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InsTech - insurance & innovation with Matthew Grant

Thomas Loridan & Nick Hassam: CEO & CCO, reask: Short term climate variability - forecasting with confidence (127)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.850 Ratings

🗓️ 28 February 2021

⏱️ 37 minutes

🧾️ Download transcript

Summary

The ability to accurately forecast annual changes in the likelihood of damaging hurricanes, cyclones and typhoons occurring has been a challenge in the past.    Now, with advances in technology, research and the use of AI, new companies are emerging with techniques to provide insurers with the evidence they need to confidently change their assessment of potential catastrophe risks over the short term (less than one year).Australia-based reask is rethinking how catastrophe models are built, with a global solution that has caught the attention of leading insurers and investors.Co-founders Nick Hassam and Thomas Loridan join Matthew on Podcast 127 to discuss how they are helping insurers understand climate change, and why it is driving a greater frequency and intensity in natural disasters.Talking points include:Why today’s models need a global focus Seasonal forecasting Machine learning and neural networks Integrating new approaches with historical views Tracking storms after landfall Sign up to our newsletter for a fresh view on the world every Wednesday morning. If you like what you're hearing, please leave us a review on whichever platform you use, or contact Matthew Grant on LinkedIn. Continuing Professional Development - Learning Objectives InsTech London is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech London podcast or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme. To claim 0.5 hours for this podcast, go to the Episode 127 page of the InsTech London website, or email [email protected].

Transcript

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0:00.0

Well, it's always a big risk-making predictions, but one thing is for sure, climate change is going to get even more attention this year by insurers.

0:22.6

Matthew Grant here, partner at Insteck London, and your guide through our weekly podcasting journey as we meet the people driving

0:27.0

change through innovation from around the world. Now, I've been involved in modelling catastrophes for

0:32.2

almost 30 years and for many years people have tried to forecast hurricane activity for the year ahead,

0:37.3

but the results have been mostly inconclusive.

0:40.7

Until now, insurers have struggled to see strong evidence enough to change her assessment of risk

0:44.6

and health pricing from year to year.

0:47.7

Well, that is starting to change.

0:49.5

Reask is one of a number of companies looking for ways to help insurers and others

0:53.6

understand the way

0:54.7

in which climate change is driving a greater frequency and intensity in natural disasters,

0:59.8

which usually translates into great losses from, for example, hurricanes, which are also,

1:03.7

by the way, referred to as cyclones and typhoons, depending on where you are in the world.

1:09.4

The two founders of Riyask, Nick Hassam and Thomas Luridian,

1:12.6

are currently based in Australia, but they have built models for the entire world and in a

1:17.7

relatively short time built up a client base of leading insurers and investors. Now this is a really

1:23.1

important area. We're going to see more companies like Riesk emerging and more from them too,

1:27.3

of course.

1:28.1

And in our discussion that follows, I've tried to keep it at a level that anyone can understand.

1:31.7

And if we do get a bit too technical, then stand by. A short explanation is not far behind.

1:37.4

And if this is your first episode, delighted to have you joining us. And to our regulars,

1:41.7

thank you again. And whoever you are and wherever you are,

...

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