West Coast Atmospheric Rivers Underscore Growing Insurance Protection Gap

The Connected Podcast: News from the Insurance Ecosystem The Connected Podcast: Insurance Industry Insights Welcome to The Connected Podcast, your essential source for the latest happenings in the insurance ecosystem. From severe weather impacts to financial triumphs and tech innovations, we dissect the events that are redefining the landscape of the insurance industry. Tune in to stay connected with the pulse of insurance news and events. <br/> <br/> Episode Overview: In our most recent episode, we discussed the escalating concerns over the National Flood Insurance Program and insurers' responsibilities amidst catastrophic weather events in California. Our expert panel analyzed the protection gap in homeowner's insurance and the urgent need for solutions in the face of climate change. An economic spotlight shone on Cincinnati Financial Corporation and CNA Financial Corporation as they posted notable financial earnings, setting new benchmarks in the industry. <br/> <br/> Furthermore, we took a deep dive into General Motors' upcoming vehicle technology and how these advancements could influence insurance policies and claims. We also reflected on an unprecedented $123 billion in global insured losses, with severe convective storms accounting for a significant portion, and how this challenges the industry to rethink strategies around exposure and risk. <br/> <br/> Key discussions also included the insurance industry's embrace of Generative AI technology, a perspective on insurance distribution sector trends, and the innovative approach of Fairmatic in commercial auto insurance, emphasizing the role of AI and machine learning in risk assessment. <br/> <br/> Exciting developments from Beem's collaboration with TruStage on Payment Guard Insurance, SURE's launch in the California insurance market, and Kin's successful funding round reinforcing its unicorn status, signalled a breakthrough in offering tailored, reliable insurance products in a volatile environment. <br/> <br/> The episode wrapped up with an introduction to the upcoming InsurTech Hartford Symposium and the anticipated keynote by Heidi Sirota. Plus, learn about 'The Connected' newsletter's transition into the audio space and how our podcasts, available on platforms like Apple Podcasts and Spotify, encourage industry professionals to embrace imperfection as a leadership trait. <br/> <br/> Don't miss this revelatory discussion that provides insights into the dynamic and evolving insurance sector. Join us for an ear-opening experience on The Connected Podcast! <br/> <br/> Subscribe to The Connected Podcast on your favorite podcast platforms and join our community as we navigate the emerging contours of the insurance world together. <br/> <br/>Links:<br/>California storms – what's the damage? <br/>Cincinnati Financial posts net income of $1.84 billion in full-year results <br/>CNA FINANCIAL ANNOUNCES Q4 2023 NET INCOME <br/>New OnStar essentials package to come standard on MY 2025 GM vehicles <br/>Shifting population, inflation drive rise in storm losses <br/>'The Future of AI in Insurance' | Reuters Insurance <br/>M&A activity reverts to pre-2021 levels <br/>Fairmatic Accelerates Growth with Appointment of Jim Hinchley as President of Insurance<br/>Be