Jon Laux

With a high reliance on operational (OT), the manufacturing sector assumes unique cyber risks. Great insight into the strategic cyber risk management considerations for this sector from Michael H. Lester, RPLU. WTW offers manufacturers a tailored package of analytics, coverage design and proprietary insurance to address key loss exposures. Top Manufacturing Risks for 2025: https://ow.ly/tztq50UnHLe

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I think this The Wall Street Journal article on #cyber #insurance nicely vindicates the benefits of using Axio 360 scenario-based cyber risk engineering including interesting insights from Kimberly Denbow, VP Security & Operations American Gas Association citing many insurers have become more selective in the clients that they take on where the number of insurance providers willing to write cyber insurance policies has been limited - Terms can differ so wildly between insurers that it is often hard for operators to understand what a policy actually cover - but it doesn't need to be this way: Axio brings greater transparency on risk profiling, if you're 'top right', no need to get lumped into 'bottom left' of the 2x2 box and no need to get stuck with cyber balance sheet protection. We help you: ❶ Determine scenarios ❷ Assess Cyber Risk Posture ❸ Quantify Cyber loss expectancy & economic loss reduction ❹ Stress test the Cyber Insurance policy for efficacy - will it perform as expected?🧐 ❺ Access the most efficient balance sheet protection capital www.axio.com #gas #naturalgas #cyberriskengineering #cyberriskquantification https://lnkd.in/eRQwzQg8

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Our TC wind, storm surge and inland flood models are based on global sea surface temperature (SST). Climate variability included are a warm Atlantic SST as well as La Nina, both conditions that increase many risk measures in the US this year.

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This was a great application of analytics, as Bob quickly linked the findings from the claims analysis and the risk transfer piece on another coverage and optimized resources accordingly.

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The collapse of Baltimore's Francis Scott Key Bridge has significant implications for the food trade industry. Our latest blog explores the disruption in logistics, potential economic impacts, and the crucial role of insurance in risk management. Read the full analysis here: https://bit.ly/3JpJKo0 #BaltimoreBridgeCollapse #FoodTradeDisruption #LogisticsChallenges #EconomicImpacts #InsuranceRiskManagement #SupplyChainDisruption #FoodIndustryAnalysis #RiskMitigation #InfrastructureFailure #BusinessContinuity

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Interesting prospective report by S&P: -cyber insurance market to grow 15/20% pa -advantage for insurers/MGAs with strong discipline and technical approach -management of systemic risk is paramount https://lnkd.in/g6S9ERQv

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GenAi is all the hype today - but what are the practical applications across the Insurance value chain, and how do you take the experimentation and friction out of rapid deployment ? Read the amazing blog post written by BluePond AI's Head of Engineering Sachin Kachare in partnership with our partners at AAIS (American Association of Insurance Services) to demystify Art of the Possible in Insurance with GenAi Venkatesh Srinivasan Kanchana Vijayakumar Kapil Dev Sareen Vamshee Krishna Richard Stamets, CPCU, AU Lori Crissinger (Seargeant) Abilash Mathew Priya Gupta

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At this year's National Bureau of Economic Research meeting of the #insurance work group the importance of price-making in distressed markets was the big topic. While building Next Generation Models [NGM] at Verisk we wrote two articles (with Society of Actuaries, Casualty Actuarial Society review) for colleagues in #underwriting & #riskmanagement. The papers outline the value of our view of natural #catastrophe risk for metrics in spatial #diversification, https://lnkd.in/e2ebr5aG & for competitive #premium pricing, https://lnkd.in/e66HebMu. These have brought about some excellent discussion on the #insurancecoverage gap & a suggestion to look at the theoretical volume of #reinsurance coverage needed for distressed markets to function properly. If interested to contribute with data or research, please reach out, #floridainsurace, #californiainsurance

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In a follow up to Lockton's most recent Market Update, the following article dives deeper into year over year trends in liability lines and what that could mean for what lies ahead. As companies look to navigate these challenging economic and market conditions, Lockton analytics can help create customized solutions that are a part of a long-term sustainable strategy.

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What Does the Public Think of Risk-Based Pricing? I recently came across a fascinating report (published in September) based on a survey of around 900 people in the USA, exploring public attitudes toward insurance pricing. While public sentiment on pricing can be challenging to assess, since everyone naturally wants to pay less, this survey offers some insightful takeaways. 🚘 Key Highlights on Car Insurance: - Motoring convictions: Only 10% oppose higher premiums for drivers with convictions. - Gender-based pricing: Surprisingly, only 17% support pricing by gender, even though this is standard in most U.S. states. - Causal links to claims: Most respondents favour using factors with a clear causal link to claims experience. ✳️ Risk-Based vs. Mutualised Pricing: There's a consensus that risk-based pricing is appropriate for car insurance, while health insurance should be more mutualised. However, even for health cover, many respondents support higher premiums for those with clearly unhealthy lifestyles. 🌊 On Flood Insurance: This is where it gets really interesting: - A majority support risk-based pricing for flood insurance, even in cases where it might make coverage unaffordable. Only 30% objected to risk-based flood pricing in such scenarios. - When asked if they were willing to subsidise others by paying more themselves, only 30% supported mutualisation of flood risk. Similarly, just 30% thought the government should subsidise flood insurance when shown specific cost scenarios. ♾️ My Takeaway: While these findings may not map directly to the UK or European markets, they highlight an interesting public preference for fairness tied to risk rather than broad mutualisation or subsidisation. This is particularly noteworthy in areas like flood cover, where affordability is a significant challenge. Of course, surveying public opinion on pricing is inherently tricky - people often lean toward answers that reduce their own costs. Still, this report offers valuable insight into how consumers perceive fairness and responsibility in insurance pricing. What are your thoughts on these findings? Could they signal trends relevant to other markets? 🔷 Join the Price Writer Pricing Software Demo Days! Discover the latest in pricing software from leading providers, all in one place. What’s in store? 🖥️ Choose from 7 Exciting Demonstrations ⏰ Quick & Convenient: Each demo is just 1 hour. 📅 Attend live on 28th, 29th, or 30th January 2025 or catch up with 24-hour replays. 🎟️ Completely Free 👉 Register Now: https://bit.ly/3ZqsYhC #InsurancePricing #GeneralInsurance #PandCInsurance #PriceWriter

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Despite the challenges of cost pressures and catastrophic events, insurers are leveraging advancements in data and analytics, as well as innovative solutions, to effectively identify low-risk properties within the same ZIP code. My colleague, Nathan Golia, Senior Analyst on Celent's P&C Insurance team, dives into how these cutting-edge technologies are empowering insurers to make informed decisions and maintain their position in risk management. Learn more > https://lnkd.in/eVfMxMcr

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“Because the industry for years has been underestimating the losses from the frequency (aka secondary) perils, most notably SCS, it appears to many (re)insurers as if there is a significant increasing trend. Not only have the models used by many (re)insurers underestimated the risk, sources of market losses have also underestimated the total industry losses from these events. “But the more accurate KCC SCS Model shows there was nothing extreme or surprising about 2023.” Looking ahead, KCC warns that potential SCS losses are increasing annually due to population growth and construction cost inflation. The firm predicts that future active seasons could easily exceed the losses seen in 2023, possibly within the next five years.

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Our Axio Cyber Underwriting 2.0 mission continues...... and here's a simple three-step one-pager on how we're making it easy for Clients/Captives, (Re)Insurers and Brokers to assess and quantify Cyber Physical Damage (CZ) by using existing Underwriting data in three easy steps following our successful graduation from Lloyd's Lab : 1. Axio platform imports the Property Schedule of Values and IT and OT cyber control details 2. It fuses this information with Axio proprietary cyber risk scenarios specific to industry, size, and location 3. It then generates a clear view of the comprehensive cyber risk in $/£/€; insights required to make informed balance sheet, capital provisioning and/or Underwriting decisions Location and aggregate loss expectancy, split per loss scenario So if you're a client that wants to determine your balance sheet exposure, a broker who wants to help their client determine balance sheet exposure or an insurer who wants offer solutions using cyber risk engineering data including [cyber] #esg exposures, we're here to support you 🆘 We can catch you if you're slipping off the #cyber and #esg innovation curve; please DM if you'd like to join us on our journey..... 🚀🚀🚀🚀🚀🚀 www.axio.com #cyberphysicaldamage #cyberinsurance #innovation #clientsolutions Aon Marsh WTW Gallagher Lockton Howden Specialist Risk Group McGill and Partners Price Forbes United Insurance Brokers Limited WBN - Worldwide Broker Network Brokerslink WTW Miller Insurance Services LLP GBN Worldwide WING - Worldwide Insurance Network Group Dorens & De Waal Insurance Group / DDW Group BMS Group Artex Risk Solutions Bermuda Monetary Authority IAIS - International Association of Insurance Supervisors AXA AXA XL Allianz Commercial AIG Beazley Brit Insurance Chubb Convex Insurance Everest FM Global ICMIF Inigo Lloyd's Munich Re MS Amlin Swiss Re Tokio Marine Group Zurich Insurance

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What share of #opioids prescribed in #workerscomp is prescribed to #injured workers FIVE years or more after their injury? Revealed opioid #utilization and prescribing trends identify another feature of state #medicalpixels. Join me next Thursday, September 19 at 2:00 pm Eastern to find out more. #workerscompensation #NCCI

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Will regulators ban the use of AI in insurance? Although new regulations may be coming, here’s why an actual ban is not likely. #futureofinsurance #insurtech https://lnkd.in/gBuGhdSw

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Ask anyone who works in insurance and financial risk assessment what the backbone of the industry is and they’ll probably give you a two-word answer: Actuarial science. Right now actuarial science is undergoing an AI and data analytics-fuelled transformation. It’s incorporating machine learning and data analytics in new ways that revolutionize how actuaries: → Predict risks → Model scenarios → Devise insurance policies But actuarial expertise, creativity, and nuanced judgment will always be at the heart of the models. And AI will complement—not replace—this expertise, creativity, and nuanced judgment. With that said, here are five changes we could soon see in actuarial science: Actuaries will harness AI and machine learning to boost their analytical capabilities. AI will help actuaries process and analyze vast datasets more quickly and efficiently, to get deeper insights and tackle more complex problems. AI will lead to the automation of manual and repetitive actuarial tasks. Actuaries will develop skills in programming and data science, as demands grows for them. Actuaries will focus on areas that rely on human judgment and contextual understanding, like strategic decision-making, AI ethics, and personalized customer service. Ultimately, however AI is involved, actuaries will always need to make sure the model is accurate, reliable, and ethical. Human insight, critical thinking, and wisdom will always guide the use of AI, as the foundation of actuarial science. Want to talk more about the latest trends in global insurance? Reach out for a free 22-minute consultation. https://lnkd.in/eBCZ6h2M #AI #Insurance #JacobStreet

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Value-add risk insights and decision support at your fingertips. Data straight to analytics. The future is here. If you want to know more, I will be at RIMS next week. #WTW #Riskanalytics

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At this year's National Bureau of Economic Research meeting of the #insurance group the importance of price-making in distressed markets was the big topic. While building Next Generation Models [NGM] at Verisk Extreme Event Solutions, we wrote these two articles (with Society of Actuaries, Casualty Actuarial Society review) for colleagues in #underwriting and #riskmanagement. The papers outline the value of our view of natural catastrophe risk for metrics in spatial #diversification, https://lnkd.in/edkp89T & for competitive #premium pricing, https://lnkd.in/gA5bZTyJ. These have brought about some excellent discussion in the community on the #insurancecoverage gap & a worthy suggestion to look at the theoretical volume of #reinsurance coverage needed for distressed markets to function properly with enhanced clarity, certainty and predictability. If interested to contribute with data or research, please reach out. #floridainsurace, #californiainsurance

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Seems unbelievable, right? Get the same work done in minutes instead of days? AND 99% cheaper? Ask our clients. Or give the Aon Life Solutions team a chance to prove it with your models. How will your business change with the impossible now possible? Think fast - your weekend model runs just got done while you were reading this post!

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