Latest news with #SridharManyem
Yahoo
20-05-2025
- Business
- Yahoo
AM Best Comments on Decommissioning of NOAA's Billion-Dollar Climate Disaster Database
OLDWICK, N.J., May 20, 2025--(BUSINESS WIRE)--AM Best has commented that the National Oceanic and Atmospheric Administration's (NOAA) removal of the billion-dollar weather disaster database could impede insurance companies' ability to track losses due to secondary perils. The NOAA disasters database, which was created in 1980 to track catastrophes that caused at least $1 billion in economic damage, will be archived but no longer updated beyond 2024. This decommissioning comes following a year when there were 27 one-billion-dollar weather events, and 28 in 2023 (despite there being no NOAA-named hurricane), compared with an average of 15 events in 2010-2022. (See the related Best's Special Report, "US Weather Event Risks Highlight Need for Stress Testing.") Insured catastrophe losses in 2024 were significant, with two major hurricanes, Helene and Milton, responsible for a large portion of the losses, and severe convective storms also contributing materially. The January wildfires in California continue to challenge reinsurance and insurance markets due to starkly increasing risk profiles, regulations and concentration risk. Overall, secondary perils, which continue to increase in frequency and severity and are illustrated by the recent tornado outbreak in the Central United States, have become a major cause of loss in the past five years for U.S. property/casualty insurers with property catastrophe exposed lines of business, due predominantly to weather patterns, effects of inflation and exposure growth from population migration. Sridhar Manyem, senior director, Industry Research and Analytics, AM Best, said: "Having a common and agreed-upon data source would help insurers trend these losses in their modeling and use the data for pricing, reinsurance and risk management, as well as help assess the gap between insured losses and economic losses and see how insurance can work to minimize the gap. "Additionally, if more of these data sources were to disappear, parametric triggers within catastrophe bonds, which depend on measurements by the NOAA, may need to be redesigned. While some other countries have governmental agencies that track similar data, private companies may have to step in to fill the void and it could take some years to build credibility and trust among market participants." AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
AM Best Comments on Decommissioning of NOAA's Billion-Dollar Climate Disaster Database
OLDWICK, N.J., May 20, 2025--(BUSINESS WIRE)--AM Best has commented that the National Oceanic and Atmospheric Administration's (NOAA) removal of the billion-dollar weather disaster database could impede insurance companies' ability to track losses due to secondary perils. The NOAA disasters database, which was created in 1980 to track catastrophes that caused at least $1 billion in economic damage, will be archived but no longer updated beyond 2024. This decommissioning comes following a year when there were 27 one-billion-dollar weather events, and 28 in 2023 (despite there being no NOAA-named hurricane), compared with an average of 15 events in 2010-2022. (See the related Best's Special Report, "US Weather Event Risks Highlight Need for Stress Testing.") Insured catastrophe losses in 2024 were significant, with two major hurricanes, Helene and Milton, responsible for a large portion of the losses, and severe convective storms also contributing materially. The January wildfires in California continue to challenge reinsurance and insurance markets due to starkly increasing risk profiles, regulations and concentration risk. Overall, secondary perils, which continue to increase in frequency and severity and are illustrated by the recent tornado outbreak in the Central United States, have become a major cause of loss in the past five years for U.S. property/casualty insurers with property catastrophe exposed lines of business, due predominantly to weather patterns, effects of inflation and exposure growth from population migration. Sridhar Manyem, senior director, Industry Research and Analytics, AM Best, said: "Having a common and agreed-upon data source would help insurers trend these losses in their modeling and use the data for pricing, reinsurance and risk management, as well as help assess the gap between insured losses and economic losses and see how insurance can work to minimize the gap. "Additionally, if more of these data sources were to disappear, parametric triggers within catastrophe bonds, which depend on measurements by the NOAA, may need to be redesigned. While some other countries have governmental agencies that track similar data, private companies may have to step in to fill the void and it could take some years to build credibility and trust among market participants." AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Business Wire
20-05-2025
- Business
- Business Wire
AM Best Comments on Decommissioning of NOAA's Billion-Dollar Climate Disaster Database
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has commented that the National Oceanic and Atmospheric Administration's (NOAA) removal of the billion-dollar weather disaster database could impede insurance companies' ability to track losses due to secondary perils. The NOAA disasters database, which was created in 1980 to track catastrophes that caused at least $1 billion in economic damage, will be archived but no longer updated beyond 2024. This decommissioning comes following a year when there were 27 one-billion-dollar weather events, and 28 in 2023 (despite there being no NOAA-named hurricane), compared with an average of 15 events in 2010-2022. (See the related Best's Special Report, ' US Weather Event Risks Highlight Need for Stress Testing.') Insured catastrophe losses in 2024 were significant, with two major hurricanes, Helene and Milton, responsible for a large portion of the losses, and severe convective storms also contributing materially. The January wildfires in California continue to challenge reinsurance and insurance markets due to starkly increasing risk profiles, regulations and concentration risk. Overall, secondary perils, which continue to increase in frequency and severity and are illustrated by the recent tornado outbreak in the Central United States, have become a major cause of loss in the past five years for U.S. property/casualty insurers with property catastrophe exposed lines of business, due predominantly to weather patterns, effects of inflation and exposure growth from population migration. Sridhar Manyem, senior director, Industry Research and Analytics, AM Best, said: 'Having a common and agreed-upon data source would help insurers trend these losses in their modeling and use the data for pricing, reinsurance and risk management, as well as help assess the gap between insured losses and economic losses and see how insurance can work to minimize the gap. 'Additionally, if more of these data sources were to disappear, parametric triggers within catastrophe bonds, which depend on measurements by the NOAA, may need to be redesigned. While some other countries have governmental agencies that track similar data, private companies may have to step in to fill the void and it could take some years to build credibility and trust among market participants.' AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit
Yahoo
22-04-2025
- Business
- Yahoo
AM Best to Sponsor, Exhibit and Present at the Society of Insurance Research 2025 Annual Conference
OLDWICK, N.J., April 22, 2025--(BUSINESS WIRE)--AM Best will be a gold sponsor at the Society of Insurance Research (SIR) 2025 Annual Conference in Chicago, IL, May 4-6, 2025. In addition, AM Best's Sridhar Manyem, senior director of industry research & public relations, will speak at a session, titled, "How Does Insurance Respond to Increasing Secondary Perils." The panel will examine ratings' pressures and discuss practices that insurers can adopt in their risk management, underwriting, risk modeling and reinsurance. The presentation will take place on Tuesday, May 6, from 3:15 p.m. to 4:00 p.m. (EDT) in the International Ballroom. AM Best representatives, including Senior Account Manager Jennifer Rudy and Account Manager Sutton Wescott, will be available at booth 11 to discuss the company's full line of products, including: Best's Insurance Reports: Enhance top-level research and support intelligent decision making with AM Best's insight into the financial performance of insurance companies worldwide, along with the latest insurer information. Best's Financial Suite: Take your insurance industry research to the next level with data, credit ratings and analytical tools from AM Best. Best's News & Research Service: Stay current on how industry trends affect your business with real-time news and research from AM Best's unique perspective. Best's State Rate Filings: Keep up with U.S. property/casualty and life/health program innovations, find out which competitors are entering which markets and create targeted product development strategies. Best's Custom Services: Our Data Specialists will work with you to create customized data solutions to your specifications. Redistribution Services: Feature AM Best ratings, news, data, research and more on your company's website or promotions. SIR was founded in 1970 as a 501.c.6 non-profit organization to provide a forum for the free exchange of ideas in all areas of insurance research. More information about the SIR 2025 Annual Conference is available here. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Christopher Sharkey Associate Director, Public Relations +1 (908) 882 2310 Al Slavin Senior Public Relations Specialist +1 (908) 655 6805 Sign in to access your portfolio
Yahoo
15-04-2025
- Business
- Yahoo
AM Best to Lead Sessions at The Annual InsurTech Hartford Symposium
OLDWICK, N.J., April 15, 2025--(BUSINESS WIRE)--AM Best will participate in one panel and one roundtable discussion at the annual InsurTech Hartford Symposium, which is scheduled for April 29-30, 2025, at the Connecticut Convention Center in Hartford, CT. Sridhar Manyem, senior director, Industry Research and Analytics, AM Best, will moderate a panel session, titled, "Regulatory Challenges and Compliance: Adapting to New Rules While Fostering Innovation." The discussion will focus on current and emerging regulations affecting insurtech companies, and panelists will share strategies for balancing compliance with innovation and staying ahead of regulatory changes. Manyem is the head of AM Best's industry research team and oversees publishing of the company's perspectives on topical issues. The session is scheduled for Tuesday, April 29, from 2:10-2:40 p.m. (EDT). AM Best will also be represented by Dawn Walker, associate director, Industry Relations – DUAE, who will moderate a roundtable discussion, titled, "Tech-Enabled MGAs: Aligning Interests Through Data-Driven Distribution." This roundtable will look at how technology is reshaping insurance distribution with a focus on how delegated underwriting authority enterprises (DUAE) are uniquely positioned to leverage data and digital platforms to optimize alignment between insurers, managing general agents (MGA) and distribution partners. Walker joined AM Best in 2022, with an extensive background in risk management. This session is scheduled for Wednesday, April 30, from 1:15-2:00 p.m. (EDT). AM Best is a media partner for the symposium, which is hosted by InsurTech Hartford. Founded in 2016, InsurTech Hartford aims to drive industry innovation with global startup, agent/broker, carrier, solution provider and investor constituents. To learn more about the InsurTech Hartford Symposium, please visit the event website. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Christopher SharkeyAssociate Director, Public Relations+1 908 882 Al SlavinSenior Public Relations Specialist+1 908 882 Sign in to access your portfolio
