that window closes, even suicide is covered. This isn't arbitrary - it reflects the legal reality that life changes too much after two years to fairly challenge original statements. The contestability clause protects both parties: it gives companies time for due diligence while preventing indefinite claim challenges.Why "100% Reserves" Isn't Like BankingUnlike fractional reserve banking where your deposits aren't fully backed, life insurance operates on full reserves for current liabilities. Your policy's cash value must be available immediately - no exceptions. Future death benefits are covered through reinsurance and state guarantee funds, creating multiple layers of protection that banking simply doesn't have.➡️ Chapters: 00:00 - Military waste and efficiency (the stark contrast to insurance) 07:00 - Listener question: Why trust insurance companies? 13:00 - Property insurance vs. life insurance: Different games entirely 17:00 - Contract law foundations: Why courts favor policyholders19:00 - Warranties vs. representations: The historical evolution 26:00 - The incontestability clause: Your two-year protection window 35:00 - Unilateral contracts: Only one party has obligations 38:00 - Contract of adhesion: Why you can't negotiate (and don't want to)46:00 - Reserve requirements: 100% backing vs. fractional banking 52:00 - Reinsurance and state guarantee funds: Multiple safety nets 55:00 - Actuarial math: Why conservative assumptions create dividends 58:00 - Points of failure: Safety assets vs. speculationGot Questions? Reach out to us at info@remnantfinance.com or book a call at https://remnantfinance.com/calendar!Visit https://remnantfinance.com for more informationFOLLOW REMNANT FINANCE Youtube: @RemnantFinance (https://www.youtube.com/@RemnantFinance) Facebook: @remnantfinance (https://www.facebook.com/profile?id=61560694316588) Twitter: @remnantfinance (https://x.com/remnantfinance) TikTok: @RemnantFinanceDon't forget to hit LIKE and SUBSCRIBE

On the Insurance Coffee House podcast, host Nick Hoadley welcomes Suzanne Williams-Charles, CEO of the Bermuda International Long-Term Insurers and Reinsurers (BILTIR), the industry body representing Bermuda's globally significant life and annuity sector.Speaking from Hamilton, Bermuda, Suzanne shares her journey to leading an association that champions the interests of long-term insurers and reinsurers on the island. She talks about BILTIR's role in advocacy, education, and community engagement, and how the organisation works closely with government, regulators, and members to ensure Bermuda remains a world-class insurance and reinsurance hub.Suzanne discusses the unique position Bermuda holds in the global risk landscape - particularly in life and annuity reinsurance and the importance of balancing innovation with robust regulatory frameworks. She highlights BILTIR's initiatives to attract and develop local talent, foster industry collaboration, and address emerging challenges, from changing demographics to evolving solvency requirements.In the Espresso Round, Suzanne shares valuable insights for insurance professionals considering an international career move, and why Bermuda offers a rare combination of professional opportunity, close-knit community, and global impact.Connect with Suzanne Williams-Charles on LinkedIn and learn more about BILTIR.The Insurance Coffee House Podcast is brought to you by Insurance Search.We are a global Insurance Executive Search Consultancy, supporting Insurance and Insurtech businesses to attract and retain the very best insurance talent.Find out more about showcasing your employer brand as a guest on the Insurance Coffee House Podcast or sign up to our News and Insights.Or follow us on LinkedIn, Twitter or Instagram.Insurance Executive Search Consultants in USA, London and Bermuda.Copyright Insurance Search 2025 - All Rights Reserved.

In our latest episode, Christopher Digby, Executive Director at Howden Specialty, speaks with three of the newest members of the CII's Professional Standards Committee: Chris Cowton, a leading academic in financial ethics and Emeritus Professor at the University of Huddersfield, where he served as Dean of the Business School and Professor of Accounting. Chris continues to publish and advise businesses, professional bodies, and regulators on embedding ethical practice in professional life. Diane Maxwell, an Independent Consumer Representative, brings a global perspective and a strong focus on ethical leadership, behavioural insight, and public interest - gained from a diverse background spanning pensions, financial services and public policy. Neil Freshwater, Group Integration Director at Aviva, with over 30 years of international insurance experience. Neil has held senior roles across actuarial, finance, and operational leadership in Lloyd's, General Insurance, Life Insurance, and Reinsurance. His governance and regulatory expertise spans the UK, Europe, America, and Asia.

This week's Episode is a burst of energy. Jason Howard is President of Acrisure International and has the task of looking after everything in the Acrisure Group that is outside the US, Reinsurance and Wholesale. This means most of the world is effectively his oyster. A group as ambitious and fast-moving as Acrisure needs someone with enormous drive and enthusiasm to deliver on such a universal role and Jason is the embodiment of that. In this podcast Jason explains Acrisure's global end-to-end insurance strategy in great detail – from a retail broker anywhere in the world all the way to Lloyd's Syndicates and the capital markets. This makes for an incredibly broad and rich conversation. Naturally we talk about the role of strategic M&A in building a global network, but we also discuss the market and how a business like Acrisure can differentiate itself by joining up the global value chain and making it work more responsively and more efficiently. We also dissect the less tangible questions of corporate culture and the industry's developing relationship with technology and automated underwriting in general and AI in particular. The business's explosive growth record speaks for itself – as does Jason. I first met Jason in an underwriter's queue over thirty years ago – I can verify that if anything today he has more energy, enthusiasm and positivity than he did back then as a young man. It's infectious. I promise that the next half an hour will pass by very quickly and in it you will learn exactly what makes Acrisure International tick and a lot more besides. NOTES: Jason was last on the show five years ago when he was CEO of Beach & Associates, before it was rebranded to Acrisure Re. Here's the link to that podcast, recorded 240 Episodes in the past: https://thevoiceofinsurance.podbean.com/e/ep-22-casualty-capital-and-covid-with-jason-howard-ceo-of-beach/ LINKS: We thank our naming sponsor AdvantageGo: https://www.advantagego.com

Curious about reinsurance and its impacts in the surety market? Join us on this episode as we chat with experts Brian Fiore of Aon, Stephen Haney of Chubb Surety, and Jeff Ryan of Partner Re to uncover what reinsurance is, why it is important to the surety market, and how it can drive growth, manage risk, and support major infrastructure projects. Plus, don't miss a lighthearted debate on the best Philly cheesesteak! Check out episode #135 Unveiling America's Infrastructure: Progress, Problems and Possibilities for more about the latest ASCE Infrastructure Report Card that was mentioned during this episode. With special guests: Brian Fiore, Senior Managing Director, Aon Stephen Haney, Division President, North America Surety, and Chief Underwriting Officer, Global Surety, Chubb Surety Jeff Ryan, Business Unit Leader, Financial Risks, Partner Re Hosted by: Kat Shamapande, Director, Professional Development, NASBP and Mark McCallum, CEO, NASBP Sponsored by Old Republic!

The Uninsurable Future: How Climate-Driven Insurance Risk is Reshaping Real Estate   The Canary in the CRE Coal Mine If insurance is the canary in the coal mine for climate risk, then the bird has stopped singing. That's the warning from Dave Jones, former California Insurance Commissioner and current Director of the Climate Risk Initiative at UC Berkeley. In a conversation that touches on reinsurance markets, mortgage delinquencies, lender behavior, and regulatory dysfunction, Jones laid out the most sobering climate-related CRE risk analysis to date: we are already living through a systemic insurance crisis—and commercial real estate is not exempt.   “We are marching steadily towards an uninsurable areas in this country,” Jones warns.   From Homeowners to High-Rises: What the Data Shows Much of the early distress has been observed in the residential and small business markets, where data is more publicly available. A study by the Dallas Fed, cited by Jones, found a direct correlation between areas hardest hit by climate events and surging insurance premiums, non-renewals, and mortgage delinquencies.   But commercial real estate isn't insulated. While pricing data is less transparent due to looser filing requirements, Jones states, “everything that I've seen indicates that those [commercial] rates are going up too,” particularly in regions where catastrophic climate events are becoming more frequent and severe.   Take Florida. One of our clients' office tower's premiums jumped from $300,000 to $1.2 million in a single renewal cycle. That's straight off the bottom line. The hit is entirely non-accretive; it's pure cost.   The Feedback Loop: Insurance, Lending, and Liquidity As insurance availability shrinks and prices soar, lending dries up. Lenders want to see that there is property and casualty insurance yet, as it becomes harder to get, that has implications in credit markets… and flow-through implications to the real economy.   It's not just anecdotal. Jones references studies showing that banks are offloading loans insured by lower-rated, higher-risk insurers to Fannie Mae and Freddie Mac, effectively shifting the risk onto taxpayers. That means if a hurricane hits and the house is knocked down, there isn't insurance available, potentially because the insurance company went insolvent.   The trend is clear: insurance stress is bleeding into credit markets and weakening the foundations of the entire real estate financing stack.   The “Deregulation” Illusion Some states, like Florida, are trying to respond by loosening regulatory constraints to attract insurers. Jones is skeptical. “Florida rates are four times the national average,” he says. The state has adopted taxpayer-funded reinsurance schemes, weakened litigation protections, and allowed less-robust rating agencies to operate.   Still, “the national branded home insurers are not writing in Florida… they can't make a profit,” says Jones. “So even with all these changes, the background risk is too great.”   In short: deregulation cannot solve a fundamentally unprofitable underwriting environment driven by climate volatility.   Adaptation Isn't Being Priced In - Yet Jones is more optimistic about resilience measures. Home hardening, defensible space, and forest management, especially in wildfire-prone states like California, can materially reduce losses. Commercial insurers often have engineering staff to assess and recommend these strategies.   But the industry hasn't kept pace. “Insurers, by and large, are not accounting for property, community, and landscape-scale adaptation and resilience in their models,” Jones says. One exception is Colorado, which passed a law requiring insurers to factor in proven risk mitigation. This could prove to be a model for commercial markets, but it's early and insurers remain price takers in the face of mounting losses.   From Reinsurance to Municipal Bonds: Signals to Watch What market signals should CRE investors monitor? Jones suggests: Insurance pricing and non-renewals: leading indicators of distress. Reinsurance costs: though recently softening, they've trended upward for years. Lender behavior: especially offloading risky loans to agencies. Rating agency downgrades: particularly for municipalities facing severe climate risk. Housing market mispricing: First Street Foundation estimates as much as $1 trillion in residential overvaluation due to underpriced climate risk. Any of these could tip the balance in specific markets or signal a broader inflection point.   A Slow Collapse or a Sudden Shock? Is this a long-term crisis or a fast-moving one? “It's happening in real time now,” says Jones. “It's more likely that this will be a steady glide into uninsurability… as opposed to one catastrophic event that brings the whole house of cards down.”   Still, the metaphor is chilling. The systemic risks posed by climate-driven insurance failure are already manifesting across sectors. Whether the collapse is gradual or sudden, the endpoint is clear.   “There is no place in the United States where you have a ‘get out of climate change free' card,” Jones warns.   For CRE professionals, that means a hard reckoning is ahead – not just with climate, but with underwriting, capital access, and portfolio risk in a fundamentally altered landscape.   *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing.   With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection.    Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get: Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff. Real implications of macro trends for investors and sponsors with actionable guidance. Insights from real estate professionals who've been through it all before. Visit GowerCrowd.com/subscribe Email: adam@gowercrowd.com Call: 213-761-1000

Is insurance the hidden reason multifamily deals no longer pencil like they used to? In this episode, Jeannette Friedrich, Director of Investor Relations at Blue Lake Capital, breaks down how a global phenomenon called reinsurance is driving up insurance costs across the U.S. and eroding investor returns. What used to be a manageable line item has now doubled or tripled in some markets, threatening the viability of deals, especially in high-risk regions. This episode covers: What reinsurance is and why it impacts local multifamily investments How premiums have surged 30% to 50% in 2023 and 2024 due to climate risk and inflation Why insurance now consumes as much as 9% of gross income in some deals How this shift is affecting underwriting, deal flow, and investor distributions Red flags passive investors should watch for when reviewing deals What proactive sponsors are doing to mitigate insurance risk, such as shifting markets, increasing deductibles, and focusing on disaster-resilient CapEx Why conservative underwriting and geographic diversification matter more than ever To dive deeper into how insurance fits into broader 2025 risk trends, check out our H2 Multifamily Outlook Report here: https://hubs.la/Q03rwdbQ0  Timestamps 00:00 Introduction to Multifamily Investment Challenges 00:42 Understanding Reinsurance 01:20 Impact of Reinsurance on Multifamily Investments 02:59 Strategies for Investors to Mitigate Insurance Costs 04:08 Evaluating Sponsor Practices 04:35 Blue Lake's Approach and Resources Are you REady2Scale Your Multifamily Investments? Learn more about growing your wealth, strengthening your portfolio, and scaling to the next level at www.bluelake-capital.com. Credits Producer: Blue Lake Capital Strategist: Syed Mahmood Editor: Emma Walker Opening music: Pomplamoose *

In this second discussion with Andreas Mang and Jon Camire of Blackstone, Stacey Richter has  an advanced discussion on the intricacies of stop-loss reinsurance for high-cost claimants.  This show today, for sure, it's for plan sponsors and anyone on or about plan sponsors; but also listen if you are serving high-cost claimants some other way. Because what you'll learn here today is some insights relative to how plan sponsors go about making sure that they can pay you—like if you work for, for example, some clinical organization. There's a, I don't know, 101 starting point of this conversation if you need it on stop-loss, which is episode 478 from a couple of weeks ago. This show is the, let's say, 201-level conversation that I'm having with Andreas Mang and Jon Camire about, as I said, stop-loss insurance and stop-loss insurance considerations. Emphasizing the importance of eligibility audits and aggregating buying power, the guests highlight best practices to avoid overpaying for coverage and ensuring comprehensive risk management. This episode is sponsored by Havarti Risk, which I am so thankful for. The show, Relentless Health Value, actually does cost an unexpectedly large sum of money to create and produce; so I always appreciate when somebody offers to sponsor a show or help sponsor a show. === LINKS ===

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin interviews James Lam about the evolving role of the CRO since the pandemic, vital competencies for today's CROs, risk appetite frameworks, and a case study of E*Trade and how they succeeded with a strong risk appetite framework. They continue the discussion with an examination of James's upcoming six-module virtual course, the RIMS-CRO Certificate in Advanced Enterprise Risk Management. James concludes with his vision of the future of ERM using AI as an enabling tool. Listen to learn more about successful strategies CROs can apply to their ERM programs.   Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. Our guest is one of the great thought leaders in risk management, James Lam. He returns to RIMScast today to talk about ERM and a new bi-weekly virtual course he'll be teaching for RIMS that begins in July. [:48] RIMS-CRMP Workshops! Register by July 1st for the next RIMS-CRMP Virtual Workshop, which will be co-led by Parima. That course will be held on July 8th and 9th. [1:04] The next RIMS-CRMP-FED virtual workshop will be led by Joseph Mayo on July 17th and 18th. Register by July 16th. Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes. [1:23] RIMS Webinars! The next RIMS Webinar will be held on June 17th. It will be presented by Origami Risk. It's titled “Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction”. Register today through RIMS.org/Webinars [1:43] RIMS Virtual Workshops! On June 12th, Pat Saporito will host “Managing Data for ERM”, and she will return on June 26th to present the very popular new course, “Generative AI for Risk Management”. [2:00] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [2:12] Mark your calendars for November 17th and 18th for the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is being built. Soon, we will distribute a Call for Nominations for the ERM Award of Distinction. I'll update this episode's show notes when that link is ready. [2:35] Think about your organization's ERM program or one that you know of, and how it has generated value. We will have more on that in the coming weeks. [2:43] On with the show! Our guest today is a risk management trailblazer who is widely considered the world's first Chief Risk Officer. I'm talking about James Lam. [2:54] Starting on July 16th, James will host a six-module course for RIMS, The RIMS-CRO Certificate in Advanced Enterprise Risk Management. It's a bi-weekly course that will run through Wednesday, September 24th. Registration closes on July 9th. [3:14] James is here to discuss and share his ERM philosophies, how the practice has changed in the past five years since he was last on the show, and to give us a preview of what the upcoming course will be like and how it could boost your risk career. [3:31] Interview! James Lam, welcome back to RIMScast! [3:37] James was a guest on RIMScast in the Fall of 2020. We've gone through a lot in the last five years! We've lived through a pandemic, and companies realized the importance of operational resilience and strategic risk management. [4:14] James says today we are facing unprecedented geopolitical risk. We are also facing AI risks and opportunities. Some Chief Risk Officers have stayed relevant and elevated their careers and skills, while others have failed in their organization's ERM programs. [5:01] James tells what may cause a CRO to fail. Applying a “check the box” approach or a compliance approach, without staying relevant with the evolving risk landscape. [5:29] Speaking of successful CROs, James said one CRO he worked with went from being a treasurer reporting to the CFO, to becoming the CRO, then the CFO, and eventually the CEO, all within eight years. [5:58] He and other successful CROs had learned how to add strategic value and be relevant to key decision-makers at the board level and the executive level. [6:15] A key competence is applying risk analytics to quantify and minimize unexpected earnings, helping companies maintain sustainable, predictable profitability. [6:40] Then, evolving that to understanding capital management to optimize capital allocation, dividend policies, and risk transfer strategies, ultimately, applying the same risk analytics to support corporate and business decisions. [7:05] Being able to add strategic value is the most important competence for a Chief Risk Officer today. [7:26] Management and corporate directors are concerned about the unexpected. As CROs, how do we connect our work with things that are the most meaningful to the decision-makers and key internal stakeholders? All boards, CEOs, and CFOs are concerned about earnings. [7:53] Unexpected earnings variance and guidance are things that they are concerned about. CROs can help them with predictable profitability, long-term capital management, and value creation. [8:10] How does a CRO support the leaders' decision-making at the corporate level, where there's M&A or new products, and at the business level, in terms of risk-based pricing and risk transfer decisions? [8:43] James thinks the risk appetite framework is one of the most important processes and capabilities for advanced enterprise risk management. [9:01] Frameworks that don't do well tend to be mostly or entirely qualitative. They tend to be static, maybe updated once a year, with very little change. [9:15] The frameworks that are more strategic and add more value to companies tend to be a combination of quantitative and qualitative. [9:42] Successful risk appetite frameworks also consider risk capacity in terms of capital resources, earnings, and liquidity, relative to our risk management capability and track record. [10:01] Successful risk appetite frameworks look at opportunities. What is the opportunity for profitability, growth, and innovation, relative to risk? If the opportunity is high, then we should be willing to take on more risk. [10:19] Successful risk appetite frameworks tend to be more dynamic in a way that allows the company to reduce risk when it is appropriate but also to take more risk when it is appropriate. [10:31] James says a good risk appetite framework would guide organizations to take more risk, on a selective basis. [10:57] James uses E*Trade as a case study. James was on the board of E*Trade and chaired its risk committee. This case study is in the RIMS CRO Certificate Program in Advanced Enterprise Risk Management. [11:28] James will invite E*Trade's CRO, the head of ERM, and one of the regulators, to provide first-hand experiences and lessons learned. [11:41] James gives examples of how ERM improved E*Trade's business outcomes and profitability. Based on a robust risk appetite framework, E*Trade thought it needed to take more risk in new product innovation and shorten the time to market dramatically. [12:21] Because of that, E*Trade was the first company to offer retail investors the capability to trade stocks and mutual funds on their Apple Watch. It was a very important business opportunity as the Apple Watch was hugely popular. [12:49] This tied into E*Trade's founding as the first internet company to allow retail investors to trade on the internet. It was a proud moment for E*Trade. It shows how a robust ERM program and risk appetite framework can support innovation and business growth. [13:16] In the eight years James was on E*Trade's board until it was sold, its stock went from $8 to $59 a share. It went from B to BBB, from losing money to making money, and from a weak capital position to buying back over $1 billion in stock and offering its first-ever dividend. [13:52] In addition to the E*Trade case study, the course will look into other case studies, good and bad. We will learn from organizations that didn't manage risks effectively and what we could learn from them to prevent that for our organizations. [14:13] We will learn from best-practice companies in the energy and healthcare space. [14:30] Plug Time! The very first RIMS Texas Regional Conference will be held from August 4th through the 6th in San Antonio at the Henry B. González Convention Center. Public Registration is open here. [14:43] Hotel cut-off for the discounted rate is available through July 7th. The full Conference Agenda is now live, so you can start planning your experience. Don't miss the post-conference workshop, the RIMS-CRMP Exam Prep Course, available onsite. [14:59] Any chapter member can attend. Links are in this episode's show notes. [15:14] You can also visit the Events Page of RIMS.org for more information. We look forward to seeing you in Texas! [15:21 Just a month later, we will be up North for the RIMS Canada Conference 2025, from September 14th through 17th in Calgary. Registration opened today. Visit RIMSCanadaConference.CA and lock in favorable rates. We look forward to seeing you there! [15:42] Let's Return to My Interview with James Lam!  [16:00] Starting on July 16th, there will be a new course that James is leading. It's the RIMS CRO Certificate Program in Advanced Enterprise Risk Management. If you're listening to this on the week of publication, you've got about a month to register. Registration closes on July 9th. [16:22] James is one of our favorite collaborators! [16:27] James tells what led to the launch of this program. He's very excited to be partnering with RIMS! His motivation for doing this program is that he has worked in risk management for over 40 years. He has been a management consultant working with over 100 companies. [17:10] James has been an eight-time board member, chairing the risk committee, chairing the audit committee, and overseeing risk management, not day-to-day but from a board perspective. [17:22] What James wants to do in this program is to share the lessons he has learned and some of the best practices in a very practical way. He also wants to invite other risk experts to share from their different domains. James has had this idea for over three years. [17:56] He met with the RIMS board members and the Professional Development Team to talk about this. They got an agreement in place, and within a few weeks, they got the outline and the website up. James tells of the team that helped him put it together in bi-weekly meetings. [18:31] The program came together within weeks. The early registrations are above expectations. The market reception has been strong. James says this course will provide an amazing learning experience for the participants. [18:54] It's a six-module, bi-weekly course with four-hour live virtual sessions, from 10 a.m. to 2 p.m. Eastern Time, starting July 16th and running through September 24th. There will also be self-study with James's book, other articles, and research papers. [19:24] We've got the link in this episode's show notes. A brief description of each of the six modules is on the website. Module 4 is The Role of the Chief Risk Officer and Risk Appetite Statement. That's the James Lam wheelhouse! [19:44] The CRO, the risk appetite statement, and ERM will be critical topics. Other important topics are the role of the board, how risk professionals should not only serve the board but also leverage the board, and strategic decision-making. [20:13] Before the pandemic, teaching virtually was not James's favorite method. He enjoys interacting with participants. Since the pandemic, we've all learned how to learn and to teach in a virtual environment. James says we can make it dynamic and interactive, with a lot of sharing.  [22:53] James thinks they will get into individualized problem-solving. Participants can highlight challenges or opportunities they're facing. Collectively, the group will help with individualized problem-solving. [21:12] James will bring in guest speakers. He has a strong network of excellent board directors and experts with backgrounds in AI, cybersecurity, and ERM. These include former or current CROs with stories to share. He believes all that will make the program relevant and dynamic. [21:45] Plug Time! Let me tell you about the Spencer Educational Foundation. Spencer's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada. [22:05] Since 2010, Spencer has awarded over $3.3 million in General Grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer's 2026 application process is now open through July 30th, 2025. [22:27] General Grant awardees are typically notified at the end of October. Learn more about Spencer's General Grants through the Programs tab of SpencerEd.org. Be sure to check out Spencer's Monthly Virtual Campus.  [22:41] On Thursday, June 12th, we will have Reinsurance 101, hosted by Lee Vuu, Founder and President of the MRIA. A link is in this episode's show notes. Register today! [22:53] Let's Conclude Our Interview with James Lam! [23:22] James says the future is bright. AI and risk analytics are going to change our careers and our lives. In the next five years, we're going to see some interesting dynamics with AI and we're going to have some unintended consequences. There will be risks and opportunities. [23:54] For risk professionals, being able to help our organizations and address the risks, whether it's privacy, model risks such as hallucination, or data governance, all those are going to be in our wheelhouse, and we could add a lot of value.  [24:11] James thinks AI could create opportunities to enhance enterprise risk management by tapping into structured and unstructured data and help us minimize unexpected earnings variance, optimize capital structure, and support corporate and business-level decisions. [24:47] A basic question that any AI model asks is, “What would an expert do?” What would an expert driver do in terms of an autonomous car? What would an expert doctor do in this specific situation? In risk management, the senior risk professionals and CROs are the experts. [25:12] James says the CROs have an opportunity to design the training data that would train these AI agents. They would have an impact on training these AI agents directly in terms of being part of the feedback loop. [25:32] James is very excited about where ERM is going to be in the next three to five years. AI will become a very important tool. He doesn't think it will replace risk practitioners. [25:49] The expertise, judgment, governance, and perspective that risk practitioners bring to the table will be valuable. AI will be a huge enabler. [26:11] Looking forward 10 years, James asks, using AI, how do we help with scenario planning and scenario analysis? Regarding many of the emerging and disruptive risks that we face today, we don't have a lot of data or models, so scenario analysis is going to be a critical tool. [26:48] The ultimate level of enterprise risk management would be to create a digital twin of our organization's overall risk profile, including our strategic, financial, operational, compliance, and reputational risks, and run scenarios to stress-test that system with AI. That's not far off. [27:25] James, it has been such a pleasure to reconnect with you. I have a great feeling about the RIMS CRO Certificate Program in Advanced Enterprise Risk Management. Remember, everyone, you have until July 9th, 2025, to register. Virtual seats are filling up! Check out the link! [27:43] I have a good feeling that we're going to be hearing more and seeing more from James in 2025 and beyond, here at RIMS. James, we value you very much. That's why you're here! [28:11] Special thanks again to James Lam. Register now for the RIMS CRO Certificate Program in Advanced Enterprise Risk Management. It is a bi-weekly course that starts on July 16th. Virtual seats are filling up fast, so register by July 7th. The link is in this episode's show notes. [28:32] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [29:00] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [29:18] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [29:35] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [29:52] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [30:06] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [30:14] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Links: RIMS-CRO Certificate in Advanced Enterprise Risk Management — Featuring Instructor James Lam! Register by July 7. | Bi-weekly course begins July 16. RIMS Texas Regional 2025 — August 3‒5 | Registration now open. RIMS Canada 2025 — Sept. 14‒17 | Registration now open! RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Risk Management magazine RIMS Now The Strategic and Enterprise Risk Center Spencer Education Foundation — General Grants 2026 — Application Deadline July 30, 2025 Spencer Virtual Campus — Next Course on June 12 RIMS ERM Conference 2025 — Nov 17‒18 in Seattle! [Save the Date!] James Lam & Associates RIMS Webinars: RIMS.org/Webinars “Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction” | Sponsored by Origami Risk | June 17, 2025   Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam Prep Virtual Workshop — July 8‒9, 2025 | Presented by RIMS and PARIMA RIMS-CRMP-FED Exam Prep Virtual Workshop — July 17‒18 Full RIMS-CRMP Prep Course Schedule “Managing Data for ERM” | June 12 | Instructor: Pat Saporito  “Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “AI Risks and Compliance with Chris Maguire” “RIMS 2025 Risk Manager of the Year, Jennifer Pack” “ERM, Retail, and Risk with Jeff Strege” “Collateral Benefits Of Pre-Mortem Analysis” “ERMotivation with Carrie Frandsen, RIMS-CRMP” “Live from the ERM Conference 2024 in Boston!”   Sponsored RIMScast Episodes: “The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!) “Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich “Understanding Third-Party Litigation Funding” | Sponsored by Zurich “What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS President Kristen Peed!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: James Lam, Founder, James Lam & Associates   Production and engineering provided by Podfly.  

Episode 810: Holborn has released a new thesis describing how today's reinsurance market conditions are being shaped by global liquidity rather than the traditional feast-and-famine pattern tied to loss cycles. On today's Unscripted, Neil Alldredge, president and CEO of NAMIC, talks with Adam Manus, president and chief brokerage officer at Holborn, about what's driving the current reinsurance market cycles.Today's episode is sponsored by Holborn.

In this episode, Peter Guy breaks down how economic pressures, litigation trends, and global uncertainty are reshaping the future of aviation insurance. From skyrocketing repair costs and limited parts to eVTOL claims preparedness and the art of reserving—Peter shares what's really happening behind the scenes in aviation claims today. Whether you're a broker, underwriter, or risk manager, this episode unpacks what rising risk really means and what we can do about it. ⏱️ Timestamps 00:24 – Peter Guy's path into aviation claims
 03:30 – Why aviation attracts passionate professionals
 04:39 – How insurers are preparing for drones & eVTOL
 06:30 – Cost challenges, talent gaps, and remote work
 09:11 – Inflation, reinsurance pressure & Russia-related claims
 13:00 – Attritional losses & long-tail litigation
 14:54 – The art of reserving & IVNR
 19:00 – Operator risk, safety culture, and preventing GL claims 

Swiss Re Chief Underwriting Officer-Casualty, Laure Forgeron, breaks down short- and long-term forces, including inflation, tariffs, evolving mobility patterns and emerging technologies that are redefining risks and strategies in the $2.2 trillion global motor reinsurance sector.

Never before has reinsurance been talking about so much by so many across insurance. At ReConnect 2025 we talked with the people who are finding new ways to raise, manage, measure, regulate, and distribute capital into the insurance industry.In this episode:How regulatory authorities are working to help make reinsurance secure and accessibleHow actuaries are measuring and allocating capacity to the marketWhy companies are promoting reinsurers and accelerating their growthWhen legal and accounting services are your partner to growth and complianceSuccess stories of newly started reinsurers and how they help the market.Reinsurance is accessible and in the Cayman Islands the industry is poised for growth and taking on more risk to back stop a rapidly changing insurance market.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Host Stacey Richter discusses the intricacies of stop-loss coverage with Andreas Mang and Jon Camire from Blackstone. The episode focuses on defining stop-loss insurance and exploring its critical role in protecting self-insured employers from catastrophic financial losses.  The conversation delves into the nuances of individual and aggregate stop-loss policies, laser claims, and the importance of selecting an experienced consultant to navigate this complex landscape. The episode is essential listening for those managing high-cost claimants and exploring self-insurance options. This is a two part show. The second show will cover major fails, mistakes that happen with stop-loss when somebody doesn't understand or do everything that we talk about. So, tune back in for the next part of this conversation, in two weeks. Thank you to Havarti Risk for sponsoring this weeks episode.  Havarti Risk empowers healthcare leaders like you to make smarter decisions that increase quality and lower cost of care. https://havarti-risk.com/ === LINKS ===

Episode Info The Insurance Industry is facing a number of challenges today. And yet the number of strategies tools we can use to overcome those challenges is equally numerous. That's the spirit of the conversations my good friend Nick Lamparelli and I get into whenever we talk, and now, you get to hear what we talk about because we got together to take over Dave Wechsler's InsurTech Rap a couple of weeks ago, and I am releasing that episode on my show for all of you! Highlights from the Show The interview delves into the current challenges and innovations within the insurance market, focusing on the years 2023 and 2024. Key issues discussed include the impact of inflation, tariffs, and natural catastrophes on the industry. The conversation highlights the structural changes in the market, particularly the broken cycle of rate adjustments post-crises, and the ongoing struggle to balance profitability with affordability for both carriers and consumers. Regulatory challenges, such as difficulties in obtaining rate approvals, are examined, alongside the industry's frustration with continuous rate increases. The discussion also explores innovative solutions like parametric insurance, which offers a viable alternative to traditional models, and emphasizes the importance of diversification in business models, especially for mutual insurers. The interview touches on the economic effects of tariffs on trade flow and currency attractiveness, as well as the long-term cost of capital. Audience interaction enriches the conversation, providing additional insights into market challenges and potential solutions. The session concludes with gratitude towards participants and a teaser for future discussions on community-based insurance solutions. Key Points: Market Dynamics and Challenges: The conversation explores the structural changes in the insurance market, emphasizing the broken cycle of rate adjustments following crises. Challenges in finding a balance between profitability and affordability for carriers and consumers are highlighted. Regulatory and Rate Issues: The difficulty in obtaining rate approvals and the impact of regulatory actions on market dynamics are discussed. The conversation touches on the frustration within the industry regarding continuous rate increases and the need for alternative solutions. Parametric Insurance Solutions: The rise of parametric insurance as a viable alternative to traditional models is explored, noting its benefits and cost implications. Diversification and Innovation: The importance of diversification in business models, especially for long-standing mutual insurers, is emphasized. The potential for creative solutions like reciprocal models and community-based insurance solutions is discussed. Impact of Tariffs and Economic Factors: The conversation delves into the effects of tariffs on trade flow, currency attractiveness, and the long-term cost of capital. This episode is brought to you by The Future of Insurance book series (future-of-insurance.com) from Bryan Falchuk. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.

This podcast episode features the fourth panel session of the day at our Artemis ILS NYC 2025 conference, which was held on February 7th in New York City. ILS NYC 2025 was Artemis' eighth catastrophe bond and insurance-linked securities (ILS) conference held in-person in New York and saw more than 425 registered attendees enjoying insightful debates from our expert speakers, as well as valuable networking opportunities throughout the day. Attendees from across the globe assembled to hear thought-provoking insights from insurance-linked securities (ILS) market leaders, all under the theme of "Capturing opportunities (established & new)." Our next audio from the ILS NYC 2025 conference features the fourth panel discussion of the day, which was focused on the emerging casualty insurance-linked securities (ILS) market where investors are accessing the returns of longer-tailed casualty insurance risks. The panel discussion was moderated by John Seo, Co-Founder, Managing Director, Fermat Capital Management. He was joined by: David Ni, Chief Strategy Officer, Enstar Group; Andras Bohm, Head of U.S. Capital Solutions & Advisory, BMS Group; Amy Stern, Chief Executive, Reinsurance, Ledger Investing; and Bob Forness, CEO, MultiStrat Group. While casualty insurance-linked securities (ILS) may seem nascent to some, the market has been in development for a number of years now. The panellists set the scene and explained what this segment of the ILS asset class is, as well as why casualty risks can be attractive investments. This panel discussed the evolution and potential of the casualty insurance-linked securities (ILS) market, forecasting an opportunity to grow the segment from an estimated $3-4 billion current base to potentially exceeding $10 billion by 2026. Key points in the discussion included the shift from catastrophe-focused ILS to casualty ILS, driven by improvements to the infrastructure of the ILS market, as well as investor interest in accessing new classes of insurance risk.  The casualty ILS market's growth is largely attributed to risk sourced through whole account quota shares, which the panel said enable stable, diversified portfolios to be constructed for investors.  The discussion also highlighted the importance of exit solutions to provide investor certainty of liquidity, the need for strong partnerships, and that underwriting discipline is key to manage risks and ensure sustainable growth of the casualty ILS space. Listen to the full podcast episode of this casualty insurance-linked securities (ILS) focused panel discussion at ILS NYC 2025, for unique insights into the developing casualty ILS market, what investors need to know about this asset class, and how cedents can benefit from access to efficient capacity from the capital markets.

In this episode, Patrick McKenzie (patio11) is joined by Zac Townsend, a serial founder and CEO of Meanwhile, a fully regulated life insurance company operating in Bitcoin. They explore the differences between life and property insurance, explain why term life is essential financial protection everyone should consider, and dive into the tax benefits that shape the industry. Zac shares insights on how private equity firms are acquiring insurers for their stable capital base, and explains Bermuda's role as the world's insurance capital. –Full transcript available here: https://www.complexsystemspodcast.com/life-insurance-and-your-money-with-zac-townsend/–Sponsor:  MercuryThis episode is brought to you by Mercury, the fintech trusted by 200K+ companies — from first milestones to running complex systems. Mercury offers banking that truly understands startups and scales with them. Start today at Mercury.com Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Column N.A., and Evolve Bank & Trust; Members FDIC.–Recommended in this episode:Meanwhile https://meanwhile.bm/–Timestamps:(00:00) Intro(00:23) Overview of Meanwhile Insurance(00:56) How Bitcoin is being used in the insurance industry(02:12) Understanding different types of insurance(06:13) Term life insurance explained(07:26) Life insurance tips for tech professionals(12:47) Permanent life insurance and annuities(18:57) Sponsor: Mercury(20:11) Insurance regulatory insights(25:46) Principal-agent problems in insurance(37:09) Tax considerations in life insurance(42:16) Leveraging life insurance for estate planning(44:55) Premium financing explained(47:39) Wealth management and market segmentation(52:09) Regulatory challenges and mispricing in insurance(01:03:32) Reinsurance and the role of bermuda(01:10:27) Private equity's interest in insurance(01:14:24) Building a crypto life insurance company(01:20:02) Wrap

Tim Fletcher is Gen Re's VP, Senior Emerging Issues Specialist, and an avid contributor to Gen Re's blog, and he edits the UM/UIM Liability Laws Survey. He is a graduate of the University of Minnesota (Bachelor of Arts, Journalism) and the Michell-Hamline School of Law (Juris Doctor), and currently serves on CPCU's Reinsurance, Excess & Surplus Lines Interest Group and as chapter governor for the Upper South Region. He is a founding member of the Atlanta Insurance Coalition for Change and a guest lecturer on Risk Management and Insurance at Georgia State University and many industry organizations. In this episode of In the Know, Chris Hampshire and Tim explore emerging issues and exposures in the insurance industry, including AI, forever chemicals, social inflation, and medical advancements.   Key Takeaways Tim's journey from journalism to the insurance industry. The current state of the industry in the face of climate change. Messaging ways to reduce premiums with improved building processes. AI's impact on the present and future state of the insurance industry. Trends to be aware of in the AI space. Forever chemicals and microplastics as critical exposures that impact insurance. Social inflation and nuclear verdicts now and in the future. Growth and implications of autonomous vehicles and humanoid robots. Evolving technologies in the medical field. Addressing the talent gap in the insurance industry. A first look at the next generation of insurance agents. A five-year look at the technology-enhanced insurance industry. Tim's adventurous advice to his early-career self.   Quotes “There are opportunities for the insurance industry to better communicate its message.” “We're on the dawn of something significant that's going to be very interesting and exciting.” “I don't think there's any other profession that has a greater misunderstanding from what the public thinks it is to what it really is than the insurance industry.” “Your CPCU designation gives you a nice exposure to all facets of the insurance industry.” “Don't just put your CPCU designation on the shelf. Get active!”

Today's podcast is one of the most positive and optimistic I think I have ever recorded. Andrew Horton Group CEO of QBE has been in the role long enough to have been able to reap some of the rewards of the changes he has made at the global insurer since he took over the top job. Having dealt with legacy issues and posted some remarkable results that have validated his strategy – the mood from this interview is 100% forward-looking and upbeat. Andrew's QBE has a spring in its step and a growth plan to execute into a global insurance and reinsurance market that seems to be throwing up opportunities almost wherever you look. It certainly helped that this was recorded on a pleasant early spring day in London, with plenty of sun in the sky and blossom on the trees, but the difference between this interview and the last one I did with Andrew two years ago is palpable. Today, Andrew is buzzing with energy and good humour and has audibly grown in confidence. In this discussion we make light work of all the issues of the day, taking in topics as diverse as Reinsurance, D&I, the long-term trends of facilitisation and algorithmic underwriting and their consequences, Lloyd's and the London Market, and insuring the transition. So listen on as we take a world tour of market opportunities and a refreshed and revitalised player looking to seize the moment. If you are feeling jaded and in need a tonic – this is just what the doctor ordered! LINKS: We thank our naming sponsor AdvantageGo: https://www.advantagego.com We also thank audio advertiser, The Insurance Network (TIN), organiser of the highly-successful TINtech events series and Data Jam. www.tin.events

In this follow-up conversation with Jill Epstein, CEO of IABCal, we dive deep into the state of the California insurance marketplace following the devastating January wildfires. Jill walks us through major regulatory shifts, including the commissioner's new tools, the inclusion of cat modeling and reinsurance in rate applications, and how these changes are impacting carriers and consumers alike. She shares candid insights into how independent brokers are rising to meet the needs of their communities, the evolving role of the FAIR Plan, and what the future may hold for rate approvals, market stabilization, and rebuilding efforts across the state.Timecodes:00:00 Introduction and welcome to Jill Epstein01:04 New rate reform regulations and timelines04:19 Cat modeling, reinsurance, and how fires accelerated change08:18 Brokers' on-the-ground response and early carrier actions12:59 FAIR Plan updates and industry leadership during crisis18:07 Market impact, rate realities, and future carrier return24:03 E&O risks, sticker shock, and consumer understanding27:14 Legislation, hope for change, and broker resilienceResources:Become a member at RiskProNet.comConnect with Jill Epstein on LinkedinConnect with Chip Arenchild on LinkedIn

Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Ben Rose, Co Founder of Supercede. In this episode they delve into the world of reinsurance, exploring its fundamental concepts, terminology, and the necessity for insurers to engage in reinsurance. They discuss the differences between facultative and treaty reinsurance, as well as proportional and non-proportional reinsurance structures.The conversation highlights the complexities of reinsurance deals and the importance of understanding these concepts for effective risk management in the insurance industry. This conversation delves into the complexities of reinsurance, exploring how risk is managed through various layers and types of coverage.They also discuss the impact of significant events like wildfires on claims, the challenges insurers face in determining their reinsurance needs, and the current state of the reinsurance market amidst changing conditions. The importance of data quality and proactive communication between insurers and reinsurers is emphasized, along with the strategic nature of reinsurance as a field.We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release. Hosted on Acast. See acast.com/privacy for more information.

Ryan White serves as Assistant Vice President and Director of Ceded Reinsurance at UFG Insurance. He has held the roles of associate, commercial, and senior underwriter, underwriting supervisor, and the first underwriting manager of UFG Online. In 2021 he was named Assistant Vice President and recently transitioned into the newly created role of Director of Ceded Reinsurance. White holds extensive reinsurance experience, a BBA in Finance, and an MBA from the University of Iowa. He also holds the CPCU, ARe, AU-M, AU, and Associate in General Insurance (AINS) professional designations. He has served on the board of the Cedar Valley CPCU Chapter since 2020, and recently joined the CPCU Reinsurance and Excess Surplus Lines Interest Group in 2023, serving as Vice Chair for the 2024 term. In this episode of In the Know, Chris Hampshire and Ryan discuss launching an online platform in the reinsurance sector, ceded risk and reinsurance, and the career benefits of earning the CPCU designation.   Key Takeaways Unlike so many, Ryan entered the insurance industry intentionally. Reinsurance or primary insurance? Ryan weighs in. Details of the ceded reinsurance marketplace. Essential skill sets that aided Ryan's rise from associate to management. The highs and lows of launching an online digital platform. The impact of the pandemic on Ryan's work. Lessons learned while transitioning from the small business digital platform to the reinsurance arena. A tailored approach to meeting the ceded reinsurance needs of each client. An overview of the breadth of ceded reinsurance coverage. Ryan's motivation behind his involvement in the CPCU Society. Reinsurance & Excess Surplus Lines Symposium 2025. Iowa as a global insurance hub. Ryan's perspective on earning both the MBA and the CPCU. Ryan's message to anyone considering the reinsurance sector. A five-year look to the future of the insurance industry and AI. Advice from current Ryan to his early career self.   Quotes “Launching an online digital platform was a really exciting time in my career and in the company.” “No matter what part of the industry you're in, it's all about relationships.” “The opportunities that are in front of you in the reinsurance industry are unlimited.”

AM Best Associate Director Jason Hopper outlines a new Best's Special Report that finds about a dozen US L/A companies ceded business to sidecars at year-end 2023, tripling since 2021.

Xceedance Executive Vice President Sachin Kulkarni discussed insights on the evolving excess and surplus insurance market, highlighting the impact of automation, technology, reinsurance, bundling and talent growth on the future of the sector.

Bir ay önce Los Angeles'ta birkaç büyük yangın çıkmış, yaklaşık 4 tane Kadıköy büyüklüğünde yer yanmıştı. Sosyal medyada, sigorta şirketlerinin dahil olduğu birtakım komplo teorileri yayıldı ama bence işin altında daha ilginç bir şey var: Zamanında halk adına, halk için alınmış bir kararın, iklim değişikliğinin de ittirmesiyle, tamamen geri tepmesi.Konular:(00:00) Kitap: Dört Önemli Mesele(01:27) LA yangınları(03:26) Fiyat kontrolü(06:20) İklim değişikliği(08:27) Primary peril(10:23) Riskin fiyatlanması(14:02) Reinsurance(15:00) Devletin rolü(18:10) Tabure barın belkemiğidir ve patronlarKaynak:Blog: LA Fires Could Change the Insurance IndustrySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Supercede is revolutionizing the reinsurance industry with purpose-built software solutions, addressing a critical gap in enterprise technology. With $21.6 million in funding, Supercede is building specialized tools for an industry that has historically relied on generic enterprise software or inefficient in-house solutions. In this episode of Category Visionaries, I sat down with Jerad Leigh, CEO and Co-Founder of Supercede, to explore how they're bringing innovation to what he calls the "unsexy" but crucial world of reinsurance technology. Topics Discussed: The opportunity in building "boring" enterprise software for reinsurance Why the reinsurance industry has been underserved by technology How Supercede leverages content marketing and community building The role of authenticity in B2B marketing and brand building Balancing professional credibility with creative marketing in a serious industry The evolution of their podcast strategy and content creation GTM Lessons For B2B Founders: Embrace the unsexy: Jerad emphasizes that some of the best business opportunities exist in "boring" enterprise spaces that aren't getting attention from flashy consumer or AI startups. B2B founders should look for valuable problems to solve in industries that others might overlook due to their perceived lack of excitement. Build vertical-specific solutions: Generic enterprise software often falls short for specialized industries. Jerad notes that while solutions like Salesforce are powerful, there's significant value in building purpose-built solutions that address industry-specific workflows and challenges. B2B founders should deeply understand their vertical's unique needs rather than trying to force-fit horizontal solutions. Lead with authenticity in B2B: Despite operating in a serious industry, Supercede successfully employs creative marketing approaches like meme calendars with personalized notes. Jerad argues that authentic, personality-driven content can work well even in traditional B2B sectors - the key is finding the right balance between professional credibility and engaging creativity. Leverage content for category leadership: Supercede's podcast strategy demonstrates how content can establish category leadership. By creating the first reinsurance-focused podcast and consistently delivering valuable content, they've built relationships with senior industry leaders and helped educate the next generation of professionals. B2B founders should consider how content can help them own their category's conversation. Take calculated marketing risks early: Jerad advises that early-stage companies have more freedom to experiment with creative marketing approaches since they have less to lose. He suggests using this period to find an authentic voice and build a core group of passionate supporters rather than trying to appeal to everyone with "safe" messaging. //   Sponsors: Front Lines — We help B2B tech companies launch, manage, and grow podcasts that drive demand, awareness, and thought leadership. www.FrontLines.io The Global Talent Co. — We help tech startups find, vet, hire, pay, and retain amazing marketing talent that costs 50-70% less than the US & Europe.  www.GlobalTalent.co  

In this week's episode, Hemma sits down with Patricia Godoy Oliveira to explore her remarkable journey in compliance—spanning leadership roles at Google and Uber to her current position as LatAm Compliance Officer at Gallagher. Join us as Patricia shares how she keeps people at the heart of her compliance strategies, leveraging behavioral science and Trust and Inspire leadership to empower business partners. With practical insights, book recommendations, and a deep passion for ethics and compliance, Patricia offers a refreshing perspective on leading with purpose in this engaging and thought-provoking conversation.  Highlights include:  Navigating personal and professional transitions and reflecting on purpose How to build trust with your regional business teams in a global company Practical tips on incorporating behavioral science into your compliance program Fabulous reading recommendations for thought leadership and continuous learning in compliance Biography "Patricia is the LatAm Compliance Officer for Gallagher. Her career encompasses senior leadership roles at prominent American and Brazilian companies, including her tenure as Regional Chief Compliance Officer at Google and Director of Ethics & Compliance at Uber. Patricia's impactful contributions have garnered repeated recognition, including being named one of the "Most Admired Professionals" in Compliance in Brazil on multiple occasions. A graduate of Instituto Presbiteriano Mackenzie (Law School, Brazil) with a Masters degree (LL.M.) from the University of Chicago (US) and an MBA from Fundação Getúlio Vargas (CEAG, Brazil), Patricia complements her academic achievements with specialized courses in Insurance, Reinsurance and Law. Her profound understanding of both mature and evolving regulatory environments is a testament to her 15 years of experience in the Insurance and Reinsurance industry and 5 years in the dynamic Tech sector. Patricia's pragmatic approach to legal and compliance is grounded in economic and behavioral principles. She empowers organizations to achieve their goals by translating complex challenges into sound business strategies. Her leadership has been instrumental in implementing innovative programs and training initiatives that foster ethical conduct and drive sustainable growth. A respected voice in the field, Patricia actively shapes industry standards through her roles as a lecturer, professor, and at the Compliance Committee of AMCHAM, Brazil Chapter. Her unwavering commitment to ethical business practices is evident in her extensive involvement in various professional organizations, including the Ethics Tribunal of the Bar Association in Sao Paulo and the Global Compact of the United Nations. Patricia's journey exemplifies a dedication to building a more just and responsible business world." Resources Patricia on LinkedIN: https://www.linkedin.com/in/patricia-godoy-oliveira/ Subscribe to her newsletter Etica do Dia a Dia here: https://www.linkedin.com/newsletters/%C3%A9tica-do-dia-a-dia-7265210572445548545/ Patricia's Book Recommendations during the show: Carlos Muitos, Gabriel Cabral et al Trust & Inspire, Stephen Covey Thinking Fast and Slow, Daniel Kahnemann Humankind, Rutger Bregman The Righteous Mind, Jonathan Haidt Why They Do It, Eugene Soltes The Heart of Business: Leadership Principles for the Next Era of Capitalism, Hubert Joly

Want to revisit some of the most popular moments from Let's Get Surety®? In this special episode, host Kat Shamapande counts down the top five most downloaded episodes from the past five years! From the significance of relationships in surety to innovations in e-signatures, these episodes have captivated listeners worldwide. Join us for clips, reflections, and a celebration of the evolving landscape of the surety industry. Don't miss this nostalgic trip down memory lane! Counting down from the 5th most downloaded to the most downloaded episode: 5. Episode #59: I'll Be There for You - The Importance of Relationships in Surety 4. Episode #1: A Look at NASBP's Be Guaranteed to Succeed Campaign and Surety Stories 3. Episode #84: Reinsurance: Understanding Its Importance to Surety* 2. Episode #30: E-Signature in Surety 1. Episode #90: Growing and Fostering Women's Surety Careers *Disclaimer from Andrew Grey: The views and opinions expressed here may include projections based on assumptions and forecasts and is intended for information purposes only. Nothing that I am about to say is intended to be legal, underwriting, financial or any other type of professional advice, and listeners are encouraged to consult with his or her own counsel or other advisors to verify the accuracy and completeness of any information used and to determine its applicability to the recipient's particular circumstances. See full disclaimer on the episode page. Hosted by: Kat Shamapande, Director, Professional Development, NASBP Sponsored by Old Republic!

Guest: Dr. Philip Mulder, Assistant Professor at UW-MadisonOnce you become a homeowner, you are flooded with the overwhelming responsibility of protecting your home, which means that you are going to need home insurance! But is it fair that your insurance may cost significantly more because of the weather that tends to happen around you? Or, what if homeowner's insurance isn't even available to you at all because of the weather? That is the current reality for some home and business owners across the U.S. Today on Weather Geeks, we brought on economist Dr. Philip Mulder who has already crunched the numbers about why that is and how insurance providers can get away with this..Chapters00:00 Introduction to Homeowner's Insurance and Climate Risks02:53 The Role of the National Flood Insurance Program05:54 Challenges of Flood Mapping and Insurance Coverage09:08 Impact of Recent Hurricanes on Insurance11:54 Understanding Mortgage Escrow and Insurance Premiums14:56 Trends in Homeowners Insurance Premiums17:49 The Role of Reinsurance in Insurance Markets21:05 Climate Change and Future Insurance Trends23:59 Insurance Burden on Low-Income Communities27:04 Future Research Directions in Insurance and Climate RiskSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week we talk about the Pacific Palisades, Hurricane Katrina, and reinsurance.We also discuss developed property values, arsons, and the cost of disasters.Recommended Book: The Data Detective by Tim HarfordTranscriptNatural disasters, whether we're talking about storms or fires or earthquakes, or some combination of those and other often related issues, like flooding, can be incredibly expensive.This has always been true, both in terms of lives and material damage caused, but also in terms of raw currency—the value of stuff that's destroyed and thus has to be rebuilt, replaced, or in some rare cases partitioned off so that similar things don't happen in the future, or because the space is just so irreparably demolished that it's not cost effective to do anything with the land, moving forward.The four most expensive natural disasters that we've been able to tally—so this doesn't include historical disasters that are far enough back that we can't really quantify the damage, due to an inability to directly compare, or insufficient data upon which to base such quantification—the top four that we can line up against other such disasters and compare the numbers for are all earthquakes.The earthquake in Japan in 2011 that, in addition to causing a lot of damage unto itself, also caused the disaster at the Fukushima nuclear plant tops the list, with a cost at the time of around $360 billion, which would be nearly $490 billion in today's dollars.The second most expensive natural disaster is also an earthquake in Japan, this one hitting a region called Hanshin in 1995, causing about $200 billion worth of damage in mid-90s money, which would be about $400 billion, today, and the third was an earthquake not too long ago, the 2023 quake that struck along Turkey and Syria's border, causing something like $160 billion in damage.The fourth costliest natural disaster hit China in 2008, causing around $130 billion in damage, which is about $184 billion in today's money.These disasters also caused a lot of casualties and deaths; about 20,000 people died in that most-costly, nuclear-incident-triggering quake, while nearly 88,000 were killed in that fourth-most-costly, Chinese one.The Great Hanshin quake, in comparison, lead to somewhere around 6,000 deaths: which is still just a staggering human loss, but it's an order of magnitude less than in those other comparable disasters; which hints at the trend we see with these sorts of events—the scale of wounded and killed doesn't necessarily correlate with the scale of costs associated with damaged and destroyed infrastructure and other assets.The costliest natural disaster in US history, as of the first week of 2025, at least, was Hurricane Katrina back in 2005, which all but destroyed the city of New Orleans and much of the surrounding area, causing around $125 billion in damage, which is equivalent to about $195 billion, today, but it only led to around 1,400 deaths: again, all of those deaths absolute tragedies, and any disaster that causes that many deaths is an historical event. But looking at the raw numbers, that's a shockingly low figure compared to the sum of the monetary damages tallied; it's actually remarkable as few people died as they did, looking at this storm and it's impacts through that lens.What I'd like to talk about today is another natural disaster, this one ongoing as I record this, that looks primed to take the record of most-costly, in terms of money, US natural disaster from Katrina, and some of the implications of this disaster.—Part of why disasters in the US, natural or otherwise, tend to result in fewer fatalities than those that occur elsewhere is that the US is a very wealthy country with relatively high-quality and widely dispersed infrastructure.There are quibbles to be voiced about that claim, as many recent reports indicate that said infrastructure isn't terribly well maintained, and that the country's healthcare setup and relatively low pay and support for the sorts of people who save lives and rescue victims in the midst of such disasters raise questions about how long this will continue to be the case; some of these high-quality systems are somewhat fragile, in other words, and won't always perform at the level they arguably should.That said, in general, when need be, US government institutions—federal and regional—are capable of throwing money at issues until they mostly go away, and they have a lot of decent resources to leverage when need-be, as well. Americans in general also have reasonable amounts of resources to call upon, on average at least, when they need to flee town and stay elsewhere for a while until a storm subsides, for instance.This is all on average, and we tend to see the gaps in that generality when disasters hit, and Katrina is a perfect example of this disaster illuminated dichotomy, as a lot of the country's least well off people, who have arguably been let down by the system and their government in various ways, were unable to do what everyone else was capable of doing, and were thus stuck in ramshackle and dangerous accommodations, and in some cases weren't rescued because of the nature of the infrastructure that was meant to help protect them, but which was ultimately incapable of doing so. Other people were shuttled by those entities to other parts of the country while the disaster was being handled, and some were never brought back—it was all a pretty big scandal.Looking at the averages, though, the US tends to experience disasters that are more expensive in terms of money than lives because there's more costly infrastructure in place, more valuable assets owned by pretty much everyone, compared to many other nations around the world, at least, and folks are generally capable of getting out of the way of stuff that might kill them—at least when we're talking about things like storms and fires.Case in point is the ongoing, as of the day I'm recording this, jumble of wildfires that are menacing, and in some cases demolishing, parts of the Greater Los Angeles area in Southern California.As of the day I'm recording this, a day before this episode goes live, there are two primary fires still spreading, designated as the Eaton and Palisades fires, those names based on the regions in which they started to flare out of control, and several smaller ones called the Kenneth, Hurst, and Lidia fires.The Palisades fire is currently the largest, having burned about 24,000 acres, followed by the Eaton, which has consumed around 14,000 acres. The Kenneth, Hurst, and Lidia fires have burned around 1,000, 800, and 400 acres, respectively.That's…not huge. Tens of thousands of acres is a decent sized plot of land, definitely, but for comparison, the Smokehouse Creek Fire that burned through parts of Texas and Oklahoma in 2024, and which became the largest wildfire in Texas history, consumed more than 1,100,000 acres.The Park Fire, which plagued Northern California in mid-2024, is the state's largest-ever arson-caused fire, and it consumed nearly half a million acres.So a total of just of 40,000 acres or so for this new collection of fires is piddly, within that context.The difference here is that both of those other fires consumed mostly, though not entirely, undeveloped land. And such land, while not value-less, is not the same kind of asset, in terms of dollars and cents, as heavily developed, with homes and businesses and electrical cables and roads and other such infrastructure, land tends to be.These new, Southern California fires are smaller than those other, big-name wildfires, then, but they're also consuming some of the most expensive real estate, and the properties and other assets build atop that real estate, in the world.As of right now, the Kenneth and Lidia fires are completely contained, and the Hurst is getting there. The Eaton and Palisades fires, the two largest of the group, are still mostly uncontained, however, due in part to wild and dangerous winds that are making containment efforts difficult, in some cases preventing aerial efforts, and in others making conditions extra risky for people on the ground, due to the dynamic and quick-moving nature of things.Given all of this, and again, given that these fires are burning homes worth tens of millions of dollars, located on coastal land that's in some case worth around the same, it's perhaps no surprise that analysts are already projecting that these fires could cause something like $50 to $150 billion in economic losses; and for comparison, the aforementioned Camp Fire in Northern California, which also consumed some fairly expensive homes and real estate, in addition to the undeveloped park land it consumed, only tallied about $30 billion in damage, all told, while the fires that hit Hawaii in 2023 added up to just $5.7 billion.Of that $50-150 billion total, it's estimated that around $20 billion will be covered by insurance, which represents a staggering loss for those without any, or without the proper insurance, but also potentially represents a huge loss for residents of California, as the state has an insurance of last resort scheme called the FAIR Plan, which is a privately run, but state-created entity that serves those who can't find insurance via conventional, private insurers. And often, though not always this means those customers are in areas that are too expensive or too risky for traditional insurance companies to operate in.In practice, that usually means insurers of last resort have a portfolio full of risky bets, and the plans they offer are more expensive than usual, and tend to provide less coverage and benefits than the conventional stuff.In these sorts of situations, though, we have a whole lot of risky bets than have suddenly come up snake eyes, this FAIR Plan suddenly having to pay out billions of dollars to their customers in these risky areas. And between 2023 and 2024, the number of homes in the very expensive Pacific Palisades area, which is high-risk for wildfires, nearly doubled to around $6 billion of covered assets in that zip code, alone. It's been estimated that the plan could have something like $24 billion in total losses from this cluster of ongoing fires.The FAIR Plan isn't government-funded: instead, if it runs out of money because of high levels of payouts, private insurance companies foot the bill, which will place further strain on those insurance companies, which are already expected to be staggered by losses across the region, but also then raises insurance prices for everyone in that area, moving forward, which could further inflate expenses for the state's tens of millions of residents, while also possibly incentivizing businesses to move elsewhere, which would reduce taxflows to state coffers, and over time cause even more financial problems.Reinsurance claims could muddle some of this math—reinsurance being basically insurance plans for insurance companies, bought from other, specialized insurance companies—as sufficient reinsurance coverage could help the FAIR Plan, and other insurers operating in these areas, weather the storm without being forced to raise prices excessively. But those companies, too, might then raise their reinsurance rates substantially, and those increases would then ripple across this same economic landscape.Lots of potential long-term financial damage, either way, on top of the assets lost and damage caused directly, and of course, the human losses, which as of the day I'm recording this, totals 24 people confirmed killed, dozens of people missing, and a still unquantified number of injuries and lives completely, perhaps permanently disrupted or upended.This whole situation—these fires—are complicated by many factors.The climate is one, as 2024 was the hottest year on record, the first one we've experienced, as a species, above that now-famous 1.5 degrees celsius-beyond-pre-industrial-levels milestone. That figure will fluctuate day to day and even year to year due to all sorts of variables, but the big picture here is that the global water cycle has changed because global average temperatures have been nudged upward, and that's causing a lot of upsets to local infrastructure and ecosystems that have always, since we've been here, at least, relied on that cycle functioning in a certain way, within a certain spectrum of operation.Now that we've defied that spectrum, we're finding ourselves with more extreme disasters of all kinds, but also more extreme and dangerous and damaging and deadly repercussions from those disasters, because the things we did to ameliorate them previously no longer work the same way, either.So California, especially this part of California, has been even drier than usual, and the way the state used to prevent the spread of wildfires no longer works the way it used to work; a climactic issue compounded by issues with the systems we've clung to, despite the problems they're meant to address having evolved substantially since they were originally developed and deployed.This situation is also complicated by the fact that southern California, and especially the LA area, is a hotbed for global entertainment, and that means a lot of wealth concentration.Lots of people scrambling to buy and build homes with beautiful coastal views, and the fact that these areas are high-risk for wildfires and increasingly other disasters, as well, doesn't really matter, because rich people want to be in this area, around all this activity and wealth, and it's generally understood that wealth can make you immune to these sorts of things, at least most of the time.That immunity is no longer such a given, and that high concentration of expensive assets means that even a relatively small fire can cause a heck of a lot of damage in a relatively short time.The same general collection of properties also means this region has a lot of landmarks that are at high-risk of destruction, and which are increasingly expensive to maintain and protect and repair, and it means the world is watching, to a certain degree—as celebrities flee their homes and influencers report the beat-by-beat of their evacuations—which in turn means there's plenty of incentive to spread misinformation, either out of a desire to participate in the situation, or because of honest ignorance, or for political and ideological reasons: wanting to paint the local governance as incompetent, for instance.At the moment, folks in the area are suffering from periodic power outages, largely due to local utilities shutting down some of their service areas in order to avoid starting new fires, their power cables and high winds sometimes sparking such things even in less pressure-cooker-like moments. And the air quality is absolutely abysmal, leading to localized health issues.Some areas have run out of water, apparently due to issues with reservoir infrastructure, and one of the two firefighting planes the local authorities have been using to douse the fires when the wind conditions allow has been grounded for repairs, after colliding with an illegally flown drone, the operator of which was apparently a paparazzi trying to capture photos of celebrity homes, either being consumed by fire or somehow avoiding such a fate.Again, this is a fast-moving story, and a lot is changing day by day, but at the moment it's looking like this could become the most expensive natural disaster in US history, and while local authorities are making progress in halting these fires' spread, the damage that's been done has already been substantial, and could have a lot of knock-on effects, for individuals and for the state's and country's economy, for years to come.Show Noteshttps://en.wikipedia.org/wiki/Park_Firehttps://en.wikipedia.org/wiki/Smokehouse_Creek_Firehttps://www.washingtonpost.com/business/2025/01/09/los-angeles-wildfire-economic-losses/https://en.wikipedia.org/wiki/California_FAIR_Planhttps://www.nytimes.com/2025/01/08/climate/california-homeowners-insurance-fires.htmlhttps://www.sfchronicle.com/california-wildfires/article/fair-plan-insurance-losses-20025263.phphttps://www.nytimes.com/interactive/2025/01/08/weather/los-angeles-fire-maps-california.htmlhttps://www.wsj.com/finance/wildfire-insurance-homeowners-costs-3889531fhttps://www.newyorker.com/news/the-lede/the-insurance-crisis-that-will-follow-the-california-fireshttps://archive.ph/Inso5https://www.npr.org/2025/01/09/nx-s1-5252837/will-there-be-enough-money-to-pay-out-insurance-claims-from-the-la-wildfireshttps://www.washingtonpost.com/climate-environment/2025/01/09/california-wildfire-palisades-homeowners-insurance/https://arstechnica.com/health/2025/01/public-health-emergency-declared-amid-las-devastating-wildfires/https://apnews.com/article/los-angeles-wildfires-southern-california-c5826e0ab8db965cb2814132ff54ee6fhttps://apnews.com/video/fires-wildfires-los-angeles-los-angeles-area-wildfires-california-574351467d2142ad958c212a0413ad96https://www.reuters.com/world/us/san-fernando-valley-under-threat-los-angeles-fire-rages-2025-01-12/https://www.wsj.com/us-news/los-angeles-wildfires-social-media-rumors-44d224b4https://www.wsj.com/style/los-angeles-hollywood-fires-celebrities-homes-paris-hilton-d1e3a7dehttps://www.vulture.com/article/hollywood-paparazzi-los-angeles-fire.htmlhttps://www.theguardian.com/us-news/live/2025/jan/12/california-fires-death-toll-expected-rise-ucla-threatened-winds-latest-updateshttps://www.reuters.com/business/environment/2024-was-first-year-above-15c-global-warming-scientists-say-2025-01-10/https://www.nytimes.com/2025/01/09/us/los-angeles-fire-water-hydrant-failure.html?unlocked_article_code=1.oE4.OUQs.lcdCoSSeQBtLhttps://www.axios.com/2025/01/11/los-angeles-fire-insurance-losses-billionshttps://www.latimes.com/california/story/2025-01-08/palisades-fire-devastation-scopehttps://www.washingtonpost.com/weather/2025/01/11/los-angeles-fires-california-updates-palisades-eaton-kenneth/https://www.latimes.com/california/story/2025-01-09/drone-collides-with-firefighting-aircraft-over-palisades-fire-faa-sayshttps://www.nytimes.com/2025/01/11/us/los-angeles-calfire-firefighters.htmlhttps://www.axios.com/2025/01/12/la-fires-climate-change-drought-extreme-weatherhttps://www.axios.com/2025/01/12/california-wildfires-loss-mental-healthhttps://www.nytimes.com/live/2025/01/12/us/los-angeles-fires-californiahttps://www.nytimes.com/2025/01/12/us/trump-los-angeles-fire-newsom-bass.htmlhttps://en.wikipedia.org/wiki/Hurricane_Katrinahttps://en.wikipedia.org/wiki/2008_Sichuan_earthquakehttps://en.wikipedia.org/wiki/2023_Turkey%E2%80%93Syria_earthquakeshttps://en.wikipedia.org/wiki/Great_Hanshin_earthquakehttps://en.wikipedia.org/wiki/2011_T%C5%8Dhoku_earthquake_and_tsunamihttps://en.wikipedia.org/wiki/List_of_disasters_by_cost This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit letsknowthings.substack.com/subscribe

If insurers are buckling, and backup insurers are buckling, where’s the backup for the backup? Private insurers were exiting parts of California and other markets well before these current firees, causing millions of people to opt for state-run backup insurance plans. Those plans are also now buckling under pressure of intensifying natural disasters. So where do we go from here? We discuss. And later, we’ll interrogate some of the working conditions of Shein factory workers in China.

If insurers are buckling, and backup insurers are buckling, where’s the backup for the backup? Private insurers were exiting parts of California and other markets well before these current firees, causing millions of people to opt for state-run backup insurance plans. Those plans are also now buckling under pressure of intensifying natural disasters. So where do we go from here? We discuss. And later, we’ll interrogate some of the working conditions of Shein factory workers in China.

Dr. Mathilde Jakobsen and Tim Prince, both of AM Best, said the reinsurance sector has maintained a positive outlook, upgraded from stable earlier in the year, primarily driven by performance. Both spoke with AM Best TV at AM Best's Europe Insurance Market & Methodology Briefings – London.

This episode features a speech and fireside chat interview from Artemis' ILS Asia 2024 conference, which was held in Singapore on July 11th. It was our sixth in-person conference in Singapore focused on catastrophe bonds, insurance-linked securities (ILS) and alternative reinsurance capital trends. This session featured a keynote speech and fireside chat interview with Paul Schultz, at the time the CEO of Aon Securities, the capital markets and investment banking arm of the global broking giant Aon. Schultz has now become the Global Vice Chair of Reinsurance at Aon. In this episode, Schultz gave a keynote speech to update the ILS Asia 2024 conference attendees on catastrophe bonds and ILS in Asia, after which he sat for an interview to explore his thoughts on market conditions. Listen to the full episode for more insights into the Aon view on catastrophe bonds and ILS in Asia from our expert speaker.

In this episode of the Limitless Podcast, Dr. Matthew Preston & Dr. Thaon Simms explore General Accident Insurance (GENAC), listed on the Jamaica Stock Exchange. Dive deep into the workings of insurance companies, the importance of reinsurance, and how GENAC navigates challenges like rising reinsurance costs and market consolidation.

"At the end of the day, what you're doing, is helping people during their most terrible times." Juan Andrade's career has spanned journalism, federal government service, and now his role as President & CEO of Everest Group (NYSE: EG). Throughout his journey, in different facets, he has remained committed to advancing the common good. Now at the helm of the leading global underwriter, Juan reflects on his unique path to leadership, the challenges of stepping into his role at the onset of the COVID-19 pandemic, the current state of the insurance and reinsurance industries, and his vision for Everest Group's future. https://www.ice.com/insights/conversations/inside-the-ice-house

This episode features the second panel session of the day at Artemis' ILS Asia 2024 conference, which was held in Singapore on July 11th. It was our sixth in-person conference in Singapore focused on catastrophe bonds, insurance-linked securities (ILS) and alternative reinsurance capital trends. The second panel session of the day was a discussion titled "ILS investor sentiment and trends." Moderating the panel session was: Yuko Hoshino, Senior Managing Director, Business Development, Leadenhall Capital Partners LLP. Joining her were: Stefan Kräuchi, Founder / CEO, ILS Advisers / HSZ Group; Leslie Lim, Investment Director, Tsao Family Office; and InYeong Yi, Head of Reinsurance, Mitsui Bussan Pana Harrison. The panellists discussed developments in investor sentiment for insurance-linked securities (ILS) with a particular focus on the Asia Pacific region. The audience heard from ILS managers and a family office investor that allocates to insurance-linked securities (ILS), as well as a large asset owner with re/insurance interests, making for a well-rounded discussion. Listen to the full podcast episode for more insights into investor sentiment for insurance-linked securities (ILS) and catastrophe bonds in Asia Pacific.

Unlock the secrets to achieving financial freedom and creating lasting wealth with our special guest, Gino Barbaro, co-founder of the Jake and Gino real estate brand. Learn how Gino transformed his life from a despised reinsurance accounting job to a wildly successful real estate empire, managing nearly half a billion dollars in assets. Discover the pivotal moments that shaped Gino's journey, including his entry into the restaurant business, the life-altering 2008 financial crisis, and the profound impact of T Harv Ecker's "Secrets of the Millionaire Mind."   Explore the critical shift from chasing money to seeking autonomy as Gino shares his personal experiences and insights into the unsustainable nature of trading time for money. Understand the importance of starting a business with a customer-centric approach and how to create value that transcends mere financial gain. Gino's narrative will inspire you to reframe your identity, focusing on intrinsic sources of self-worth rather than tying it to professional roles that can disappear without warning.   Gain valuable knowledge on multifamily real estate financing strategies and the intricacies of structuring deals. Learn about long-term fixed-rate financing, avoiding short-term bridge financing, and the essentials of connecting with brokers to secure the best deals. Dive into the importance of financial intelligence and legacy building, as Gino emphasizes teaching these principles within the family. Don't miss out on this enlightening episode packed with actionable insights and strategies designed to help you achieve financial independence and build a lasting legacy.   CHAPTERS    (00:00) - Escape the Drift (09:40) - Discovering Autonomy and Customer-Centric Business (12:45) - Navigating Self-Identity and Wealth Building (19:37) - Multifamily Real Estate Financing Strategies (32:14) - Avoiding Risks in Real Estate Partnerships (43:51) - Teaching Financial Intelligence and Legacy (53:58) - Podcast Promotion and Engagement  

Welcome to the third instalment of the podcast where I use the annual Monte Carlo RendezVous to gauge the outlook ahead of the key 1.1 Reinsurance renewals. This year, a lot had changed in the preceding 12 months. 2023 results had been almost universally excellent for all reinsurers and capital had returned to very healthy levels. Colour and confidence were visibly returning to the market. Smiles and receptive ears were in far greater supply than a year previously and the grim mood of two years ago had been almost completely forgotten. The only flies in the ointment were continued emergence of poor back year performance in some US casualty classes and a hesitancy among investors who still seemed more ready to punish any bad news, than reward the good. Whatever had been black and white two years ago was becoming progressively greyer and choice and options over what - and how and in what shape or size reinsurance could be bought - were beginning to open up for cedants. In short this is a market of nuances and one where experienced traders are going to be given an opportunity to shine. So join me as I root them out from either side of the underwriting desk and find out what's going on. My promise to you is that if you weren't lucky enough to be down on the Cote D'Azur in early September, listening to this podcast will be the next best thing to having been there in person, in the rooms, suites, cafés, restaurants and lobbies with me as I interrogate a large number of key industry personnel. Give me the next hour and I'll give you the State of (Re)insurance. NOTES:  GL = General Liability LINKS: We thank our sponsor Stephens Rickard: www.stephensrickard.com  

The life reinsurance industry in Bermuda has embraced the use of third-party capital structures and investor relationships, with sidecars now an established and growing feature of the market, Damian Cooper of PwC Bermuda explained in a recent interview. Our latest Artemis Live interview is with Damian Cooper, an experienced audit focused Partner in the Insurance team at PwC Bermuda. Cooper has a focus on the reinsurance industry, particularly the life sector, and also leads PwC's capital markets, accounting and regulatory advisory practice within Bermuda. With 20 years experience at PwC supporting life and general insurance clients in Australia, the UK and Bermuda, Damian has also audited several reinsurer's ILS and third-party capital operations. During our interview, Cooper pointed to the health of the life reinsurance market in Bermuda and highlighted a continuous trend towards innovation in the relationships between cedents and investors or asset managers. Cooper explained some of the trends driving this. He told us that, "On the demand side from the life reinsurers, it's worth noting that, obviously, reinsurers are fairly restricted, there's a real limit on a regulatory capital perspective on their ability to use debt financing so they are relatively dependent on equity.  "So third party capital has really been seen as an attractive way to grow, given its relative cost and flexibility as a tool to fund that growth, and given just the size of where these life reinsurers are going, there is a constant need, or a fairly steady need, to attain new capital to be able to fund that growth. "For the established reinsurers, the use of third-party capital and those sidecars also gives an opportunity to generate sort of management fee income, right, so to create another revenue source for them as part of their wider sort of return to their primary equity holders. "Then also, depending on the source of third-party capital, it can be used to ensure you get a good long-term alignment of interest between a ceding company or an asset manager and creating that sort of more symbiotic relationship on the reinsurance side, and then on the supply side.  "The existing success of those third-party capital vehicles is generating its own appetite for people looking at an effective way to essentially invest into the life reinsurance market and to be able to partner up or access the successful management teams, as they were, and their expertise in underwriting and asset management." Listen to the full podcast episode for more insights from PwC Bermuda's Damian Cooper.

When an insurance company can't cover all of its claims, it actually has its own insurance. This is called "reinsurance." How does that work and why do reinsurers look at their risk pool differently than say home or auto insurers? Related episodes: Why is insurance so expensive right now? And more listener questions (Apple / Spotify) When insurers can't get insurance (Apple / Spotify)For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter. Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy