If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.
Quote of the Week:
“This is high-octane fuel that is all waiting in the wings for the first storm. This is all untapped, and it will really intensify storms.” -Jim Rouiller, chief meteorologist, commenting about the warm water tucked into the Gulf of Mexico, Caribbean, and U.S. Southeast coastline that threatens to intensify potential hurricanes
- Hurricane “season within a season” is about to start...El Niño has fizzled which means: “A big change in the pattern over the Atlantic, going from a very lackluster quiet weather pattern to a much more active one. We are thinking this season will be back-loaded,” according to AccuWeather’s lead hurricane forecaster. Be prepared with these 2019 Hurricane Best Practices...
- 2019’s first half losses lower than 2018, but..."secondary perils are taking a larger share of the overall loss burden" according to Swiss Re, who reported $40 billion of the $44 billion in global losses ($13 billion insured) is attributed to natural catastrophes with secondary perils causing the highest losses.
- Speaking of not-so-secondary perils...California’s wildfires could spark reinsurance price increases of 30% to 70% according to S&P who stated, "Reinsurers and carriers aren’t comfortable with their understanding of wildfire risk and are reassessing their risk appetite, with many curtailing or stopping underwriting wildfire risks.”
- What everyone’s talking about: A record number of wildfires are burning in the Amazon rainforest - over 73,000 this year - blanketing some Brazilian states in smoke this week. A major cause of the fires is land clearing for farming and ranching.
- Holy hail claims...The top 5 states for annual hail claims are Texas, Colorado, Nebraska, Missouri, and Kansas, with May having the highest monthly average for hail losses at over 200,000. The top 5 cities for hail claims are San Antonio, TX; Colorado Springs, CO; Omaha, NE; Denver, CO; and Plano, TX. Read how you can speed your hail and severe storms customer response with automated notifications...
Missed last week’s Friday Five? Check it out here.
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