The Friday Five - Week of May 20, 2019

by Jen Smoldt on May 24, 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:

There is more to the issue [of flood risk] than just providing capacity. We need to get people to realize the true risk of flooding. We need to invest in educating the public. We need to discuss with banks, insurance agents, insurance companies, property owners, banking and insurance regulators in order to raise awareness and ease the process of getting a flood policy.”

-Santiago Noriega, Swiss Re Senior Property Solutions Specialist 

  1. Opportunity is big in the private flood market...but policy take-up rates remain low. Swiss Re maintains that education and awareness are critical to closing the US flood protection gap. Get the low-down on US private flood opportunities here
  2. Countdown to hurricane season = T minus 8 days...We break down (and quantify) the inefficiency of a manual event response process with this hurricane scenario
  3. Whooooa → 52% of small business owners believe they will have a claim in the next 5 years with the top 3 claims concerns being property damage (25%), employee injury (21%) and auto accidents (12%)
  4. Let’s hear it for underwriters...The US P&C industry posted a net underwriting income of $4.2 billion in Q1 2019, which is a 24% increase over the same period last year
  5. Got severe storms risk? At least 250 tornadoes touched down in April in the US—the highest tornado activity since 2011 with projected insured losses of $700 million. Get up to speed on tornado risk here

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Happy Memorial Day weekend and thank you to all those who have served and sacrificed.

 

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

 

Topics: Event response, Flood risk, private flood, catastrophe risk management

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