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August 4, 2022

Headlines

 
 
 
GEICO, the nation’s second-largest auto insurer, is limiting its physical presence in California and eliminating telephone sales of new policies there.
 
 
The House approved wide-ranging legislation aimed at helping communities in the West cope with increasingly severe wildfires and drought — fueled by climate change — that have caused billions of dollars of damage to homes and businesses in recent years.
 
 

 

Business
 
 
 
Water levels on the Rhine River are set to fall perilously close to the point at which it would effectively close, putting the trade of huge quantities of goods at risk as the continent seeks to stave off an economic crisis.
 
 
H1 costs made up a little more than half of the overall $65 billion in losses from floods, earthquakes, storms during the first six months.
 
 
Immediately after Lemonade closed its deal with Metromile on July 28, job boards lit up with news of layoffs at the acquired company. 
 
 
Another property insurance company announced it will be pausing new business in Florida “until further notice”.
 
 
Premiums in the federal multi-peril crop insurance (MPCI) program surged in 2021 to a record high of $14.9 billion.
 
A state-chartered bailout fund is seeking to borrow $600 million after seven Louisiana insurers went bust after Hurricane Ida. 
 
 
The actions could potentially add to the confusion and concern about the stability of the Florida insurance market and Demotech’s long-term role in it. 
 
Insurance executives, risk modelers and analysts examine the growing peril of wildfire, and what must be done to combat one of the hottest risks facing the industry.
 
 

 

Education
 
 
 
We can find ways to limit housing in the wildland-urban interface. Or we wait for fires to do it for us.
 
 
A judge overturned a Washington state rule prohibiting insurers from using credit scoring to set rates for auto, homeowner and renter insurance. 
 
 
Earthquakes are terrifying and expensive, and more clients need earthquake insurance than don’t need it.
 
 
Claims have become more severe over the past five years due to factors like higher property and asset values, more complex supply chains, and the growing concentration of exposures in natural catastrophe-prone locations.
 
 

 

Environment
 
 
 
Crews battling the largest wildfire so far this year in California braced for thunderstorms and hot, windy conditions that created the potential for additional fire growth.
 
 
California’s largest and deadliest wildfire of the year raged through the modest homes and stores of the tiny town. 
 
Roads in and out of Death Valley National Park were closed after lanes mud and debris inundated lanes during floods.
 
 
Record flooding in parts of Appalachia has left many dead, hundreds of homes destroyed and entire communities wiped out.
 
The rain may be settling down, but survivors in Appalachian mountain communities are left to face a new threat: extreme heat.
 
 
Neighbors of a field from which grass fire spread into their Dallas subdivision, destroying nine homes, had complained about lack of maintenance. 
 
A wildfire in Northern California was burning out of control amid exacerbating conditions that pose the dangers of thunderstorms, and hot, windy conditions.
 
 
 
Topics:industry trendswildfiredrought

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