The Friday Five: Week of July 29, 2019

by Jen Smoldt on August 1, 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:

“America’s trillion-dollar coastal property market and public infrastructure are threatened. Many individuals and communities will suffer financial impacts as chronic high tide flooding leads to higher costs and lower property values.” -report from U.S. Global Change Research Program

  1. Flood exposures are on the rise in the U.S.: NOAA has identified 40+ locations whose annual rates of high tide flooding (aka "sunny day" flooding) are rapidly increasing, meaning it no longer takes a strong storm or hurricane to cause flooding in coastal areas. 
  2. Florida is experiencing a rising tide of flood exposures...3.5 million people in Florida are at risk for coastal flooding, yet many don’t purchase flood insurance. “The risk of damage from flood water is real and growing in a large percentage of the U.S. and even more so in Florida,” said Jim Kane, SVP of USI Insurance Services. Learn about U.S. private flood insurance opportunities... 
  3. Towns are building fastest in the riskiest places → For 8 states (including Connecticut, Rhode Island, Mississippi, & South Carolina), the percentage increase in homes built in a flood zone exceeded the rate of increase in the rest of the state. Here’s how flood models are being built for climate change...  
  4. Tell me something good...The longest Mississippi River flood on record is finally coming to an end with levels along the river dropping below flood stage--except for New Orleans which is still at risk of flooding due to possible storm surge. Here’s a refresher on what lead to all the flooding...
  5. Speaking of river flooding...$12.5 billion in damages and losses is estimated from Midwest flooding: "We’ve seen the tornadoes, we’ve seen rain, we’ve seen the rivers and creeks flooded. You can’t even say it’s a black swan event. The black swan wouldn’t even want to swim in these waters,” said Sam Funk, senior economist for the Iowa Farm Bureau Federation.

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

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Topics: Flood risk, flood risk assessment, climate change, private flood

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