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Managing the ripple effect: a year of catastrophe

Managing the ripple effect: a year of catastrophe 1920 1080 adapt ready

As 2023 drew to an end, we closed the book on a year characterised by global turbulence and disruption. 2023 currently holds the unhappy accolade of being the most expensive year on record for climate change and weather-related disasters, exceeding the previous record set in 2020. Overall global economic losses for natural catastrophes total $110bn, and insured losses were estimated at $43bn at the halfway point of the year, with estimates from Munich Re suggesting these could have topped $300bn.

Major events this year have included a devastating earthquake in Turkey and Syria, the ongoing Russia / Ukraine war and fresh conflict in Israel and Palestine, Hurricanes Otis and Idalia, Storm Daniel and Typhoon Doksuri. These events have caused significant and lasting economic repercussions beyond borders.

It would be tempting to think that the fallout of man-made events and natural catastrophes only impacts those businesses and individuals in their immediate vicinity, but in reality, our increasingly interconnected world makes it inevitable that if an earthquake strikes in one country, its aftershocks will reverberate around the world.

We recently launched our annual Event & Disaster Report, which highlights how the interconnected nature of our world is creating a ‘new normal’ for the mitigation and management of global supply chain and energy risks.

The report details the far-reaching consequences of some of the costliest disasters that hit the world in 2023 and gives us insight into the true economic cost of these events.

Russian invasion of Ukraine ($151.2bn)

The conflict, which has been ongoing since the invasion of Ukraine in February 2022 has cost $151.2bn as of November 2023 and directly impacted 1,045 companies in the region. Tellingly, we also believe 1,468 companies across continental Europe have been indirectly impacted by the conflict.

Supply chains around the world have been significantly impacted by this war, particularly those relating to palladium and semiconductor-grade nickel, critical resources for the automotive and electronics industries.

Over a third of the world’s palladium comes from Russia, the conflict has caused prices to soar, and stoppages and delays in the supply of the metal to major manufacturers such as Toyota, General Motors and Volkswagen. Russia is also the second-biggest supplier of semiconductor-grade nickel and disruption forced Apple, Samsung and Sony to reduce production of electronic devices.

Hurricane Idalia ($10bn)

When Hurricane Idalia ripped through parts of the Southeastern United States in August, it had an enormous impact on the energy sector.  Chevron, the third-largest producer of oil in the US Gulf withdrew staff from three of its platforms in the area, the resulting disruption in crude oil supply affected ExxonMobil, Shell, BP, Valero and Marathon Petroleum.

Turkey and Syria earthquake ($163.6bn)

The 7.8Mw earthquake that struck Turkey and Syria in February was the deadliest in the country’s history claiming over 50,000 lives. The devastating event cost $163.6bn and destroyed a significant proportion of the country’s infrastructure including 446 bridges, 1,275km of railway lines, the Iskenderun Port, a hub for transit automobile trade was forced to close for three months leading to significant losses for automotive companies.            

Canadian Wildfire – Northwest territories ($770mn)

Canada has experienced an unprecedented year for wildfires, with one fire historian likening the widespread event to the ice age, but instead of a creeping drop in temperature, Canadians are living through what he calls the “pyrocene”

The country experienced a significant drop in oil and gas output as the flames forced the sutdown of several gas production plants.  This has led to an increase in prices from $1.96 to $2.54/MMBtu, the impact of which has been felt predominantly across North America.

Typhoon Doksuri ($15.7bn)

Typhoon Doksuri, which swept across the Philippines, Taiwan, China and Vietnam in the Summer is likely to have continuing repercussions around the world.  The region is a major producer of semiconductors which are used in most electronic devices, companies likely to have been impacted by this event include Huawei and the Alibaba Group.

This is a just a very small sample of the vast and connected effects of the events of 2023 on the global supply chain and energy sectors but serves as a reminder to risk managers and underwriters that they need to be in the loop on all major events and be aware of the potential consequences for their own businesses.

Our stats highlight the massive ripple effects of these events, it’s clear that natural catastrophes and man-made disasters on this scale should be a concern for risk managers wherever they’re located. They need to have the data and tools to anticipate, monitor and mitigate these effects in order to grow and remain resilient. We can provide those tools.  Adapt Ready’s highly sophisticated risk intelligence platform aggregates trillions of data points from open and closed sources using our own proprietary correlation engine. The deep global insights we can provide allow underwriters, brokers and risk managers to answer complex questions about the global supply chain, optimise risk selection and pricing and solve accumulation and reinsurance issues in their portfolios.

Revealed: Insurance Times Awards 2019 finalists!

Revealed: Insurance Times Awards 2019 finalists! 1200 800 adapt ready

We are thrilled to announce that Adapt Ready is a finalist in the “Excellence in Technology – Service Provider” category at the Insurance Times Awards 2019.

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CEO Shruthi Rao recognized in the 50 Women Future Leaders list, second time in a row

CEO Shruthi Rao recognized in the 50 Women Future Leaders list, second time in a row 1200 800 adapt ready

We are excited to announce that CEO Shruthi Rao has been recognized among the Yahoo! Finance & HERoes 50 Women Future Leaders for 2019.

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Top InsurTech startups to watch in 2019

Top InsurTech startups to watch in 2019 1200 800 adapt ready

Adapt Ready’s CEO Shruthi Rao Recognized among FT & HERoes 50 Female Future Leaders

Adapt Ready’s CEO Shruthi Rao Recognized among FT & HERoes 50 Female Future Leaders 1200 800 adapt ready

We are delighted to announce that CEO Shruthi Rao has been recognized among the FT & HERoes 50 Female Future Leaders.

Adapt Ready’s CEO Shruthi Rao announced as finalist in Quesnay’s Female Founders in InsurTech Competition

Adapt Ready’s CEO Shruthi Rao announced as finalist in Quesnay’s Female Founders in InsurTech Competition 1200 800 adapt ready

We are thrilled to announce that Adapt Ready’s CEO Shruthi Rao is a finalist in Quesnay’s Female Founders in InsurTech Competition, the first global competition for women-led startups in insurance.

Over 100 leaders from 65 companies judged the 73 qualifying applications. The competition was designed to address the gap among women leaders by recognizing and supporting women-led startups that positively impact the insurance industry.

As a finalist, Adapt Ready has been selected to pitch at InsureTech Connect in Las Vegas on October 1st. Join us at the event by registering at a discounted rate here.

For more details, follow this link: https://www.quesnays.com/news/2018/8/24/ffitinsurtech-finalists

5 female-founded insurtechs on the rise

5 female-founded insurtechs on the rise 1200 800 adapt ready

Adapt Ready’s CEO Shruthi Rao is one among the five finalists at Quesnay’s Female Founders in InsurTech competition.

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The #WomenInFinTech movement is critical to create positive change

The #WomenInFinTech movement is critical to create positive change 1200 800 adapt ready

WomeninFinTech are leading the way, and in this article, our CEO talks about her experiences in the tech industry, and when she realised her “lightbulb moment”.

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Risky business no more

Risky business no more 455 454 adapt ready

Philstar Global interviews CEO Shruthi Rao on her background, when she became aware of the sense of urgency in companies in matters related to climate change and sustainability, and what led her to co-found Adapt Ready

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Adapt Ready Team

Adapt Ready Wins “Excellence in Technology – Service Provider” at Insurance Times Awards 2017

Adapt Ready Wins “Excellence in Technology – Service Provider” at Insurance Times Awards 2017 1024 683 adapt ready

London, UK and New York, NY – Adapt Ready is delighted to announce that we have once again been honored with an industry award. Beating a field which included AIR Worldwide, CAPS Consortium and ISO, Adapt Ready won the “Excellence in Technology – Service Provider” award at the Insurance Times Awards 2017 in London.

Presenting the award, Insurance Times said that it was Adapt Ready’s Aria platform that had “won judges over, because it is a new concept with a lot of potential, which could identify exposures that otherwise would have not been possible to detect”.

The Insurance Times Awards is attended by over 1,000 top names in the insurance industry and seeks to recognize those companies that have made a considerable contribution to the sector throughout the year.

“Winning a second award in a short period of time, and at a prestigious event such as this one, has been icing on the cake for a very fruitful year for us,” said Adapt Ready’s CEO, Shruthi Rao. “Many thanks to the team at Adapt Ready and to our mentors, advisors and customers for helping make that possible”.

Bitesize InsurTech: Adapt Ready

Bitesize InsurTech: Adapt Ready 1200 800 adapt ready

Oxbow Partners, leading advisory firm for the insurance industry, profiles Adapt Ready

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Growing InsurTech market reflected in SBC London Demo Day

Growing InsurTech market reflected in SBC London Demo Day 1200 800 adapt ready

Adapt Ready among the 10 InsurTech companies that gathered to pitch to a roomful of investors, mentors, insurers and technologists during StartupBootCamp’s London Demo day in 2017

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