The Friday Five: Week of October 14, 2019

by Jen Smoldt on October 18, 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:

“As insurance rates rise commensurate with increasing risk related to weather hazards, and property taxes rise to cover the costs of climate mitigation and adaptation, real estate values for properties in vulnerable areas will fall.”
-Donna Childs, author of the book Prepare for the Worst, Plan for the Best: Disaster Preparedness and Recovery for Small Businesses

  1. If maps use outdated data, they may easily over- or under-estimate flood hazard in areas that have experience redevelopment. Which is why using high-resolution data for flood risk is critically important. 
  2. More climate change-related claims means higher insurance costs and insurers becoming stricter about who even gets coverage. Read more on how climate change is increasing rates.
  3. For insurers who underwrite commercial properties, crime risk data can often be overlooked or under-prioritized in comparison with other hazard data. Learn how P&C insurers can use crime data for more accurate & informed risk assessment.
  4. Earlier this week firefighters tightened their grip on a deadly Los Angeles wildfire. At the height of the blaze, authorities had ordered the evacuation of some 23,000 homes.  
  5. There's more to flood risk than meets the eye...Here's how different flood types (fluvial, pluvial, and storm surge) impact an insurer's flood risk, causing varying degrees of damage.

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

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Topics: insurtech, wildfire risk, Flood risk

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