The Friday Five: Week of September 9, 2019

by Jen Smoldt on September 12, 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:

"I do think there's something to be said for the private insurance industry's talent at marketing. They are willing to spend money to market it [flood insurance] if they had incentive to do so." -R.J. Lehmann, a financial analyst, who believes that insurers could make a difference in helping increase flood insurance coverage in the U.S.

  1. Whooooa → Data shows a 31% drop in the number of federal flood insurance policies in the 59 counties that were under Dorian evacuation orders. FEMA declined to comment on the drop in policies but said, “We're dealing with human interest and human decisions. What our job is, is to continue to push the insurance message. Whether our citizens take that is a personal choice. Flood insurance is one of the best ways to recover after a disaster." 
  2. Dorian’s (finally) out and loss estimates are rolling in...Hurricane Dorian is expected to cause high-value commercial and residential claims, including hotels and resorts as well as business-interruption losses reaching into the "several billions." Be ready for the next storm with these 10 hurricane takeaways for P&C insurers... 
  3. This is why they call it the Great Flood of 2019 → Check out this interactive map of the flooding that occurred January through June all along the Missouri, Mississippi, and Arkansas Rivers—a system that drains more than 40% of the landmass of the continental United States.
  4. It’s time to embrace risk management as a driver of value... "The key to the future of risk management is that risk has always been viewed as an expense or a liability but, because of technology, will start to feed into opportunities on the top line of a company's financial statement,” said Wayne Allen, CEO of Insurance Thought Leadership.  
  5. Speaking of more sophisticated risk management...Gen Re explains why wildfire risk is now a primary catastrophe peril requiring more sophisticated risk evaluation solutions (like SpatialKey, ahem - and we’re honored to be mentioned in the article).  

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

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Topics: Flood risk, private flood, catastrophe risk management, hurricane risk

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