The Friday Five: Week of October 7, 2019

by Jen Smoldt on October 10, 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 believe this reflects a stark new reality for California as the state grapples with the impacts of more extreme weather—wildfire, flooding, drought and storms—resulting from climate change.” -Rufus Jeffris, VP at the Bay Area Council, commenting on PG&E’s proactive power outrages that left 500,000 Californians without power this week

  1. Hedging their bets against wildfire...PG&E proactively turned off power to over 500,000 Californians in a highly disruptive hedge against wildfire risk. The power company, which declared bankruptcy in January, is facing billions in liabilities from past fires and said it wasn’t taking chances this time.
  2. The case for practical InsurTech...Better risk selection is one of the primary drivers of more practical InsurTech applications according to panelists at an InsureTech Connect session last week who discussed various use cases, including data and analytics. Read more about practical InsurTech...
  3. It’s not over yet...“About 23% of all Atlantic #hurricanes and 15% of all Atlantic major (Category 3+) hurricanes form after October 7 on average,” tweeted Dr. Phil Klotzbach, a tropical scientist at Colorado State University. The Atlantic basin has had six Cat 5 hurricanes on record after October 7. Be ready with these best practices...
  4. Speaking of hurricanes...One year ago this week, Hurricane Michael made landfall as a Cat 5 hurricane near Mexico Beach, Florida, causing nearly $9 billion in insured losses and leaving communities in crisis—nearly 5,000 are still homeless in Bay County, Florida. 
  5. Jersey shore woes...New Jersey ranks first as the state with the most homes built in 10-year flood risk zones since 2009: 3,087 homes valued at $3.04 billion. "For every property they’re buying out, they’re putting up 20 more. It’s trying to empty the ocean with a bucket.”

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

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Topics: insurtech, wildfire risk, Flood risk, hurricane risk

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