Major Hurricane Ida Tied for Strongest Hurricane on Record in Louisiana; 5th Strongest in US: Sustained winds of 150 mph, with higher gusts, caused significant damage at and near the landfall point in Port Fourchan, LA. Storm surge in excess of seven feet was observed, while power outages affected 80% of the state of Louisiana.
Live Event: Growing Caldor Fire Forces Evacuations and Threatens Structures in South Lake Tahoe: The Caldor Fire has forced the evacuation of the entire town of South Lake Tahoe in California, with 33,000 structures immediately threatened, and gusty winds expected to drive further growth. More than 95% of the West is in a state of drought, with over half the region in extreme to exceptional drought.
Infrastructure: Accelerating Impacts of Climate Change: Climate change is driving a range of physical, transition, and liability risks in infrastructure. Uncertainty surrounding the various paths to decarbonization challenges traditional business models and existing infrastructure investment approaches. Data analytics can guide the use of adaptation measures and the negotiation of innovative risk transfer solutions. Transparent reporting on climate metrics offers new opportunities to strengthen relationships with stakeholders. Marsh McLennan Advantage’s recent report, Built to Last: Infrastructure and Trust in a Changing World, explores this concept as well as many others connected with infrastructure risk.
Video: Public-Private Partnerships Play Key Role in Tackling Climate Risk: In this video, Josh Darr, Managing Director, Head of North America Peril Advisory for Guy Carpenter, talks about the need for a high-profile champion within the federal government to address climate-related market risks, and the progress we are seeing in this area.
Recessions Lead to Lessons in the Surety Market: Learning from recessionary periods over the past 20 years can help surety companies manage risk more effectively and take advantage of opportunities, despite economic uncertainties. Guy Carpenter’s recent briefing, With the Right Tools, Sureties Can Navigate Tough Economic Cycles, shows how recessions have shaped the industry and led to further technology breakthroughs to analyze credit portfolio exposures.
And, you may have missed….
Video: Guy Carpenter’s Will Garland Discusses Mid-Year Renewals: In this episode of The Insurer TV’s Prospective, Will Garland, Guy Carpenter’s President, Centers of Excellence, North America, talks about the impact on mid-year renewals of climate change, social inflation, ongoing claims development, and softening and stabilization of the catastrophe claims environment.