Category Archives: Webinars

Triple-I, ResilientH20 Partners Launch Resilience Innovation Hub

The Gulf Coast & Southwest Resilience Innovation Hub’s creation was announced on June 18 by the Insurance Information Institute (Triple-I) and ResilientH20 Partners and will be a key part of the Triple-I’s Resilience Accelerator initiative.

The Resilience Innovation Hub will allow private and public sector entities to collaborate and bring-to-market resilience and flood mitigation technologies. Moreover, the Hub will connect investors with governments and academic institutions while also highlighting pre-disaster mitigation success stories through a resilience portfolio and technology showcase program. 

The Innovation Hub is opening effective June 18 at the Cannon’s downtown Houston Cannon Tower, a venue which already houses workspaces where entrepreneurs gather as their ventures develop. The locale, also the headquarters for ResilientH20 Partners, is at 1801 Main Street, Suite 1300, Houston, Texas 77002. The Triple-I’s Resilience Accelerator initiative is aimed at reducing the impact of extreme weather events and building more resilient communities through insurance.

“As households and businesses learn from past natural disasters, especially those which struck the U.S.’s Gulf Coast, the Resilience Innovation Hub can accelerate the deployment of products, services, and projects aimed at reducing disaster-caused losses in consultation with insurance carriers and brokers,” said Dr. Michel Léonard, CBE, Vice President, Senior Economist, Triple-I and the Triple-I’s Resilience Accelerator lead.

“There has been a widespread interest in, and demand for, best-in-class actionable, alternative disaster mitigation solutions since 2017’s Hurricane Harvey and subsequent storms caused extensive insured losses to autos, homes, businesses, and governmental properties,” said Richard Seline, Managing Partner, ResilientH2O Partners. “Society saves six dollars for every dollar spent through mitigation grants funded through federal agencies and even more progress can be made on this front through further investment in pre-disaster risk mitigation.”

Nine of the 10 costliest hurricanes in U.S. history have occurred since 2004, as defined by private-sector insured losses paid to auto, home, and business insurance policyholders and FEMA National Flood Insurance Program (NFIP) payouts.

“The Cannon Tower will provide a seamless onboarding for the Resilience Innovation Hub’s activities. Houston is already home to networks which focus on issues like sustainability, green infrastructure, and smart cities,” said Remington Tonar, Chief Revenue Officer, The Cannon Startup Platform.

The Resilience Innovation Hub’s creation was announced at the second in a series of virtual Town Halls co-hosted by the Triple-I and ResilientH2O Partners. The session on “Technology, Innovation, and Investment” focused on investing in pre-disaster risk mitigation and featured presentations by:

A panel discussion followed, and it included the Cannon’s Remington Tonar; Aaron Chan, Scouting Manager at State Farm’s @Labs; and Edward Craner, Senior Vice President of Strategy and Marketing at Holt Caterpillar.

Get Your Business Ready for Severe Weather – How to Prepare, Respond & Recover

A natural disaster will strike no matter where you live in the United States. It’s is not a question of if, but when. But if you’re prepared, the damaging impact of a tornado, flood, earthquake or hurricane can be managed.

A recent webinar conducted jointly by the Small Business Administration (SBA) , the Insurance Information Institute (Triple-I), and the Insurance Institute for Business and Home Safety (IBHS) offered business owners valuable advice on how to plan to withstand a disaster.

Communication is key

Alejandro Contreras, Director of Preparedness, Communication and Coordination at SBA’s Office of Disaster Assistance, advised that communications planning is key to a post-disaster recovery strategy. A list of frequently updated contacts should include local media outlets, utility companies and emergency responders. You should also sign up for alerts from FEMA and local public health officials.

Make sure your records are stored electronically off-site (in the cloud) and make sure you have financial records, insurance policy declaration pages, and important contacts.

When reviewing insurance coverage, don’t forget to explore flood insurance. Flooding is the most common and costly natural disaster in the United States, causing billions in economic losses each year. About 90 percent of all natural disasters in the U.S involve flooding. And just one inch of water can cause up to $25,000 in damage, said Contreras. Flood insurance is sold as a separate policy by the National Flood Insurance Program and a growing number of private companies.

It’s important for a business to create a culture of preparedness and make sure employees understand their roles by frequently testing their business continuity plans, concluded Contreras.

The SBA offers low interest long-term disaster loans to businesses. Since mid-March, the agency has distributed about $86 billion in loans for coronavirus-related losses.  To apply for a loan or to learn about the requirement visit disasterloan.sba.gov.

Get insured

Loretta Worters, Vice President Media Relations, Triple-I, spoke about being financially prepared for disasters with insurance. To be sure the claims process goes smoothly, take a business inventory listing all assets, she advised. It’s also important to have records of expenses and income.

Worters went over the different types of policies available to businesses and what they usually cover. Property insurance helps protect buildings, equipment, furniture, and fixtures. Business interruption insurance (BI) can help with operating expenses during the period of restoration and includes lost net income (based on financial records), mortgage, rent and lease payments, loan payments, taxes, and employee payroll.

A business may have the option to insure its business property at replacement value or actual cash value, she said, noting the difference is that replacement value coverage can help you replace your property at market prices, whereas actual cash value coverage takes depreciation into account. Replacement value coverage costs more, but it also pays out more in the event of a claim so it’s something business should really consider.

BI is also available for civil authority, such as curfews when businesses have to reduce hours due to government orders.

Utilities service endorsement is available to cover disruption in these services to a business premises.

Worters also noted that, as part of BI, extra expense coverage will cover anything beyond the normal day-to-day operating expenses that is necessary to keep a business solvent, such as renting a temporary place of business while your business is insured or leasing equipment.

In response to an attendee’s question, Worters explained that business income losses are determined based on the business’ profit and the cost of continuing normal operations.

Worters concluded that knowing your risks is an essential element of an overall business plan. While large businesses have risk managers to help make insurance decisions, small-business owners must be their own risk manager but can also get help by consulting with an insurance professional.

Make a recovery plan and test it once a year

Gail Moraton, Business Resiliency Manager, IBHS, cautioned that one out of four businesses that close due to a disaster never reopen, yet 57 percent have no disaster recovery plan. Some small businessowners say they don’t have time or money to come up with a business continuity plan or are in denial that a disaster could wipe them out. Easy-to-use plans and checklists are available from DisasterSafety.org.

Moraton also advised that businessowners get familiar with the likelihood and potential severity of the various risks that could threaten their operations. They range from natural disasters to man-made risks, such as cyber attacks, theft, sabotage, war, and loss of key employees, among many others. Owners also should know their operations and gather information by asking staff to list key functions.

She said employees – the most important asset of any business – should be asked to provide their contact information, emergency contacts, and evacuation destinations.

Businesses need to also have a inventory of their equipment and an understanding of their finances.

Moraton said that once you’ve gathered the key information and have a plan you should update and test that plan every year. Running emergency drills annually will make sure everyone is well prepared in case a real disaster strikes.

Know your hazards

Christopher Cioffi, Commercial Line Engineer, IBHS, provided tips on how to review the hazards in your area by checking on previous years’ severe weather events and reviewing FEMA flood maps. He went over the components of the EZ-PREP plan which includes actions to take before, during and after a disaster.

For example, 72 hours before a hurricane, some of the actions the PREP plan calls for include:

  • Remove or secure all debris on the property
  • Review message templates for business’ website, phone recording and employee communications
  • Take laptops home at the end of each day and confirm they can connect to the business’ server from home

Webinar: Building resilient businesses and communities in the time of COVID-19

On May 14 the Insurance Information Institute (Triple-I), co-hosted a webinar with ResilientH20 Partners that focused on managing extreme weather events in the midst of the COVID-19 pandemic. The panelists discussed the changing role of stakeholders across the private sector, governments and non-profit/NGOs.  

The panelists drew from their backgrounds across government, business and insurance to discuss the immediate challenges stemming from the COVID-19 pandemic, the downturn in the economy, and near-term flood and storm threats. 

Click here to view a recording of the webinar.

Co-hosts:

  • Dr. Michel Léonard, Vice President & Senior Economist, Triple-I
  • Richard Seline, Managing Director, ResilientH20 Partners

Panelists:

  • Dr. Daniel Kaniewski, Managing Director, Public Sector Innovation, Marsh & McLennan
  • Jeff Moseley, CEO, Texas Association of Business
  • Katie Sabo, State and Local Leader, Managing Director, Public Sector Partnership, Aon

Moderator:

  • Chris Tomlinson, Business Columnist, Houston Chronicle

Some of the key takeaways include:

  • Having a business continuity plan is a must-have for any business
  • Flooding can occur anywhere (not just high-risk zones) – so getting flood insurance is crucial
  • In the midst of the pandemic, we can’t lose sight of the importance of investing in mitigation and resilience, which will help on a material level post-event
  • The COVID-19 crisis is putting unprecedented pressure on local governments – if private investors have ideas for disaster mitigation, especially ones where return on investment can be shown – now is the time to bring them, and they will be heard
  • Insurers are and will be playing bigger roles in partnering with local governments to build public/private solutions to disaster resilience

This webinar is the first in a new series of thought leadership sessions that aims to be a catalyst for public-private-partnerships focused on enhancing pre-disaster risk mitigation at each step of the resilience value-chain, from financing to development, management, technology selection and crisis-management.

The Atlantic hurricane season starts on Monday, June 1, but could get an early start this weekend with Tropical Storm Arthur.

Triple-I Briefing: Surplus
Is Key to Insurers Keeping
Policyholder Promises

The insurance industry can meet its obligations to policyholders in the midst of the coronavirus pandemic – but government interventions being discussed threaten to unravel this safety net and could make it impossible for insurers to affordably provide essential coverage in the future.  

These are among the conclusions shared by Triple-I chief economist Steven Weisbart and senior economist Michel Léonard in a briefing today that explained how the industry already has been affected by the pandemic and subsequent recession; how policyholder surplus ensures funds are available to cover claims; and how any attempt to retroactively apply this pandemic to business interruption policies would cause irreparable harm to the financial stability of the property-casualty insurance industry. 

“Insurers price their policies for expected claims, with additional monies set aside for unexpected claims, such as those which are filed during exceptionally severe hurricane seasons,” Dr. Weisbart said. “The policyholders’ surplus backs up every line of insurance each insurer writes. It is calculated as assets, minus liabilities, and rises and falls due to changes in asset values.”   

Dr. Weisbart and Dr. Leonard explained in detail how surplus works and showed how – under a variety of plausible scenarios – retroactively rewriting insurance contracts could make it impossible for insurers to play their critical role as financial first responders

“If insurers nationwide had to pay business interruption policy claims for which they collected no premium, it could cost the industry each month anywhere from roughly $150 billion to nearly as high as $380 billion,” said Léonard, noting that the smaller amount accounted for the U.S.’s small and medium-size businesses that currently have business interruption coverage and the larger amount includes those who do not. “Pandemic-caused losses are excluded from standard business interruption policies because they impact all businesses, all at the same time.”   

If you missed the briefing, you can view the presentation.  

Related Links: 

Coronavirus: Issues and impacts  

Triple-I Fact Sheet: Insurers Are Engaged In the COVID-19 Crisis
Triple-I Publication: A Firm Foundation: How Insurance Supports the Economy

Triple-I Publication: A Firm Foundation: How Insurance Supports the Economy

 
Triple-I Blog

COVID-19: Learning From History 

COVID-19: A Teachable Moment for Thinking About Risk 

Triple-I Webinar Covers COVID-19’s Economic and Health Implications

The Insurance Information Institute invited its members to a webinar titled “Covid-19’s Impact on Health, the Economy and Growth” on March 5 at 11:00 a.m. EST presented by Triple-I Vice President and Senior Economist Michel Léonard, PhD, CBE.

Dr. Lèonard will discuss the following key points:

• Economic impact likely to continue into Q3/Q4 2020 and 2021
• Could reduce global growth by as much as 1 percent and delay recovery by up to 12 months
• Fiscal and monetary policy, rates cuts, unlikely to be effective
• Insurance industry to see higher claims, reduced premium growth

He will also preview the Global Macro and Industry Outlook report before it is made available to the public.

To find out more about the benefits of Triple-I membership click here.

I.I.I./ICM Presents Recruitment and Retention: Best Practices and Paths Not Taken

In this hour-long live session, part of February Insurance Careers Month, a panel of experts shared insights and best-practices for engaging top young talent from non-RMI backgrounds and optimizing recruitment, onboarding and retention to better contend with emerging disruptive forces (Insurtech, virtual workspaces).

Watch this webinar now.

Presentation Date
February 20, 2018 at 12:00 p.m. est

Speakers

  • Tony Cañas, CPCU, MBA, of Jacobson Group and Insurance Nerds (InsNerds.com)
  • Tara N. Spain, Vice President of the Travelers Foundation and Second Vice President of Community Relations at Travelers
  • Bruce Soltys, Second Vice President, Strategic Sourcing and Talent Acquisition at Travelers
  • Dr. Steven N. Weisbart, CLU, Chief Economist and SVP Research and Education, I.I.I.
  • Noelle Codispoti, CEO, Gamma Iota Sigma

Following are links to resources that were mentioned during the session.

Videos

Websites

Jacobson Group Whitepaper

Travelers/Diversity and Inclusion programs

Travelers Roadtrip Nation campaign

I.I.I. Economics and Employment reports by Dr. Steven Weisbart

Click to download the presenters’ slides

I.I.I. Market Report Webinar: Protecting Small Business Against #cyberfail”

“Small businesses are an easy target,” said Steve Clarke, Vice President, Government Relations, ISO. Clarke was one of several experts describing the cyber threat small business owners face in an Insurance Information Institute webinar Dec. 11, “Protect Your Business from #cyberfail.”

Many of these enterprises are data-rich businesses, Clarke continued, pointing to how a recent study estimated 28 percent of cyber thefts occur at health care companies while another 17 percent came at financial services firms.

Other issues which arose—

Cutting down the time between when a cyber breach takes place, and when the victim notices it has happened, also known as the ‘dwell time.’

The importance of educating employees about cyber risks, and how many cyber breaches occur because a company’s employees unknowingly open emails which are part of phishing operations aimed at gaining access to a company’s computer network.

The U.S. Small Business Administration has materials on cybersecurity on its website.

Watch this webinar now.

Presentation Date
Monday, December 11, 2017

Speakers

Introduction: James Lynch, Chief Actuary, Insurance Information Institute

Moderator: Marty Frappolli, Senior Director of Knowledge Resources, The Institutes

Panelists:
• Steve Clarke, Vice President, Government Relations, ISO
• Nick Graf, Ethical Hacker, CNA Insurance
• Donald Smith, Director of the Office of Entrepreneurship Education, Small Business Administration
• Michael Rohrs, Associate Director of Global Cyber Practice, Control Risks

Verisk Web Seminars: Property/Casualty Industry Results 2016: Perspectives from ISO, PCI, and I.I.I.

On-demand Webinar

The property/casualty insurance industry is facing difficult times. Underwriting gains are becoming losses, premium growth is slowing, and investment yields are shrinking. On the other hand, the industry’s surplus is reaching record highs and some lines and market segments are showing signs of growth.

In this webinar, executive leaders from ISO, PCI and the I.I.I. discuss how the insurance industry performed in 2016, and explore some key challenges and opportunities facing insurers in the years to come.

Watch this webinar now.

Presentation Date
Monday, May 8, 2017

Speakers
Beth Fitzgerald
President, ISO Solutions

Robert Gordon
SVP, Policy Development & Research, Property Casualty Insurers Association of America

Sean Kevelighan
CEO, Insurance Information Institute

Swiss Re: Natural catastrophes: tornadoes, earthquakes, wildfires & floods – the story of 2016

On-demand Webinar

Last year, economic losses from Natural Catastrophes nearly doubled to USD 175 billion. Insured losses also jumped from to USD 54 billion from USD 38 billion. These numbers were at their highest since 2012 and mark a reversal from the recent below-average years.

In this webinar, experts from Swiss Re and the Insurance Information Institute review 2016’s global natural catastrophe and man-made disaster losses and explain what they could mean to the insurance industry on Thursday, April 27 from 11 – 12 PM EDT.

Watch this webinar now.

Presentation Date
Thursday, April 27, 2017

Speakers
Dr. Steven N. Weisbart, CLU
Senior Vice President and Chief Economist, Insurance Information Institute

Dr. Thomas Holzheu
US Chief Economist, Swiss Re

Dr. Josh Woodbury
Specialist Flood, Swiss Re

I.I.I. Market Report: Managing Geopolitical Risk

On-demand Webinar
With the rising tide of nationalism and regional tensions around the world arguably more severe than since the Cold War, geopolitical risks seem to be only increasing. For insurers and insureds, the impacts of geopolitical risks can have a significant impact on the bottom line; whether through business disruption, financial loss, or even – and most tragically – human peril. Insurance is at the center of how businesses and people prepare and mitigate the risk.

In this webinar, leading experts from the insurance industry and the world of public affairs discuss the current geopolitical climate, subsequent risks for organizations and risk transfer solutions.

Watch this webinar now.

Presentation date
Tuesday, May 16, 2017

Speakers
Natalie de Clermont
Underwriter, Political Risk and Trade Credit, Neon

Harriet Karwatowska
Broker, Miller

Amy Pope
Nonresident Senior Fellow, Adrienne Arsht Center for Resilience

Hank Watkins
President, North America, Lloyd’s

Sean Kevelighan (moderator)
Chief Executive Officer, Insurance Information Institute

Additional Resources
Lloyd’s Report: Political Violence
I.I.I. White Paper: Terrorism Risk Insurance Program: Renewed and Restructured