Not only is insurance an industry that is based on a general inability to predict what is going to happen, it is a hyper-competitive industry in which the winners are those who can best predict the unknowable…or at least be less wrong than their competition. Insurance underwriting is the actual process of pricing what is unknowable, and is necessarily performed with rigorous processes underpinned with vast amounts of data. However, underwriting is never perfect, and the gap between actual underwriting and perfection is called underwriting leakage.
Plug The Leak: Reduce Underwriting Leakage With Better Data
Posted by Ivan P. Maddox on Jun 19, 2018 4:03:34 PM
Topics: Insurance Underwriting, Risk Management, Insurance Protection Gap
The past year was a tough one for US cat losses, especially wildfire and flood. Last week we explored just how bad it was, but also just how much opportunity does exist in the US protection gap. The secret to unlocking that opportunity, without undue overexposure, is crisp underwriting.
Topics: Insurance Protection Gap, Effective Underwriting, Perils
Last week Insurance Journal ran a recap of the P/C Joint Industry Forum, held last month in NYC. If you underwrite flood or wildfire, go read it now and then come back here for a bit of commentary. If you are a blogger, chances are you have already read it.
Topics: Flood Insurance, Flood Risk, Insurance Protection Gap, FEMA
The Risks of Hazard is cruising into the holiday season like all blogs, by piggy-backing on old work. And there is no better way to recycle blogs than to do Top 3 lists! Without any ado at all, here are the top 3 blogs from the last three months.
Topics: Flood Insurance, Insurance Protection Gap, NFIP
NFIP Reform Passes the House: What Insurers Need to Know
Posted by Devin Ward on Nov 21, 2017 2:57:06 PM
Topics: Flood Insurance, Insurance Protection Gap, NFIP