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September 29, 2022

Headlines

 
 
 
Smoke Alarm
Some 2.4 million homes and businesses are without power after one of the worst storms in years.
 
 
The island’s electrical system experienced a complete collapse in the wake of the deadly storm.
 
 

 

Business
 
 
 
A massive, deadly hurricane like Ian could topple the state’s already unstable property insurance market, experts say.
 
 
Alldredge explained that the insurance industry has recently faced challenges from how and where people work and the environment they operate in, to the “broader economic circumstances we find ourselves in and the inflation period we are seeing.” 
 
 
Top insurance companies and associations say California is risking a crisis in the nation’s largest automobile insurance market by refusing to approve rate increases.
 
 
Cyber threats were the top concern for business decision-makers for the third time in four years.
 
 
Despite monitoring by Florida regulators, cancellation of more than 56,000 policies, and an extensive restructuring plan this year, FedNat is insolvent.
 
The insurance industry uses the term “social inflation” to describe the rising costs of insurance claims when those costs can’t be accounted for by overall inflation rates.
 
 

 

Education
 
 
 
While Chinese companies churn out new electric cars, local insurance firms think they’re more expensive to cover.
 
 
A revised map will be released on March 1, marking a significant shift to the timeline following public blowback this summer over the initial map.
 
BP and Chevron Corp. said they have shut-in production at offshore oil platforms in the Gulf of Mexico, as a powerful Hurricane Ian bore down on them.
 
 
A week after Hurricane Fiona swiped Puerto Rico, causing catastrophic flooding and knocking out power to the entire island of 3.1 million, power restoration moves slowly.
 
An estimated 349,000 homes and businesses were still without power in Puerto Rico on Wednesday after Hurricane Fiona hit on September 18.
 
 
A lawsuit against Pacific Gas and Electric Company is alleging that the utility was responsible for the Mosquito Fire burning in Placer and El Dorado Counties.
 
Federal officials have initiated a criminal investigation into PG&E Corp.’s potential role in starting California’s largest wildfire of the year. 
 
 
Renewable energy providers underestimate this critical risk, expert says.
 
The Bolt Creek Fire has been burning on roughly 11,674 since Sept. 10.
 
 
The unique vehicle was designed to deflect impacts which should prevent injuries to the person in the striking vehicle. 
 
Nationwide Agency Forward survey showed 40% of small business owners surveyed expect a cyberattack to cost less than $1,000.
 
 

 

Environment
 
 
 
Rising floodwaters led to home rescues and stranded vehicles across Central Florida and law enforcement in Volusia County reported the area’s first death while the statewide toll has yet to be determined after hurricane’s storm surge devastated the Gulf Coast.
 
 
A new study from Harvard University suggests that the Palos Verdes fault could trigger a devastating earthquake of up to 7.8 magnitude.
 
After damp spring weather and cool temperatures delayed the onset of peak fire activity, the state’s overall wildfire activity has been “surprisingly benign.”
 
 
August 2022 was the world’s sixth-warmest August in 143 years, according to scientists at NOAA’s National Centers for Environmental Information.
 
As scientists continue to warn of the effects of climate change, it’s more important than ever that homeowners protect themselves with the right insurance.
 
 
The cost in Canada alone is likely to be at least in the tens of millions of dollars - and a claims “lag” is expected.
 
This critical reservoir in the West was found to be shrinking in total capacity, according to the USGS and Bureau of Reclamation.
 
 

 

Innovation
 
 
 
It promises to offer antioxidant properties on par with superfoods like blueberries.
 
 
 
Topics:industry trendsearthquakehurricane

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