The Friday Five: Week of June 3, 2019

by Jen Smoldt on June 7, 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:

"Last week’s political showmanship needlessly delayed funds for disaster-stricken areas and almost led to the NFIP lapsing at the beginning of hurricane season. The time for endless delays is over. It’s time to act.” -Jon Gentile, vice president of government relations for PIA National

  1. Enough is enough...The NFIP has been extended until September 30 (the 12th short-term extension) and the National Association of Professional Insurance Agents (PIA National) is urging Congress to figure out a long-term authorization for the program that is $20+ billion in debt.  
  2. Tell me something good...According to Fitch Ratings, P&C insurers are financially well-positioned to manage a significant landfalling hurricane. It would likely take a “record individual storm loss or a confluence of significant loss events” to “impair insurers.” Of course, the 2017 hurricane season is a reminder that a confluence of events is possible. Be prepared with these 10 hurricane takeaways.
  3. Got business interruption risk? Apparently UK businesses don’t think so. Pool Re has found that only 19% of UK firms have terrorism insurance, demonstrating a knowledge gap that must be addressed to ensure resiliency.
  4. Thought leadership of the week...The ecosystem of hazard models and data is rapidly expanding for P&C insurers, but with all the data comes the need for a better way to access it.
  5. Whooooa → The Atlantic hurricane season puts 7.3 million homes at risk with a reconstruction cost of $1.8 trillion. No surprise, Florida is most vulnerable with 3X more risk than any other state.

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

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Topics: terror underwriting, NFIP reform, catastrophe risk management, hurricane risk

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