The Friday Five: Week of January 6, 2020

by Jen Smoldt on January 10, 2020

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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:

“With Insurity’s leadership in P&C insurance and with our mutual strategic alignment in data and analytics, together we can further accelerate delivery of innovative solutions that align with the SpatialKey mission to empower insight.”  - Bret Stone, SpatialKey President

  1. We’re thrilled to announce…SpatialKey has joined the Insurity family! Insurity, a leading provider of cloud solutions and data analytics for the world’s largest insurers, brokers, and MGAs, announced on Wednesday that it has completed the acquisition of SpatialKey. Chris Lafond, CEO of Insurity, said “The acquisition of SpatialKey will enable us to extend our overall market leadership as well as strengthen and expand our already-robust suite of industry-leading data solutions.”
  2. 2019 global insured losses...Are estimated at $56 billion according to Swiss Re, down from $93 billion in 2018. Even so, secondary peril risk is growing—comprising 50% of the global losses from natural catastrophes. Findings indicate climate change is leading to more flooding, torrential rains, prolonged droughts, wildfires, and other severe events. 
  3. Speaking of not-so-secondary perils…Australia’s bushfires have caused 6,000 claims valued at nearly $300 million; 12 million acres burned; 2,000 homes, 24 lives, and 500 million native animals lost. The Insurance Council of Australia (ICA) recently issued a statement aimed to address concerns that parts of Australia will inevitably become uninsurable: “no property should be uninsurable, but that requires governments to act now.” 
  4. Ahead of the 2020 hurricane season...FEMA has transferred $2.13 billion of the NFIP’s flood risk to the private sector stating, “It takes the whole community to prepare for disasters, and that includes participation from the private sector." 
  5. Climate change and cyber warfare...Are dominating underwriter discussions according to the International Underwriting Association (IUA) which unveiled its 2020 business plan focusing on climate change and cyber warfare risks: “The business challenges facing companies are evolving and the work of the IUA is changing to reflect this.”

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Topics: wildfire risk, Flood risk, climate change, catastrophe risk management

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