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Register On an inflation-adjusted basis, 2020 was the second-costliest year on record for thunderstorm-related damage in the U.S. Most year of the insured losses resulted from hail damage is the driver of the industry loss. Due to increasing awareness over the last several years regarding the increase in insured hail losses, insurance companies have been arming themselves with analytics; hail swath report maps which now seem to be a dime a dozen are widely used by insurance companies. Roofers are also using these hail maps to find work. However, some things should be known about these products which will be one component of this talk. The other component will be how the hail maps can be used to improve customer satisfaction and profitability during these costly catastrophic events. BMS RE US is drawing upon its broad, national client-base to provide important insights to insurance companies, helping them better understand and utilize the information in hail swath reports. In this talk, we will discuss how insurance claims data from destructive hail events adds value beyond the standard hail swath maps by offering improved claims rates and exposed loss ratios.
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On an inflation-adjusted basis, 2020 was the second-costliest year on record for thunderstorm-related damage in the U.S. Most year of the insured losses resulted from hail damage is the driver of the industry loss. Due to increasing awareness over the last several years regarding the increase in insured hail losses, insurance companies have been arming themselves with analytics; hail swath report maps which now seem to be a dime a dozen are widely used by insurance companies. Roofers are also using these hail maps to find work. However, some things should be known about these products which will be one component of this talk. The other component will be how the hail maps can be used to improve customer satisfaction and profitability during these costly catastrophic events. BMS RE US is drawing upon its broad, national client-base to provide important insights to insurance companies, helping them better understand and utilize the information in hail swath reports. In this talk, we will discuss how insurance claims data from destructive hail events adds value beyond the standard hail swath maps by offering improved claims rates and exposed loss ratios.
About the Presenter Andrew Siffert is an Vice President and Senior Meteorologist within BMS Re US Catastrophe Analytics team for 9 years. He works closely with clients to help them manage their weather related risks by adding value through catastrophe response, catastrophe modelling, product development and scientific research and education. He has 19 years of industry experience having worked in the energy and insurance industry focusing his meteorological knowledge on helping companies manage their weather risks. Prior to joining BMS, Andrew worked for FlagstoneRe as a CAT Project Manager / Meteorologist and was responsible for developing LiveCAT products, frontline research, and analytics used in the underwriting process. He has also worked at ACE Group with the development of ACE Global Weather Insurance products and helped pioneer the weather derivatives market and energy trading markets while working at Aquila Energy Corp. Andrew has educational background that spans the sciences with a master’s degree in meteorology from the University of Utah and was member of the 2002 Olympic weather support team.
Andrew Siffert is an Vice President and Senior Meteorologist within BMS Re US Catastrophe Analytics team for 9 years. He works closely with clients to help them manage their weather related risks by adding value through catastrophe response, catastrophe modelling, product development and scientific research and education. He has 19 years of industry experience having worked in the energy and insurance industry focusing his meteorological knowledge on helping companies manage their weather risks. Prior to joining BMS, Andrew worked for FlagstoneRe as a CAT Project Manager / Meteorologist and was responsible for developing LiveCAT products, frontline research, and analytics used in the underwriting process. He has also worked at ACE Group with the development of ACE Global Weather Insurance products and helped pioneer the weather derivatives market and energy trading markets while working at Aquila Energy Corp. Andrew has educational background that spans the sciences with a master’s degree in meteorology from the University of Utah and was member of the 2002 Olympic weather support team.
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