Six Things Newsletter | May 25, 2021 - Insurance Thought Leadership

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May 25, 2021

Six Things Newsletter | May 25, 2021

Summary:

In this week's Six Things, Paul Carroll looks at how we can quantify the effects of climate change and the costs of mitigating them. Plus, state of mental health in the workplace; does cyber insurance add to ransomware?; top risk concerns for 2021; and more.

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A Price Tag on Climate Change

Paul Carroll, Editor-in-Chief of ITL

While agreement has grown in recent years that climate change is real, that humans are a major contributor and that it presents a grave danger, the consensus still leaves a lot of wiggle room. How fast is the world warming? How much influence do we humans have? How stark are the coming dangers, and when will they hit us?

Many have rallied to the climate change cause based on a perceived moral imperative – we owe it to our kids and grandkids to leave the planet in the best shape possible – but the realist in me knows that the effort will go to the next level once the cause turns into a clear economic argument. The argument would project costs related to climate change, writ large – the growing damage from wildfires and hurricanes, the damage to crops from increased heat, the costs of people having to relocate from the coasts as sea levels rise, etc. (Yes, the models are imprecise, but they’ve been getting better for a long time and will continue to do so.) The argument would then project the costs both of slowing the warming of the planet in the long run and of mitigating the short-term risks from those storms, fires and more. Once it becomes clear that the price of likely damage exceeds the cost of mitigation, then climate change expands from being a cause to being a calculation.

That may be starting to happen… continue reading >

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SIX THINGS

State of Mental Health in the Workplace
by Mark Walls and Kimberly George

As work from home continued, employers became even more aware of the impact of mental health and well-being.

Read More

Does Cyber Insurance Add to Ransomware?
by Joshua Motta

There is literally no industry better positioned to fight cybercrime than the insurance industry.

Read More

Elevating the Capability of Employees with AI based Fraud Detection Delivers Significant Financial Results
sponsored by Daisy Intelligence

AI done right will deliver significant cost savings in claims operations, satisfy customers and make the difficult job of fraud detection and claims processing easier. 

Read More

Could COVID Help Life Insurance?
by Mike Reeves

While the pandemic may have put the world on pause, it has put the modernization of the life insurance industry on fast-forward.

Read More

Simplicity, Magic in Life Insurance Sales
by Sébastien Malherbe

Everything we’ve learned about e-commerce design can be applied to the life insurance consumer–no matter where or how a policy is purchased.

Read More

COVID-19’s Impact on Replacement Costs
by Andrew Slevin

To make sure there are no surprises, asset owners across sectors need to ensure that their valuations are up to date.

Read More

Top Risk Concerns for 2021
by Paul Schiavone

Financial institutions face emerging risks driven by cyber exposures, a growing burden of compliance and the turbulence of COVID-19.

Read More

MORE FROM ITL

May’s Topic: Cyber

In high school, a friend of mine had a poster on his wall that read, “Just because you’re paranoid doesn’t mean they aren’t out to get you.”

That pretty well summarizes how the world of cybersecurity and insurance works. Companies may feel paranoid for looking over their shoulder all the time, expecting something bad to happen, but we all know that there are plenty of bad guys out to find all the victims they can.

Take Me There

The Alarming Surge in Ransomware Attacks

Ransomware and business email compromise (BEC) attacks are soaring, and ransom demands have gone from an average of $10,000 to well north of $100,000 – demands sometimes reach the tens of millions of dollars. In this interview, we discuss what is causing the surge – and what businesses can do to protect themselves. 

Watch Now

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