Insurance Nerds

The USA as an (Insurance) Startup by Peter Crowe of Team Focus Insurance Group & 🇺🇸 Nick Lamparelli of Insurance Nerds On July 4th, 1776, a remarkable startup was born. Dubbed the United States of America, this fledgling entity struggled in a world dominated by established powers. Much like any new business venture, the USA had to fight—quite literally—to establish its place. Once it found its footing, the next challenge was determining how to survive and thrive amidst formidable competitors. The parallels between the early USA and a modern startup insurer or managing general agency (MGA) are striking. As soon as you gain some traction, you face an immediate exposure management problem. For the USA, the exposure was not just financial but existential. Surrounded to the North by the British Empire (which they just fought against for several years), to the West by the French Empire, and to the South and Southwest by the Spanish Empire, the USA had to navigate an unstable geopolitical READ THE FULL ARTICLE HERE: https://lnkd.in/eeYFvEqP

Catastrophe modeling experts Karen Clark & Company issues final United States, Mexico & Caribbean insurable loss estimates for #Beryl ### Overview **KCC Loss Estimate:** **Total Estimated Losses:**  - Caribbean: $510 million  - Mexico: $90 million  - US: $2.7 billion - **Details:**  - US estimates include residential, commercial, and industrial properties, automobiles, and business interruption.  - Estimates for the Caribbean and Mexico exclude automobiles and business interruption. **Meteorological Highlights:** - Beryl intensified rapidly from a tropical depression to a Category 3 hurricane in 42 hours. - Became the earliest Category 5 hurricane on record on July 2. - Strongest July Atlantic hurricane on record. - Path: Windward Islands to Texas Gulf Coast with landfalls in Carriacou Island, Grenada; Tulum, Mexico; and Matagorda, Texas. - Re-intensified in the Gulf of Mexico to Category 1 before Texas landfall. - Generated accumulated cyclone energy (ACE) of over 35, contributing significantly to the 2024 Atlantic Hurricane Season ACE. **Meteorological Development:** - Originated as a tropical depression on June 28. - Rapidly intensified to Category 4 by June 30. - Made first landfall in Carriacou, Grenada as a strong Category 4 with 150 mph winds. - Reached Category 5 with 165 mph winds on July 2. - Weakened due to wind shear but remained strong, affecting Jamaica as a Category 4. - Made second landfall near Tulum, Mexico as a Category 2. - Weakened to a tropical storm, then re-intensified before making final landfall in Texas as a Category 1. **Impacts:** - **Caribbean:**  - Severe destruction in Carriacou and Petite Martinique, with 95% of homes damaged or destroyed.  - Extensive damage in St. Vincent and the Grenadines, with 90% of homes on Union Island destroyed.  - Moderate damage in Barbados. - **Jamaica:**  - Eyewall skirted the southern coast, causing widespread power outages and damage to homes and public infrastructure. - **Mexico:**  - Minor damage but significant power outages following landfall near Tulum. - **Texas:**  - Widespread power outages affecting over 2.5 million homes.  - Significant roof and structural damage, particularly along the coast.  - Storm surge up to six feet causing flooding and vehicle damage. https://lnkd.in/eTzueYXg #WickedWeathahWednesday #Beryl

There are 7 (and only 7) ways that businesses can become powerful. If your company can't execute any of these 7, you don't have power, and you are essentially a commodity. #StrategySaturday #7Powers #DefensibleDifferentiation

Are you looking for new ideas on insurance, estate planning and other areas of the financial world? Then check out the Get Ready List. And, please share insightful podcasts, articles, research, books, events with Tony Steuer, CLU, LA, CPFFE for future editions.

Review your homeowners and renters insurance - week 28 of Get Ready Money Pros from Financial Preparedness Expert - Tony Steuer, CLU, LA, CPFFE #FinancialWellnessFriday

Most property insurance is indemnity-based coverage (a covered property is damaged by a covered peril - and the policyholder is made "whole"). The TRIGGERING event for the policy is the property loss. We are now seeing an inflection point of a different style of property coverage, called parametric (will some marketing guru PLEASE rebrand this!!!). Under a parametric policy, the TRIGGERING event is NOT the property damage but the peril/hazard. Guillermo Franco from Guy Carpenter, discusses a solution for property portfolios. We are likely to keep seeing more and more parametric (did I mention we need a new name for this??) solutions coming to market as they fill in many of the gaps and flaws of indemnity policies. (for an intro on parametric policies, see the link in the first comment) https://lnkd.in/etRAd6x6

In Episode 5 of CoVerse The Podcast, Whitney & Zaira spoke with Laura Dinan Haber, who discusses her award-winning efforts in fostering community and innovation within the insurance industry, emphasizing the importance of collaboration and storytelling to drive progress and share valuable lessons.

Welcome to The Get Ready List! on #FinancialWellnessFriday This week, the list covers: - planning for aging in place, - increasing 'Whealthspan' financial planning, and - navigating financial advice for Black women. It also highlights: - a Caribbean caregiver conference, - the financial literacy gap among teens, - strategies for graduating college debt-free, and - the psychology of retirement income. Learn about: - amplifying wealth, - writing your own obituary for an ideal life, and - the impact of Supreme Court decisions on buy/sell agreements. Explore: - financial independence, - inflation's impact on retirement, and - topics to discuss with credit card issuers. Finally, it addresses closing the wealth gap and the financial consequences of undiagnosed memory disorders. https://lnkd.in/e_UAr2_u

Link to ***CAREER ALERT(S)***

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