Hurricane Ida – What we know & what it means for reinsurance & ILS: PCS interview

Episode 84,  Dec 03, 2021, 01:19 PM

This episode is focused on Hurricane Ida which struck the United States at the end of August 2021. We discuss the status of the recovery and how that may factor into the eventual insurance and reinsurance market loss, also whether loss creep could emerge.

For our latest Artemis Live interview we wanted to understand how the industry loss from Hurricane Ida has been developing and explore the complexities in the reconstruction and recovery that could impact just how high the insurance and reinsurance market loss could rise. 

Who better to do that with than executives from Property Claim Services (PCS), a division of Verisk, so we were joined by Tom Johansmeyer, Head of PCS and Ted Gregory, Director of Operations, PCS and ISO Claims Analytics for this video interview. 

Estimates for the industry loss from Hurricane Ida still range from as low as $25 billion to as high as $40 billion, sometimes above, so it's clear at this stage there is no consensus. 

In order for the market to really understand what’s going on, it’s important to look at the facts on the ground and the claims data flowing through the market from underwriting companies. 

Hence, our discussion with PCS in this interview hopes to provide some more detail as to what's being seen on the ground in Louisiana, as well as further afield and how that will potentially influence the continued development of losses from Hurricane Ida. 

Listen to this episode to learn more about the on-the-ground situation in Louisiana after Hurricane Ida, as well as to better understand some of the complexities that may drive loss creep and claims amplification.