The Friday Five: Week of October 21, 2019

by Jen Smoldt on October 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:

“California is the lab for managing exposure to wildfire risk.” -Lynn McChristian, Risk Management Professor at Florida State University

  1. Fires don’t burn in a circle. And they don’t know postal code boundaries...Solutions providers are applying “some lateral thinking” to help insurers write quality wildfire risks. Willis Re, RedZone, and SpatialKey are bringing practical wildfire innovations to market that can be quickly deployed and implemented alongside traditional risk management strategies. Read more about how Willis Re and SpatialKey are partnering...
  2. Proactive power outages continue...In California, tens of thousands of residents are without power again as PG&E continues to proactively shut off power to fire-prone areas. “We’re getting used to living back in the 1930s,” said one resident...
  3. 🌪️Twister outbreak will cost billions...9 tornadoes touched down in the Dallas-area on October 20th and will cost a "pretty conservative" $2 billion in insured losses according to the Insurance Council of Texas. One EF3 twister had peak winds of 140 mph and was on the ground for more than 15 miles (yikes)...  
  4. The 2019 hurricane season...Currently scores above average with 14 named storms, 5 hurricanes (Barry, Dorian, Humberto, Jerry and Lorenzo) and 3 were major hurricanes (Dorian, Humberto and Lorenzo). With 6 weeks left to go, history shows we can not let our guard down yet...
  5. Climate change crusaders...“I’m excited to start a career in risk management...but I want to know that the company I choose to work for is doing everything it can to tackle the climate crisis that my generation is facing,” said Schuyler Holder, a senior at the University of North Texas who started a petition calling on U.S. insurers to end their underwriting and investments in coal and other fossil fuels.👏

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

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Topics: tornado, wildfire risk, climate change, hurricane risk

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