The Friday Five: Week of May 27, 2019

by Jen Smoldt on May 31, 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:

"We may be able to slow down the losses, but we can't stop them. This is the legacy; this is the bill that has come due."

-Scientist Kathleen Tierney, commenting on the aftermath of the Camp Fire which caused $16 billion in losses

  1. What everyone’s talking about: twisters. A historic tornado outbreak has been ravaging the US, with a record 225 tornadoes in just 12 days. It’s the most active run for the longest period since 1950.
  2. Also what everybody’s talking about: flooding. The Mississippi River at the Quad Cities of Iowa and Illinois saw its longest stretch above major flood stage ever recorded, even surpassing 1927 flooding.
  3. ‘Tis the season for...hurricanes. June 1 marks the official start of hurricane season and the 2019 forecast is expected to be near normal with 12 to 16 tropical storms (5 to 7 reaching hurricane strength). Of course it only takes one, so be prepared with these best practices.
  4. Got wildfire risk? Bob Fenton, FEMA administrator, said the reactive response to wildfires has to change: “We've done a lot of work over the years to help people respond or rebuild. But how do we get them to plan better, prepare better and mitigate against future disasters?"
  5. Talking about reactionary event response...We explore 7 questions event response automation should answer for P&C insurers.

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

 

Topics: Severe Storms, Event response, wildfire risk, Flood risk

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