Ivan Maddox

Ivan Maddox is a Geomatics Engineer (University of Calgary, ’96), who has performed surveying and remote sensing projects all over the world. Before settling in Denver, he lived in Lyon, London, Montréal and Brisbane. He is the Product Manager for InsitePro at Intermap, and is the Executive Vice President for commercial solutions. When not leveraging data, Ivan enjoys leveraging the mountains, books, all things culinary, and playing with his kids.
Find me on:

Recent Posts

The Actuaries Speak: Flood and the Protection Gap

Posted by Ivan Maddox on Apr 25, 2017 7:57:40 AM

 Last week the American Academy of Actuaries released a paper on flood insurance: The National Flood Insurance Program: Challenges and Solutions. April has provided a motherlode of excellent material on flood insurance, including the study from the CIPR: Flood Risk and Insurance, which we explored last week. Let’s check out the Academy’s monograph (a nice synonym for “study” or “white paper”, isn’t it?).

As the title states, the monograph is concerned with describing challenges the NFIP must confront, and solutions for them. The monograph (that really does sound good, doesn’t it?) is 96 pages, so we are going to heavily summarize the key challenges and solutions – but do note that the paper is absolutely worth a close reading or two.

Here are the key challenges, according the Academy, verbatim because they are so clear:

  • The inherent contradictions in NFIP mandates. The NFIP is tasked with both achieving solvency and making coverage widely available at “affordable” rates, policy goals that may not be simultaneously achievable.
  • The non-insurance activities of the NFIP. The NFIP performs a number of tasks in the public interest, such as promulgating maps, encouraging smart land use policies and building codes, and reducing the public’s dependence on post-event disaster assistance. The benefits of such tasks are not directly measured in the NFIP’s financial results from underwriting flood insurance.
  • The NFIP’s interaction with other federal budget functions. The activities noted in the prior bullet point affect federal outlays in other areas such as disaster assistance or infrastructure investment to protect properties. A holistic view of the NFIP’s value needs to consider these functions.
  • Changing hazard over time. The concern of rising sea levels illustrates the importance of looking at NFIP finances over a multi-decadal time horizon. Such long-term analysis is used by Congress in social insurance programs such as Social Security and Medicare.
  • The impact of technology on what is possible to underwrite in the private market. Improvements in data and modeling tools have significantly improved the ability of private insurers and reinsurers to underwrite flood risk. The need for clarity around NFIP funding sources for it to compute actuarially sound rates. Actuarial standards and principles promulgated to guide ratemaking for private entities may not be completely relevant for public programs such as the NFIP, largely due to access to funding sources such as the ability to borrow from the Treasury and/or other means of post-event financing such as debt repayment surcharges. Addressing probability of sufficiency issues would mitigate this issue.
Read More

Topics: Floods, Insurance Protection Gap

The NAIC Does Flood in Denver

Posted by Ivan Maddox on Apr 18, 2017 8:00:00 AM

Last week, the Center for Insurance Policy and Research (the research arm of NAIC) ran a panel discussion on Flood Risk and Insurance in Denver at the NAIC spring meeting. The panel discussion was in tandem with the release of their new study, Flood Risk and Insurance. Both the panel and the study were celebrated as successes in the room – and I’m not saying that just because I was an author of the study. The panel discussion featured a few real highlights for me:

Read More

Topics: Floods, Flood Insurance, Private Flood

2017 Top 3 Blogs (First Quarter)

Posted by Ivan Maddox on Apr 11, 2017 8:00:00 AM

One of the shortcuts that every blogger uses is using a Top 3 list of blogs they’re already written. With the end of the first quarter of 2017, it’s time for Risks of Hazard to shamelessly use that shortcut. Without any ado:

3. Proper Flood Insurance is Coming This post lauded the filed flood rates from Palomar, which is the first set of filed rates NOT based on any NFIP stuff. It was a hit – even with people not working for Palomar.

Read More

Topics: Flood Insurance, Insurance Underwriting, Blogs, Top Three

Oh no! FIRM Updates Getting Cut

Posted by Ivan Maddox on Mar 28, 2017 8:41:45 AM

Insurance Journal published an article last week about how funding cuts to FEMA might eliminate updates to the Flood Insurance Rate Maps (FIRMs). A consumer group is concerned – but should they be?

Read More

Topics: Insurance News, Agreement

Wildfire Season Starts Always

Posted by Ivan Maddox on Mar 21, 2017 8:00:00 AM

Over the past few years, there hasn’t really been a traditional wildfire season in the U.S. and Canada. The year’s worst fire was in northern Alberta…in May. Meanwhile, last year’s most tragic U.S. fires were burning over Thanksgiving in Tennessee. This year, the tragedy started in February with Texas and Oklahoma experiencing horrible and fatal wildfire in February. There was almost no quiet season (also known as “winter”) for wildfire.

Read More

Topics: Wildfire, Fire Insurannce

The Risks of Hazard Blog   rss-feed

Welcome to The Risks of Hazard, brought to you by Intermap Technologies®. From the latest industry news and trends, to insight from thought leaders around the globe, stay tuned for a variety of content aimed at helping you better understand the role of location-based intelligence in the world of insurance underwriting and risk assessment.

To see how Intermap delivers analytics tailored to your underwriting, visit our InsitePro page.

Subscribe to the Risks of Hazard blog!