The Friday Five: Week of June 24, 2019

by Jen Smoldt on June 28, 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’s time to hear the voice of the growing risk modeling community. Individually we are one drop, together we are an ocean. Let’s change insurance for the better, make risk modeling more financially viable and even more data open and accessible.” -Dickie Whitaker, CEO of Oasis LMF

  1. I'm pickin' up good vibrations...Oasis has officially launched “The Wave” initiative which is a collaborative risk modeling effort supported by SpatialKey and other organizations who are committed to making Cat models and data more open and accessible. Read more about an open ecosystem and interoperability...
  2. Whooooa →Millennials are nearly 3X more likely to purchase flood insurance than Baby Boomers according to the National Association of Insurance Commissioners (NAIC) which found 41% of respondents agree/strongly agree that flood insurance is a “good idea.”
  3. Event alerts = Party in claims! SpatialKey (that's us) announced the rollout of its 24/7 automated event alerts solution for US severe storms. RLI Insurance Company said: “SpatialKey’s event response solution will provide our claims and support teams with more immediate access to the critical data needed to proactively serve our policyholders when events occur....
  4. Actuaries say there’s hope for wildfire risk → "Better claims data and improvements in modeling, supported by changes in insurance regulations, could lead to a more accurate understanding of the risk of particular properties and to better pricing of this risk by insurers." Get up to speed on wildfire risk assessment...
  5. Competition = Fix for NFIP. What will it take to "self-correct" the NFIP? Answer: Competition (and a host of other reforms). Check out why 2019 is going to be a BIG year for U.S. private flood
Missed last week’s Friday Five? Check it out here.

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Topics: Event response, wildfire risk, private flood, open ecosystem

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