The Friday Five: Week of September 30, 2019

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.

Spring flooding worsened by record US snowpack

When low temps prevent thawing between winter storms, snowpack condenses to store significant precipitation that can lead to springtime flooding. One cubic foot of snow can contain anywhere from 1 to 3 gallons of water. (Image: FEMA/Andrea Booher)

2019 is going to be BIG for U.S. private flood insurance

  1. Advancements in flood mapping, model science, and analytics mean insurers have the information they need to more accurately quantify and price flood risk  
  2. NFIP is openly acknowledging the need for more private sector involvement, with (fingers crossed) more favorable legislation likely coming down the pike
  3. Consumers and businesses alike are becoming savvier to the need for flood insurance or better coverage (e.g. Hurricane Florence exposed a large protection gap with an estimated 70% of total losses uninsured)
  4. Insurers are looking for new markets and areas to expand their portfolios—and US flood is a leading candidate
  5. With an extensive amount of excess capital in the market, now is a prime time for startups, re/insurers, MGAs, and brokers to partner up—and dip their toes in the private flood pool

Government shutdown has insurance industry awaiting NFIP decision

At a glance:

NFIP reform and flood insurance privatization - the latest

At a glance: 

Popular Posts

Visit our resources page for quick access to our P&C guides and webinars.