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August 11, 2022

Headlines

 
 
 
The 8.5 percent rise in the Consumer Price Index in July is good news for consumers and policymakers, but high prices for food and rent pose a challenge for President Biden.
 
 
Insurtech Lemonade said it booked a second-quarter net loss of $67.9 million compared with a net loss of $55.6 million during the same quarter last year.
 
 

 

Business
 
 
 
As climate change events increase in frequency and severity, insurance companies have no choice but to shift their underwriting and investment focus.
 
 
Rising inflation has produced an uptick in insurer loss costs, demonstrated most clearly by the price tag for commercial building materials and commercial automobile and truck parts.
 
"We estimate that is now a $70 billion market", says William Pitt. Technology investment, new capital through fronting companies, and talent migration are driving growth.
 
 
Two major Florida P&C insurers have announced second-quarter financial results. The news is a mixed bag and was not unexpected.
 
Weston Property & Casualty Insurance Co. is insolvent and should be placed into receivership, making it the fifth FL property insurer this year to be dissolved. 
 
 
Jobs are up, wages are up, inflation is up, and recession is unlikely in the short term. 
 
Policyholders of FM Global will collectively receive about $300 million.
 
 
New issuance of property/casualty catastrophe bonds totaled $4.86 billion across 23 transactions in the second quarter.
 
The independent agency channel places 62% of all property-casualty insurance written in the U.S.
 
 

 

Education
 
 
 
The California Department of Conservation has dated California’s earthquake legacy back to January of 1700, when an estimated 9.0-magnitude offshore earthquake rocked California, Oregon, Washington and southern British Columbia.
 
 
Two-thirds of small businesses use insurance agents to buy insurance for their enterprises, but those buying insurance online report higher satisfaction with the buying process, according to a new survey report.
 
 
The average underwriter spends 40% of their time on administrative tasks, 30% on negotiation and sales support and only 30% on actual underwriting - why? 
 
 
Homeowners insurance premiums rose by 12.1% nationwide, compared to one year ago, but surges have been higher in disaster-prone states.
 
 

 

Environment
 
 
 
California’s largest wildfire so far this year has so far burned more than 60,000 acres, but it is now 60% contained. The McKinney Fire broke out on July
 
 
“We are getting to a point of exhaustion for the firefighters,” French Interior Minister Gérald Darmanin told reporters during a visit to the fire-battered department of Aveyron.
 
As a brutal drought persists across Massachusetts, environmental experts urge the public to heed local water restrictions amid an uptick in wildfires.
 
 
California's biggest wildfire of the year has killed four people and scorched nearly 60,000 acres in the Klamath National Forest.
 
Many property owners believe the map is inaccurate and will impose onerous costs on them.
 
 
 
Topics:industry trendswildfireeconomy

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