Steven Linkovich

EXTREME WEATHER, SEVERE CONVECTIVE STORMS, CLIMATE CHANGE, AND A BREWING CATASTROPHE FOR HOMEOWNERS INSURANCE: This thoughtful and in-depth piece discusses the challenges insurers face in writing profitable business in light of climate-driven headwinds, and the availability challenges homeowners are now encountering as a result. Further, the problem is not confined to coastal states like Florida and Louisiana but extends to Midwestern states such as Iowa and Ohio that continue to be buffeted by Severe Convective Storms and wind events. Iowa provides and instructive case study, in that since 2020 (when and unprecedented derecho pummeled that state) carriers have lost money; in 2023, for every dollar collected in premium, insurers paid $1.44 in loss. Of note: Insurers lost money in 18 states during 2023, up from 12 in 2018 and eight in 2013. #emergingissues #insuranceindustry SECURA Insurance Pekin Insurance

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Looking for insights to help improve participant outcomes? Join Capital Group at the Broadridge 360 Advisor Summit to dig into three positive behaviors! #RetirementPlanning #RetirementPlan #RetirementSecurity #BR360AdvisorSummit #JonathanYoung Important disclosures: https://bit.ly/2JzEDWl .

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Looking for insights to help improve participant outcomes? Join Capital Group at the Broadridge 360 Advisor Summit to dig into three positive behaviors! #RetirementPlanning #RetirementPlan #RetirementSecurity #BR360AdvisorSummit #JonathanYoung Important disclosures: https://bit.ly/2JzEDWl .

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Just released! This year’s Defined Contribution Consulting Study from PIMCO dives into the changing dynamics of the retirement market. Learn more about the factors shaping plan sponsor decisions and participant behaviors: retirement income, QDIAs, plan design and more. Available for download now: https://bit.ly/4egmrv1

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What’s keeping today’s business leaders up at night? For starters, it’s economic uncertainty and financial lines exposure concerns over EPL, ESG, and DEI. My colleague @Mike Englert’s recent article featured in Risk & Insurance sheds light on current management liability exposures and how we’re addressing it with ProShield, our comprehensive coverage offering. #libertyfinanciallines #riskandinsurance #riskmanagement #managementliability https://bit.ly/3JER7Ir

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What’s keeping today’s business leaders up at night? For starters, it’s economic uncertainty and financial lines exposure concerns over EPL, ESG, and DEI. My colleague @Mike Englert’s recent article featured in Risk & Insurance sheds light on current management liability exposures and how we’re addressing it with ProShield, our comprehensive coverage offering. #managementliability #riskandinsurance #riskmanagement https://bit.ly/3wf9bFW

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THE BUSINESS CYCLE: CYCLE IS AS CYCLE DOES! In the end, is this time (really) different? Probably not, but so many macro narratives along the way; so many probable market outcomes; so much angst. For greater clarity and a little stress relief, join us at the Insurance Investor Live | Spring Symposium next week in Chicago! #IILS2024 #insuranceevents #insuranceinvestor #sustainableinsurance #PRI #PSI #ELVIS

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The P&C personal lines insurance business has gone through a catastrophic period of losses and rating downgrades. This happens regularly - although this was a particularly rough cycle. What are carriers doing to moderate the boom-bust cycle? The way Progressive can.

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The KatRisk team will be attending RIMS (Risk and Insurance Management Society, Inc.)'s #RISKWORLD conference in San Diego next week and we'd love to see you there. As leaders in climate catastrophe risk, we're always eager to connect with fellow industry professionals, thought leaders, and innovators. If you'll be attending #RISKWORLD, drop me a note and we can schedule a time to meet with the team. #KatRisk #ClimateRisk #RiskModeling

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The latest from our Center for Retirement & Policy Studies on evaluating retirement income options.

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NEW BMS Group Severe Weather Update 05/29/2024 Less than two months ago, on April 24th, the BMS Severe Weather update issued a stark warning to the insurance industry: prepare for another brutal, severe weather season in the U.S. This BMS insight is a timely update on whether this severe weather pattern will persist into June. Since the April 24th update, insurance losses have skyrocketed, surpassing $10 billion, and are projected to be nearly $20 billion by the end of May. These staggering figures are a result of several significant events, including severe thunderstorms in Dallas and a derecho in Houston, which left over 2.07 million customers in Texas without power. Estimating insurance losses from severe weather is a multifaceted task, with numerous variables at play. Recent high-profile events have demonstrated the wide-ranging effects of severe weather, from the destruction of a Dollar Tree distribution center in Oklahoma to damage sustained by wind turbines in Iowa. These losses in the commercial and renewable energy sectors underscore the challenges insurers face in adjusting claims and the potential for inflation to drive up repair costs across the industry. Insurers are responding with changes, such as higher deductibles and roof-only exclusions, but the full impact of these measures on reported losses may not be understood for years. Despite these efforts, this year's severe weather losses are already 128% above the 10-year average, with 27 loss events reported by the end of May, which surpasses last year's total of 23 events. The BMS Insight provides a comprehensive view of the persistent severe weather, as evidenced by various metrics, such as the high number of tornado warnings and severe weather days recorded by the Storm Prediction Center. With over 1,919 tornado warnings issued and 3,142 large hail events reported, 2024 is shaping up to be one of the most active years for severe weather since 2011. We also highlight some of the valuable lessons that can be gleaned from this recent severe weather. The insurance industry is closely monitoring these insights and using advanced tools and research to better understand and mitigate the risks. One notable example of this, is the work of the Insurance Institute for Business and Home Safety (Insurance Institute for Business & Home Safety - IBHS) who are focused on improving hail and wind damage mitigation. BMS is a proud member of the IBHS, demonstrating the industry's commitment to proactive risk management. While a potential shift in weather patterns by mid-June might reduce tornado activity, it raises concerns about increased wildfire risks due to drying conditions in the western U.S. as fine fuels become more susceptible to ignition. #Insurance #Reinsurance #RiskManagemnt #SevereStorm #Tornado Click The Link Below for Amazing Content 🔽 https://lnkd.in/gpwqv5Gd 

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This is a terrific article by #NYTimes on the state of the insurance market with regards to increased weather volatility and strain on availability of homeowners insurance. #catrisk #climate #weathervolatility https://lnkd.in/d5J-FK3U

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As hurricane season approaches, preparations are key to reducing risk. Leading researchers anticipate that the upcoming hurricane season could be among the most active on record. Watch the animated infographic below to gain insights on how to prepare your business before the 2024 hurricane season. Learn more: https://ow.ly/atmG50S6Iwu #MitigatingtheRiskSeries #HurricaneSeason #MunichReSpecialty

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Nuclear verdicts—jury awards over $10M—are increasingly impacting property brokers in the US. These massive awards can result from severe accidents involving carriers hired by brokers that tragically result in bodily injury or death. Key Impacts: • 📈 Rising Insurance Costs • 🛠️ Stricter Vetting Processes • ⚖️ Increased Settlements • 📉 Market Consolidation Preventative Measures: • ✅ Enhanced carrier vetting and safety compliance • 📄 Strong contractual protections and sufficient carrier insurance • 🔧 Robust risk management and operational audits • 📊 Tech integration for real-time tracking and compliance Despite the increased risk environment, many brokers/3PLs still do not carry Contingent Auto Liability Insurance. Speak to your insurance broker about securing a quote. Proactive measures are crucial to navigating these challenges and ensuring the protection of your organization. #NuclearVerdicts #RiskManagement #Logistics #3PL

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