The Friday Five: Week of September 23, 2019

by Jen Smoldt on September 26, 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:

“My concern as a broker is that people are starting to think about this as, is it the new norm? How much does climate change have to do with the severity and frequency that we’re seeing of hurricanes that are making landfall?” -Michael Rouse, U.S. property practice leader for Marsh LLC, commenting on hurricane risk and the insurability of beach resorts

  1. Thanks to insurance...Business goes on as usual in the Caribbean despite recent hurricanes. But it’s not all sunny, hotel owners have seen portfolio-wide insurance premiums increase by as much as 50% since 2017. The hurricane onslaught could make it harder and more expensive for beach resorts to get insurance.  
  2. What's keeping CEOs up at night? U.S. CEOs list emerging/disruptive technology (23%) and climate change/environmental (17%) risks at the top of the greatest threats facing organizations according to KPMG.
  3. Here we go again...The House passed a stop-gap to avoid government shut-down and extend the NFIP through Nov. 21, but it needs to pass the Senate before Sept. 30. The House Majority Leader said this: “There is no reason in God’s green earth we cannot complete our business on the appropriations process by November 21. Not a single reason, except procrastination and an unwillingness to compromise.” Alleluia.
  4. The future's so bright...for insurers who harness data 😎 The future of insurance is being shaped by the ability to use data more effectively than ever, according to Swiss Re and other panelists at the Internet of Insurance 2019 conference this week: "Insurance runs on data, so the ways in which we can acquire and process new forms of data are incredibly helpful for us.
  5. On the InsurTech front...Partnering up is a safe bet: “Partnerships are less risky than building in-house or purchasing InsurTechs outright,” according to Tom Super of J.D. Power. Read how InsurTech partnerships can drive immediate ROI... 

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

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Topics: insurtech, data and analytics, climate change, hurricane risk

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