Actuaries adjusting to climate change modeling systems?
Huh?
Most political contributions of the P/C insurers go to the political party that rejects science and denies that global warming is even occurring!
I suppose if our Atlantic and Gulf Coasts get slammed by a couple of category 5 hurricanes this year and reinsurance capacity is significantly diminished then some attention will be given to rate adequacy and risk concentration, but as it stands expect the focus of the P/C carriers to remain on production and market share.
Oh, here we go, global warming. Never mind that some of the hottest years on record are over 100 years old. And even this article notes that 1974 was the worst outbreak of tornadoes. So what happened in the 50 years in between Al?
Tagteam, I agree that global warming does not affect everything weather related and there have been previous instances of all types of events from extreme temperatures to tornadoes and so forth. However, to write off global warming with a “here we go again” attitude and assert that it is not a problem (even if unrelated to this particular event) is wrong. If you roll your eyes at the mention of global warming then you are one of many who put this planet’s future in jeopardy by standing by your false interpretations and misguided judgement. We belong to this planet. It does not belong to us. If we are going to destroy it we might as well work towards a healthier/more stable future for our children and their’s, and acknowledge a big problem when we see it. My mind is blown every time someone gets angry over the mere mention of global warming. To deny it is to deny our future generations a healthy and stable existence. That would be a shame.
The world has been here tens of millions of years. It ain’t going anywhere. I agree. We must take care of the planet. In particular, so that we are also taking care of ourselves and our next generations. It wasn’t me who stood on their soapbox berating a political party because of their belief in science. My point with the cynical / satirical comment is that people who typically get on their soapbox – like the post I responded to – have a different agenda. They just want to take shots at political parties in the name of “global warming”, and quite often are the biggest hypocrites on the planet while touting that they want to save the planet. To fix it, and to properly address it, we need to stop making it a political issue.
It is very odd that the article mentions Nationwide in the story, and their desire to diversify. Maybe Nationwide should just try underwriting and pricing appropriately. They, and their subsidiaries Allied and Harleysville, are most notorious in the Midwest right now for pricing and risk selection that defies logic. We’ve lost several where we’ve thought “what in the Heck are they thinking?” We’ve even had some where they are competing AGAINST each other. Sort of like the old Liberty vs. Indiana snafu’s that we would all laugh at.
In regard to the argument about global warming, I think “global change” is closer to what we are seeing. Here’s one thing to think about: We now have a very active Chinese economy that is growing in leaps & bounds. They are generating almost all their electricity with what? Coal. Does anyone think that the amount of coal they are burning doesn’t affect our weather, and the weather around the world? Do you think they are cutting any corners when it comes to building generating plants? I know where I live we just had our warmest winter on record, with virtually no snow to speak of. The winters have gotten progressively more mild the past decade. Something seems to be going on whether you want to admit it or not.
Have we heard which carriers have been hit the hardest in the sweep of storms last week? I’m assuming the usual, State Farm, Country Companies, and AllState. But have also heard some small regionals like State Auto and Pekin have taken a pounding. Getting some of these small carriers out of the game, and their undisciplined programs and pricing, could be the added boost we need for this firming market.
I am curious to see how new modeling systems are adjusting to climate change. Massive tornados in March…
Actuaries adjusting to climate change modeling systems?
Huh?
Most political contributions of the P/C insurers go to the political party that rejects science and denies that global warming is even occurring!
I suppose if our Atlantic and Gulf Coasts get slammed by a couple of category 5 hurricanes this year and reinsurance capacity is significantly diminished then some attention will be given to rate adequacy and risk concentration, but as it stands expect the focus of the P/C carriers to remain on production and market share.
Oh, here we go, global warming. Never mind that some of the hottest years on record are over 100 years old. And even this article notes that 1974 was the worst outbreak of tornadoes. So what happened in the 50 years in between Al?
Tagteam, I agree that global warming does not affect everything weather related and there have been previous instances of all types of events from extreme temperatures to tornadoes and so forth. However, to write off global warming with a “here we go again” attitude and assert that it is not a problem (even if unrelated to this particular event) is wrong. If you roll your eyes at the mention of global warming then you are one of many who put this planet’s future in jeopardy by standing by your false interpretations and misguided judgement. We belong to this planet. It does not belong to us. If we are going to destroy it we might as well work towards a healthier/more stable future for our children and their’s, and acknowledge a big problem when we see it. My mind is blown every time someone gets angry over the mere mention of global warming. To deny it is to deny our future generations a healthy and stable existence. That would be a shame.
The world has been here tens of millions of years. It ain’t going anywhere. I agree. We must take care of the planet. In particular, so that we are also taking care of ourselves and our next generations. It wasn’t me who stood on their soapbox berating a political party because of their belief in science. My point with the cynical / satirical comment is that people who typically get on their soapbox – like the post I responded to – have a different agenda. They just want to take shots at political parties in the name of “global warming”, and quite often are the biggest hypocrites on the planet while touting that they want to save the planet. To fix it, and to properly address it, we need to stop making it a political issue.
It is very odd that the article mentions Nationwide in the story, and their desire to diversify. Maybe Nationwide should just try underwriting and pricing appropriately. They, and their subsidiaries Allied and Harleysville, are most notorious in the Midwest right now for pricing and risk selection that defies logic. We’ve lost several where we’ve thought “what in the Heck are they thinking?” We’ve even had some where they are competing AGAINST each other. Sort of like the old Liberty vs. Indiana snafu’s that we would all laugh at.
In regard to the argument about global warming, I think “global change” is closer to what we are seeing. Here’s one thing to think about: We now have a very active Chinese economy that is growing in leaps & bounds. They are generating almost all their electricity with what? Coal. Does anyone think that the amount of coal they are burning doesn’t affect our weather, and the weather around the world? Do you think they are cutting any corners when it comes to building generating plants? I know where I live we just had our warmest winter on record, with virtually no snow to speak of. The winters have gotten progressively more mild the past decade. Something seems to be going on whether you want to admit it or not.
Yes, something is going on. IT IS CALLED WEATHER !
Have we heard which carriers have been hit the hardest in the sweep of storms last week? I’m assuming the usual, State Farm, Country Companies, and AllState. But have also heard some small regionals like State Auto and Pekin have taken a pounding. Getting some of these small carriers out of the game, and their undisciplined programs and pricing, could be the added boost we need for this firming market.