The Friday Five: Week of July 8, 2019

by Jen Smoldt on July 12, 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:

"This is going to be a Louisiana event with coastal flooding and heavy rainfall potentially impacting every part of the state. No one should take this storm lightly. As we know all too well in Louisiana, low intensity does not necessarily mean low impact." -Louisiana Gov. John Bel Edwards, urging residents to prepare for Barry  

  1. “Barry” barrels toward the central Gulf Coast region: According to NOAA, the risk for dangerous storm surge exists for the Louisiana and upper Texas coasts and there is potential for very heavy rainfall. Stay up-to-date with the National Hurricane Center and be prepared with this 2019 Hurricane Guide for P&C insurers
  2. Already feeling the Barry effect → New Orleans. Storm surge could push water to the top of levees along the Mississippi River in New Orleans—normally not an issue with hurricanes, but right now the Mississippi is near flood stage so levees will capture surge and force it upriver toward New Orleans.  
  3. Fighting wildfire risk with “fire”🔥 Willis Re, in partnership with SpatialKey, has deployed a wildfire risk solution that can be used throughout the U.S. to assess location-level wildfire risk. The new solution helps Willis Re clients write and price wildfire risk with a whole new level of precision. Read why underwriting wildfire risk requires a more strategic P&C approach... 
  4. Californians have a burning need for better wildfire coverage...The Surplus Line Association of California reports issuing 19,389 policies with $52.6 million in premiums in the first 3 months of 2019. So either non-renewals are increasing or Californians are seeking alternative forms of coverage. 
  5. Not the “Big One” but...The recent CA earthquakes will be immaterial to reinsurance, but they’re a reminder that the potential for future earthquake losses is big; the 1994 Northridge quake was only 6.8 magnitude, but caused $26B (2018 $) insured losses.  

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

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Topics: Earthquake, wildfire risk, Flood risk, hurricane risk

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