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
- 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.
- 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.
- ‘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.
- 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?"
- 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.