The Friday Five: Week of July 15, 2019

by Jen Smoldt on July 19, 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:

No one is coming to tell me they had too much insurance for [Hurricane Michael]. I believe the insurance world has changed since [Hurricane Michael] because everyone is more aware of the benefits and certain coverages.” -Trey Hutt, owner of Hutt Insurance Agency in Panama City, FL., which processed 8.5 years worth of normal claims activity from one storm, Hurricane Michael 

  1. Holy Michael loss creep...Claims are still rolling in from Hurricane Michael, reaching $6.6 billion as of June 28, 2019, with 84% of claims closed. The total number of claims between residential, commercial, flood and other lines is nearly 148,000—88,692 of which came from a single county in Florida. 
  2. Barry barely a hurricane but...Preliminary estimates peg Barry at around a $300 million insurance and reinsurance market loss, not including any NFIP flood losses. Looking for flood or surge footprints? We have them... 
  3. The forecast for Barry: Success or Bust? Here’s some interesting commentary about what the heck happened with the Barry forecast: "[Barry] was only one of the ugliest, lop-sided hurricanes that I have ever seen in my roughly 26 year career."  
  4. Wow. → Climate change is ranked as the second most urgent threat by reinsurers and the third most urgent by P&C insurers according to the PwC and Centre for the Study of Financial Innovation.  
  5. Everyone needs a hand to hold on to...The severe wildfire problem in California can only be solved if "the insurance industry and the government work together,” said California’s insurance commissioner, Ricardo Lara. He went on to say, “The headline is: these fires are not going away. There’s no indication that we will have anything other than a repeat of 2018 in 2019.” Read why megafires are a trend... 

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

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Topics: wildfire risk, climate change, hurricane risk

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