We at Otter wanted to take a moment to personally reach out amidst these first weather disturbances we're seeing in the Southwestern Gulf of Mexico and the Southwestern Atlantic Ocean. As many of you know, there's a significant area of disturbed weather over Central America and the adjacent waters, with a broad area of low pressure forecasted to form. This system could potentially lead to a tropical depression or storm by midweek, bringing heavy rainfall and life-threatening flooding to various regions. While this hurricane season has started slowly, it's essential to stay informed and prepared as conditions can change rapidly. With gale warnings already in place and heavy rainfall expected, those along the western and northwestern Gulf coasts must stay vigilant. High Seas Forecasts from the National Weather Service provide more detailed information on these warnings. This is where Otter Claim Solutions comes in. Drawing on years of experience in Catastrophe Claims Management, Vendor Management and Utilization, Claims Handling, and Claims Innovation, our team is ready to assist carriers and their customers in navigating these challenges. At Otter specialize in desk claims handling, ensuring we leverage the right resources at the right time to provide accuracy and exceptional customer service. I am incredibly proud of the work we do at Otter Claim Solutions and confident in our ability to support customers through their times of need. Our goal is to make sure your customers are well taken care of, especially during those critical moments which dramatically disrupt their lives. Please don't hesitate to reach out if you have any questions or need assistance. We’re here to help and ensure that you and your customers are supported every step of the way.
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-Economic Losses: H1 2024 saw USD128 billion in economic losses, driven by severe convective storms (SCS) and major floods -Insured Losses: Total insured losses reached USD61 billion, with the US accounting for 61% of global insured losses - Atlantic Hurricane Season: Expected to be highly active due to record Atlantic warmth and La Niña transition - Global Temperatures: Warmest H1 on record, with 13 consecutive months of record global temperatures - Flooding: Significant events in Central Europe, Arabian Peninsula, and southern Brazil
Today we released Gallagher Re's Natural Catastrophe and Climate Report: H1 2024. The report is jam packed with data, insights, and analysis that thoroughly covers the first six months of 2024. We also include an in-depth discussion on what we might expect from the rest of the Atlantic hurricane season, and whether Hurricane Beryl's re-writing of the early season Atlantic record book or an analysis of historical analog years can bring us any clues. Report Link: https://lnkd.in/dXXwE_Br Important H1 2024 Stats*: Economic Loss: $128 billion (near average) Insured Loss: $61 billion (+25% above average) US SCS Insured Loss: $37 billion (61% of all global H1 insured losses) Billion Dollar Events (Economic): 32 Billion Dollar Events (Insured): 19 *Preliminary and expected to rise We also endured the warmest H1 on record dating to 1850, which also includes 13 consecutive months of record warm global temperatures (June 2023 to June 2024). This was aided by lingering El Niño conditions, but even with the ongoing transition towards La Niña (which typically cools the planet), 2024 is virtually certain to end as a top 2 warmest year on record. The most striking statistic involves US severe convective storms (SCS). The country has now recorded more than $100 billion in insured thunderstorm losses in the past 18 months (FY 2023 & H1 2024). This is a record-setting, and staggering, total. Given the storms already recorded in July, the US will soon be crossing the $40 billion insured threshold. By all accounts, SCS should no longer be considered "secondary" or "non-peak" for the insurance industry. What will the rest of 2024 bring? Stay tuned. But the insurance industry, governmental agencies, emergency managers, etc. need to be prepping for the potential of several busy months ahead.
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For all of you with interest in nat cat events and associated losses.
Today we released Gallagher Re's Natural Catastrophe and Climate Report: H1 2024. The report is jam packed with data, insights, and analysis that thoroughly covers the first six months of 2024. We also include an in-depth discussion on what we might expect from the rest of the Atlantic hurricane season, and whether Hurricane Beryl's re-writing of the early season Atlantic record book or an analysis of historical analog years can bring us any clues. Report Link: https://lnkd.in/dXXwE_Br Important H1 2024 Stats*: Economic Loss: $128 billion (near average) Insured Loss: $61 billion (+25% above average) US SCS Insured Loss: $37 billion (61% of all global H1 insured losses) Billion Dollar Events (Economic): 32 Billion Dollar Events (Insured): 19 *Preliminary and expected to rise We also endured the warmest H1 on record dating to 1850, which also includes 13 consecutive months of record warm global temperatures (June 2023 to June 2024). This was aided by lingering El Niño conditions, but even with the ongoing transition towards La Niña (which typically cools the planet), 2024 is virtually certain to end as a top 2 warmest year on record. The most striking statistic involves US severe convective storms (SCS). The country has now recorded more than $100 billion in insured thunderstorm losses in the past 18 months (FY 2023 & H1 2024). This is a record-setting, and staggering, total. Given the storms already recorded in July, the US will soon be crossing the $40 billion insured threshold. By all accounts, SCS should no longer be considered "secondary" or "non-peak" for the insurance industry. What will the rest of 2024 bring? Stay tuned. But the insurance industry, governmental agencies, emergency managers, etc. need to be prepping for the potential of several busy months ahead.
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With hurricane season underway, it's important to ensure your property is safe and sound! 🌦 Here are some tips to prepare your property for the season: ✅ Assess hurricane risks by understanding local wind and water hazards and checking historical data and floodplain zones for your property. ✅ Update evacuation and emergency plans, ensuring awareness among employees and tenants, and establish efficient communication methods for updates. ✅ Ensure your property is prepared by trimming any trees, cleaning gutters, and fixing any damaged/loose shingles or holes identified on your roof. ✅ Prepare for business disruptions by arranging backup suppliers, finding alternative operation locations, and setting up digital business solutions. ✅ Review and document insurance policies to ensure adequate coverage for hurricanes, and record property conditions and valuables for claims. If you ever sustain damage, give us a call. We can offer clients tailored advice and help facilitate communication with the insurance carrier. And even if you’re not a client, we’re happy to help however we can 🤝
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With hurricane season underway, it's important to ensure your property is safe and sound! 🌦 Here are some tips to prepare your property for the season: ✅ Assess hurricane risks by understanding local wind and water hazards and checking historical data and floodplain zones for your property. ✅ Update evacuation and emergency plans, ensuring awareness among employees and tenants, and establish efficient communication methods for updates. ✅ Ensure your property is prepared by trimming any trees, cleaning gutters, and fixing any damaged/loose shingles or holes identified on your roof. ✅ Prepare for business disruptions by arranging backup suppliers, finding alternative operation locations, and setting up digital business solutions. ✅ Review and document insurance policies to ensure adequate coverage for hurricanes, and record property conditions and valuables for claims. If you ever sustain damage, give us a call. We can offer clients tailored advice and help facilitate communication with the insurance carrier. And even if you’re not a client, we’re happy to help however we can 🤝
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Insurance Broker ∞ Decreasing Ooops/Darn Moments for Small Business and Non-Profits ∞ Extending More Love with Every Day
With hurricane season underway, it's important to ensure your property is safe and sound! 🌦 Here are some tips to prepare your property for the season: ✅ Assess hurricane risks by understanding local wind and water hazards and checking historical data and floodplain zones for your property. ✅ Update evacuation and emergency plans, ensuring awareness among employees and tenants, and establish efficient communication methods for updates. ✅ Ensure your property is prepared by trimming any trees, cleaning gutters, and fixing any damaged/loose shingles or holes identified on your roof. ✅ Prepare for business disruptions by arranging backup suppliers, finding alternative operation locations, and setting up digital business solutions. ✅ Review and document insurance policies to ensure adequate coverage for hurricanes, and record property conditions and valuables for claims. If you ever sustain damage, give us a call. We can offer clients tailored advice and help facilitate communication with the insurance carrier. And even if you’re not a client, we’re happy to help however we can 🤝
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With hurricane season underway, it's important to ensure your property is safe and sound! 🌦 Here are some tips to prepare your property for the season: ✅ Assess hurricane risks by understanding local wind and water hazards and checking historical data and floodplain zones for your property. ✅ Update evacuation and emergency plans, ensuring awareness among employees and tenants, and establish efficient communication methods for updates. ✅ Ensure your property is prepared by trimming any trees, cleaning gutters, and fixing any damaged/loose shingles or holes identified on your roof. ✅ Prepare for business disruptions by arranging backup suppliers, finding alternative operation locations, and setting up digital business solutions. ✅ Review and document insurance policies to ensure adequate coverage for hurricanes, and record property conditions and valuables for claims. If you ever sustain damage, give us a call. We can offer clients tailored advice and help facilitate communication with the insurance carrier. And even if you’re not a client, we’re happy to help however we can 🤝
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Global report, but there is a summary for Florida (worthy of a download) Yes, the Florida insurance marketplace was mentioned. Key points include: -Market Position: The Florida insurance market is in a stronger position today than in previous years due to reforms passed in 2022 -Reinsurance Renewal: Following the June 1, 2024 reinsurance renewal cycle, risk-adjusted rates on most programs were either flat or down by up to 10% -Citizens Property Insurance: Florida's state-run insurer had 1.21 million active policies as of early July 2024, with efforts ongoing to shift policies to the private market
Today we released Gallagher Re's Natural Catastrophe and Climate Report: H1 2024. The report is jam packed with data, insights, and analysis that thoroughly covers the first six months of 2024. We also include an in-depth discussion on what we might expect from the rest of the Atlantic hurricane season, and whether Hurricane Beryl's re-writing of the early season Atlantic record book or an analysis of historical analog years can bring us any clues. Report Link: https://lnkd.in/dXXwE_Br Important H1 2024 Stats*: Economic Loss: $128 billion (near average) Insured Loss: $61 billion (+25% above average) US SCS Insured Loss: $37 billion (61% of all global H1 insured losses) Billion Dollar Events (Economic): 32 Billion Dollar Events (Insured): 19 *Preliminary and expected to rise We also endured the warmest H1 on record dating to 1850, which also includes 13 consecutive months of record warm global temperatures (June 2023 to June 2024). This was aided by lingering El Niño conditions, but even with the ongoing transition towards La Niña (which typically cools the planet), 2024 is virtually certain to end as a top 2 warmest year on record. The most striking statistic involves US severe convective storms (SCS). The country has now recorded more than $100 billion in insured thunderstorm losses in the past 18 months (FY 2023 & H1 2024). This is a record-setting, and staggering, total. Given the storms already recorded in July, the US will soon be crossing the $40 billion insured threshold. By all accounts, SCS should no longer be considered "secondary" or "non-peak" for the insurance industry. What will the rest of 2024 bring? Stay tuned. But the insurance industry, governmental agencies, emergency managers, etc. need to be prepping for the potential of several busy months ahead.
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After traveling around 3,600 miles as a major hurricane, Beryl has weakened to a disorganized tropical storm after crossing the Yucatan peninsula. The satellite images reveal a compact center with limited deep convection, a stark contrast to its previous category 5 status near the Windward Islands. Beryl's northward movement and fluctuating intensity forecasts highlight the need for caution, especially as dry air and southern wind shear pose new challenges as it approaches the Texas coastline. This BMS Group Tropical Update looks at the latest forecast models, indicating that Beryl is likely to make landfall between Port O’Connor and Matagorda Bay, Texas. The NHC's official track has shifted significantly northward, giving Beryl more time over warm Gulf waters, potentially allowing it to strengthen. The BMS iVision Verisk Respond model suggests landfall as a category 1 hurricane, with storm surge and strong winds mainly affecting the central Texas coastline. However, slight deviations could impact areas like Corpus Christi or Houston. Beryl's structural evolution and the resulting storm surge are crucial factors for insurance impacts, with potential losses varying based on landfall location and intensity. While the expected landfall area has historically seen limited insurance losses from similar storms, a track closer to populated areas could increase costs significantly. Rainfall forecasts of 8 to 12 inches also raise concerns about flooding, especially given the region's wet summer. Despite current forecasts suggesting manageable impacts, the insurance industry remains vigilant due to the Gulf's history of unexpected intensifications in the past. Below is the BMS iVision Verisk Respond hurricane swath for Beryl, which shows Beryl will slowly intensify toward the central Texas coastline as a weak hurricane, with the strongest winds to the right side of the storm track. More great content in the link below: https://lnkd.in/gcQVAqY9 #Beryl #TropicalUpdate #HurrianeSeason #Insurance #Reinsurance
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⛈️ Stay Ahead of Hurricane Season with Infinity Brokers ⛈️ When hurricane season approaches, preparation is key! Hurricanes and tropical storms may give some warning, allowing you to create a strong mitigation and response plan. 🏢🌊 Whether near the coastline or beyond 50 miles, take precautions to protect your business from hurricane-related property damage and loss. Hurricane Florence showed us how far the impact can reach! Here are 6 crucial steps to get your business ready: 1️⃣ Review Insurance Policies: Don't wait for the storm to strike. Review your policies now and know how to file claims after a disaster. We can help update your coverage with hurricane and flood riders for added protection. 2️⃣ Establish a Disaster Plan: Craft an emergency response and continuity plan with varying levels of response based on the hurricane's impact. Create an emergency contact list for employees, suppliers, and vendors. 3️⃣ Inventory Your Business Equipment: Keep a detailed inventory using photos and videos. It'll be invaluable for insurance adjusters when assessing losses. 4️⃣ Secure Your Space: Brace for impact by securing your building. Use shutters, plywood, or paneling for windows and doors. Unplug electrical equipment and secure loose objects. 5️⃣ Back-Up Data Off-Site: Protect vital business data with off-site backups on external drives or cloud storage, safeguarding it from physical damage. 6️⃣ Protect Your Employees: Your team is essential. Encourage them to prepare for the storm, create personal emergency plans, and keep them informed with a messaging system. Partner with Infinity Brokers to ensure your business is hurricane-ready. Review your policies, understand your coverage, and safeguard against storm surges and flooding. Be prepared for anything nature throws your way! #HurricanePreparedness #StayProtected #InfinityBrokers
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With hurricane season underway, it's important to ensure your property is safe and sound! 🌦 Here are some tips to prepare your property for the season: ✅ Assess hurricane risks by understanding local wind and water hazards and checking historical data and floodplain zones for your property. ✅ Update evacuation and emergency plans, ensuring awareness among employees and tenants, and establish efficient communication methods for updates. ✅ Ensure your property is prepared by trimming any trees, cleaning gutters, and fixing any damaged/loose shingles or holes identified on your roof. ✅ Prepare for business disruptions by arranging backup suppliers, finding alternative operation locations, and setting up digital business solutions. ✅ Review and document insurance policies to ensure adequate coverage for hurricanes, and record property conditions and valuables for claims. If you ever sustain damage, give us a call. We can offer clients tailored advice and help facilitate communication with the insurance carrier. And even if you’re not a client, we’re happy to help however we can 🤝
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