The Friday Five: Week of September 16, 2019

by Jen Smoldt on September 19, 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:

"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

  1. 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
  2. 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...
  3. 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.” 
  4. 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.”
  5. 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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Topics: climate change, catastrophe risk management, hurricane risk

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