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This article was written
By
Victoria Lund, Large Loss Management Expert, COO P&C Reinsurance
&
Alisha Esshaki, Sustainability Risk Manager, Group Risk Management
In the days leading up to Christmas 2022, the US and parts of Canada were frozen solid by Winter Storm Elliott. Nearly 1.5 million were left without power, leading to countless holiday and event cancellations - not to mention numerous other challenges.
The industry made early assessments to better understand the impact and book the appropriate reserves. But in the months that followed, Elliott came under unexpected market-wide upwards loss pressure…. but why? Our experts briefly explore this topic in this Newsbyte.
Paying claims is our industry's ultimate promise and how we make the world more resilient. As our risk landscape becomes more complex, insureds' needs and expectations are changing. And as technology continues to transform our lives, the execution of that promise must continue to evolve too.