The Friday Five: Week of September 30, 2019

by Jen Smoldt on October 3, 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:

“What we do now is monitor wildfire-prone areas and wait with bated breath for fires to start, then rush to put them out. This has the potential to make wildland firefighting much more proactive, rather than reactive.” -Eric Appel, of the Stanford School of Engineering, commenting on a preventive treatment that could greatly reduce the incidence and severity of wildfires

  1. Hooray for science 👏 Stanford researchers have developed an environmentally benign gel-like fluid that helps common wildland fire retardants last longer on vegetation. Stanford worked with CalFire to test the retardant and the treatment provides complete fire protection even after half an inch of rainfall!
  2. Hear ye, hear ye, NFIP extended (again)...The U.S. Senate joined Congress in approving the 13th short-term extension of the NFIP. The Independent Insurance Agents & Brokers of America (the Big “I”) had this to say: “...we now urge Congress to pass a long-term reauthorization that would modernize the program and increase take-up rates for flood insurance in both the NFIP and the private market.” 
  3. Speaking of flood take-up rates..."Insurers and other entities need to continue increasing their efforts to educate the public about the necessary details of flood risk and flood insurance." Here’s an overview of private flood barriers and how insurers can close the gap... 
  4. Whoa → 90% of all natural disasters in the U.S. involve flooding, but technology is fueling the development of detailed flood mapping and modeling, helping insurers assess flood risk like never before...
  5. Lorenzo dubbed “weirdest” storm of the Atlantic hurricane season...A Category 5 storm has never been recorded as far north and east in the Atlantic as Hurricane Lorenzo was this week. Now a post-tropical cyclone, the storm is expected to lash Ireland and the UK with heavy rain and wind.

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

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Topics: wildfire risk, Flood Insurance, Flood risk, hurricane risk

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