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:
"They are forming like roaches out there." -Eric Blake, an NHC forecaster, commenting on the six active tropical storms in the Atlantic and Pacific basins
- Humberto, Imelda, Jerry, Mario, Lorena, and Kiko...are all spinning up a storm in the Atlantic and Pacific oceans and are believed to tie a modern record from September 1992 for the number of combined storms at once.
- Imelda put Winnie, TX on the map (so to speak)...when the tropical storm forged a sneak attack on parts of Texas Wednesday night overwhelming 911 with 1,000 calls due to extreme flash flooding. Read how different flood types impact flood risk here...
- Mainstream risk? "Global temperature change" has topped Willis Towers Watson's list of top 15 extreme risks: “The passage of time, with no meaningful actions taken, means we are six years closer to the point of no return...To us, it [rising global temperatures] is looking increasingly likely, suggesting it might need to be considered as a mainstream risk.”
- Climate change + NFIP =💥 Environmental experts recently called a hearing to discuss how climate change is impacting the NFIP, saying the situation is likely to worsen: “Flood insurance is top of perils we have to face. It is imperative for [insurance companies] to develop new tools of risk management because they are operating on very old model inputs and ancient legacy flood maps.”
- As if you didn’t know...Wildfire season is heating up and 240,580 homes are at extreme risk across California. Here’s why there’s a burning need in P&C for better wildfire perimeter data...
Missed last week’s Friday Five? Check it out here.
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