The Friday Five: Week of July 22, 2019

by Jen Smoldt on July 26, 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:

“I think the [P&C] industry has lost its way a little bit over the last 10 years or so in terms of pricing risks appropriately. We haven’t kept pace with the risk environment, but the market is correcting rapidly.” -Joe Cellura, President, North America Casualty, Allied World     

  1. Let’s hear it for underwriters 👏  The P&C industry is seeing “an encouraging trend” of underwriters injecting more specialization into their work and more effort into selecting best-in-class risks. 
  2. Bye bye Barry, but losses still brewing...Hurricane Barry may be a distant memory but flood and wind losses are still rising--now estimated at $300-$600 million excluding NFIP losses
  3. Speaking of hurricane risk...SpatialKey (that’s us) released the next iteration of our 24/7 automated event alerts solution, including hurricane and storm surge alerts & analysis. Read what Holborn had to say: "SpatialKey now provides event notifications to our clients in near real-time, with actionable and customized information..." 
  4. Wildfires are burning up the Arctic🔥 Over 100 fires are burning above the Arctic Circle and the amount of CO2 being added to the atmosphere is equal to the annual fossil fuel CO2 emissions for Bulgaria, Hungary and Sweden combined. Here’s why there’s a burning need for better wildfire perimeter data 
  5. Reason #3 why brokers lose business...Not keeping up with technology and industry trends puts brokers at risk of being commoditized.

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

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Topics: Underwriting, wildfire risk, climate change, hurricane risk

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