|the international society of CATASTROPHE managers|
On September 15, 2016, the ISCM held its inaugural Education Seminar at the Fitch learning Center in downtown New York City. The following are scenes from the event that drew over 50 participants from the insurance and reinsurance industry.
Session presentations can be found in the Members Only Download Page.
Special thanks to:
The Seminar Presenters: Katie Carter, Dan Dick, Nick DiMuzio, Roger Grenier, David Keeton, James Waller, Amy Wixon
The Education Committee: Dan Dick, Nick DiMuzio, David Keeton, David McCommas, Minchong Mao, Imelda Powers, Amy Wixon
The first ISCM Zurich event that has taken place for several years was in mid-September, and the subject provoked some interesting discussion: “The Protection Gap: a marketing slogan or a development need?”. In the Q&A style of our panel discussion, here’s an overview of the event:
What was the conclusion? Is the Protection Gap a marketing slogan or a development need?
The overall conclusion from our presenters, Margareta Wahlström (former head of the UN Office for Disaster Risk Reduction) and Daniel Hofmann (Geneva Association) is that there is a definite development need. Through his presentation (posted in the members’ area on this site), Daniel demonstrated how insurance works to stabilize the economy after disaster strikes.
Our panel, which consisted of leaders from across the insurance industry, agreed with our presenters. Michael Roth, from Munich Re, commented that he would argue that the ‘Protection Gap’ is both a marketing slogan and a development need, and we should not shy away from this. One or two members of the audience challenged the consensus and suggested it is a marketing slogan, particularly due to the lack of trust of the insurance industry by consumers.
The event was about encouraging practical actions. What guidance was given to catastrophe managers from the speakers?
1. Take an interest in influencing policy and innovation. Cat management knowledge is needed to develop robust frameworks
Margareta Wahlström commented that, from an outsider’s perspective, the insurance industry is conservative, traditional and change happens only when triggered by external events. What innovative ideas are already out there and could be developed further?
Daniel Hofmann outlined different methods:
What did the panelists see as the ‘next big thing’?
1. Resilience bonds
2. Convergence of the public and private sector
There are many initiatives that the private sector can provide to public sector challenges, including resilience bonds as discussed above
3. Risk models covering the globe
What initiatives should we look out for?
There are two initiatives which were mentioned:
Is an ISCM event going to happen again in Zurich?
We hope this will become a regular (annual?) event for the Zurich community to get together and discuss a topic which benefits from a wider perspective. From initial feedback, attendees are keen to have a topic which leads on from the ‘Protection Gap’. We would like to rotate the organisers to share the ownership of the event - more organisers always welcome!
*** For Daniel Hoffman's Presentation - Please See the Members Only Download Page ***
On December 1, 2015, International Society of Catastrophe Managers (ISCM) hosted its first webinar in collaboration with the Aquarium of the Pacific, the City of Long Beach, and California technology company ImageCat, on the topic of climate change and its impacts on coastal cities. The hour- long webinar was titled “Building Resilient Communities – Model for the City of Long Beach, California.” The webinar brought together members of the scientific community on climate change research, addressed the challenges of the coastal City of Long Beach, and presented some industry information on climate change data and its potential use for decision making, both in the public and private sectors including insurance and reinsurance.
Presenters included Dr. Jerry Schubel (President and CEO, Aquarium of the Pacific), David Ashman (City of Long Beach), and Shubharoop Ghosh (Vice President of Data Services, ImageCat). As the first presenter, David Ashman gave an overview of the City’s emergency response goals and management cycle, as well as preparedness planning. He highlighted the City’s planning for coastal hazards, including the focus on mitigation, collaboration and resilient organizations. Dr. Jerry Schubel covered a broad global perspective on coastal cities at risk and shared his findings and observations about the major threats to Long Beach. Dr. Schubel presented scenarios of predicted inundation impacts for coastal areas of Long Beach. He concluded by offering some guidelines for becoming resilient and being prepared to manage the impacts of climate change. Shubharoop Ghosh presented the final segment of the webinar, discussing several datasets and technologies that help to monitor and assess the risk from climate change. Data on elevation and coastline are key in understanding the climate change hazard, particularly sea level rise. Technologies such as remote sensing help quantify exposure and enable governments to rapidly respond to catastrophic events such as floods.
There were several questions posed to the speakers in the question and answer session, ranging from the involvement of private insurance in risk transfer of city’s buildings to the relative risk of climate change and earthquake for Long Beach. In conclusion, Nick DiMuzio, ISCM Secretary, extended his thanks to the attendees, the speakers, and the Aquarium of the Pacific for hosting the session.
ISCM Members are able to download the presentation here.
Shubharoop Ghosh and Jerry Schubel
Stay tuned for the event story ...
Team Winners: Iain Davie - QBE Re, Stephen Martin - Brit Insurance, Rob Stevenson - Apollo Underwriting
Participants: Patrick Daniell (Aon Benfield), Federico Waisman (Ariel Re), Alastair Norris (RMS), Rob Stevenson (Apollo Underwriting), Iain Davie (QBE Re), Stephen Martin (Brit), Mark Christenson (ACE), Simon Webber (QBE Re), Giovanni Garcia (AIR), David Hollister (Markel), Nick Farley (Beaufort Group), Harry White (AIR), Luke Howard (Endurance), Keith Leung (JLT Re), James Digby (Advent Group), Chris Marsham (Navigators), Will Mayes (RMS), Phillip Murfett (Brit)
Longest drive Winner - Alastair Norris, RMS and the closest to the pin winner - Keith Leung, JLT Re
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