The Friday Five: Week of August 26, 2019

by Jen Smoldt on August 29, 2019

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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:

“[From] the Georgia coast all the way down to the Keys, all of Florida really needs to pay attention to this system [Dorian]...please don’t think this is just coastal—this is over the whole state. We’re talking about wind, incredible amounts of rain in some places...we’re also talking about storm surge.” -National Hurricane Center Director, Ken Graham

  1. All eyes on Dorian...Hurricane Dorian is gaining power and will strengthen before making landfall on Florida's east coast late Sunday into Monday as potentially a Cat 3 (or more) hurricane according to the National Hurricane Center (NHC). Follow the NHC on Twitter or watch the NHC’s live Facebook feed for the latest info. And, be prepared with these P&C hurricane best practices... 
  2. Speaking of hurricane risk...Guess which city tops the list of most vulnerable cities in the U.S.? Ding, ding, ding. If you guessed Miami you’d be correct. Miami has nearly 800,000 vulnerable properties and an estimated reconstruction cost of nearly $160 billion. Yikes.
  3. Whoa → Zip codes in high-risk wildfire areas (impacted by 2015 & 2017 fires) experienced a 10% increase in insurer-initiated non-renewals last year: “We are seeing an increasing trend across California where people at risk of wildfires are being non-renewed by their insurer,” said Insurance Commissioner Ricardo Lara. 
  4. Wildfires around the world...The Amazon is getting a lot of attention, but did you know on an average day in August, satellites typically detect 10,000 actively burning wildfires around the world — 70% of which are in Africa?
  5. Let’s hear it for advanced analytics👏...A Swiss Re study has found most reinsurers are targeting a 2-5% improvement in their loss ratios through increasingly advanced analytic capabilities that support growth in new markets and risk pools. Check out SpatialKey’s advanced analytics solutions here... 

Missed last week’s Friday Five? Check it out here.  

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Topics: insurance analytics, wildfire risk, hurricane risk

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