The Friday Five: Week of August 5, 2019

by Jen Smoldt on August 8, 2019


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:

“The cultivation of innovation will become a leading indicator of companies with defensible market positions.” -A.M. Best’s report, “Scoring and Assessing Innovation”

  1. Insurer innovation is under the rating microscope...For carriers that have not made investments in innovation, the time has come to reappraise this decision. A.M. Best’s new innovation rating score will consider two elements: the components of an insurer’s varied innovation efforts and their respective impact on the carrier’s financial performance. Learn how to accelerate innovation…
  2. Whooooa → 61% of insurance carriers and financial services firms are moving away from traditional, vertically integrated business models. That means, more than half of the industry is fundamentally changing how they do business.   
  3. CSU ups their hurricane forecast...After Barry, one more hurricane is now being forecasted for the 2019 Atlantic Hurricane Season—meaning there are still 6 more hurricanes to go according to their prediction. Be ready for the next on with the 2019 hurricane guide for P&C insurers...
  4. More Michael loss creep...Insurance and reinsurance industry loss from Hurricane Michael has crept higher in the last month, rising 4% to $6.91 billion and Insurance Commissioner David Altmaier says he’s “discouraged” by the fact over 20,000 claims remain open. 
  5. Can’t we all just get along? Momentum on Congress’s NFIP bill was lost when the Senate introduced another NFIP bill which differed in its details. Many states do not have laws specific to private flood insurance, leaving questions for insurers or other potential stakeholders, especially modelers. Learn about U.S. private flood insurance solutions...

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

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Topics: technology innovation, insurtech, private flood, hurricane risk

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