The Friday Five: Week of June 10, 2019

by Jen Smoldt on June 14, 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:

“It was a fire that crossed mountain ranges and valleys, that spanned multiple counties and shocked Californians by its sheer scale — by far the biggest wildfire in modern state history. And yet a newly disclosed investigation suggests it was probably started by a single man and a single spark.” 
-Thomas Fuller, The New York Times

  1. We didn’t start the fire...or did we?...The New York Times reports that a local California rancher hammered a stake into the ground to plug a wasp’s nest, leading to the 2018 Ranch Fire, proving a single spark is really all it takes.
  2. Speaking of wildfire...Underwriters are in a challenging position when it comes to assessing this evolving risk, but there are creative ways to think about it.
  3. Tornadoes, hail, and wind, oh my!... Steve Bowen, director and meteorologist within Aon’s Impact Forecasting team, said that severe convective storms have led to at least $10 billion in U.S. insurance payouts annually since 2008 and it’s likely to happen again in 2019.
  4. In the eye of the storm...According to a recent analysis of global data, the U.S. is more vulnerable to economic damage from natural disasters than any other nation, thanks to two long ocean coastlines and a propensity for tornadoes, Americans face more and more expensive disasters.
  5. InsurTech keeps changing the game... A key theme at the DigIn conference in Austin centered on embracing technology partnerships that serve carriers and InsurTechs alike, reminding us of Bret Stone’s wise words in this post.

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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