David Schmid, Reask & Brian Espie, Kettle: Building transparent coverage for hurricane risks (251)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 25 June 2023

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The Florida insurance market has faced numerous challenges in recent years. For insurers to underwrite profitably in Florida, having the right hurricane reinsurance is essential. David Schmid, Head of Parametric Products, Reask and Brian Espie, Chief Underwriting Officer, Kettle, join Henry Gale to discuss the new parametric reinsurance solution Kettle and Reask have created for Florida hurricane risks. Topics include: Why parametric can help insurers buy reinsurance that reflects their own view of risk The advantages of parametric reinsurance over industry loss warranties (ILWs) The data sources Reask uses to calculate hurricane wind speed at different locations How Hurricane Ian's wind patterns were unusual and why it matters We’d love to know what you think about this episode - click here and add your thoughts to our LinkedIn post about it. If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us [email protected] Continuing Professional Development - Learning Objectives InsTech is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech podcast, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Describe some of the ways analysing natural disaster behaviours can help to underwrite Identify different reinsurance options and understand the importance of choosing the correct one Explain why calculating hurricane wind speed is essential If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 251 page of the InsTech website or email [email protected] to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey

Transcript

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0:00.0	Good morning, good evening, wherever you are.
0:10.0	Matthew Grant here, CEO of INSTEX.
0:13.0	And as I'm recording this, we are enjoying 27 degrees Celsius, that's 80 degrees Fahrenheit here in London, so climate is very much on our mind. And it is for our guest, too, this week, David Schmidt from Cyclone Modeler Riask and Brian S.B. of
0:25.8	Kettle. Now, both companies have emerged in the last few years and are now collaborating to offer new forms of insurance in the US, including using parametric insurance structures.
0:35.7	Henry Gail, one of our senior researchers at INSTECH,
0:38.2	is your host this week, and you can find out more about climate modeling and parametric insurance
0:42.4	from our website, www.com, and information about what we're offering other insurers and technology
0:49.0	companies to help with collaboration and partnership. That's it for me. Here's Henry. David Schmidt, head of parametric products at Reask. Welcome to the podcast.
1:04.0	Thanks for inviting me. Now, you're co-founders, Thomas and Nick, were on the podcast in 2021.
1:09.0	I've just seen their podcast have more than a thousand downloads.
1:12.3	And you're joined this time by Brian Sby. You're the chief underwriting officer at Kettle.
1:17.1	Brian, welcome to the podcast. Thanks, and I'm going to be joining you.
1:20.3	So I'm going to start with you, David. Reask, you were founded in 2018,
1:24.9	and you're specialized in providing models and data to help companies understand
1:29.9	natural catastrophe risks, particularly tropical cyclones such as hurricanes. And the company's
1:35.7	offerings include catastrophe modeling, near-term forecasting, and wind metrics after a hurricane
1:42.1	for event response and parametric products.
1:45.0	David, what have I missed there?
1:46.0	Yeah, well, this was a certainly good overall description of Riosk.
1:51.0	We tried to redefine the boundaries of risk modeling
1:54.0	based on the understanding of what has been produced before us already.
1:59.0	Many at Riosk have experienced with the large model vendors as well.
	...

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