InsuranceEDGE | BuildingMetrix

InsuranceEDGE | October 27, 2022 | BuildingMetrix

Written by WSRB | October 27, 2022

Headlines

 
 
 
Outdated tactics and overgrown lands have led to millions of acres and foothill towns burning needlessly.
 
 
The U.S. Geological Survey said the quake struck at 11:42 a.m. and there were no immediate reports of damage.
 
 

 

Business
 
 
 
The first wave of insurtech is done. It lasted from about 2011 to 2021, and “it was pretty good, [getting] some stuff accomplished.”
 
 
"The larger companies can certainly sustain it, but the smaller domestic companies cannot, and there are companies that are really burning cash right now"
 
U.S. commercial insurance rates rose 5% in the third quarter, down from 10% in the second quarter, but there was considerable variation by line.
 
 
Prior to Ian, homeowners insurance premium for Floridians was already three times the national average.
 
A microchip shortage. Logistics industry backlogs. Supply and labor challenges. Worsening driver behavior. Inflation.
 
 
Despite thriving as an industry, the US insurance sector continues to face a considerable talent shortage as unfilled job vacancies reach record numbers.
 
Global natural disaster events to the end of Q3 2022 caused total economic losses estimated minimally at $227 billion - of which $99 billion was covered.
 
 
A recap of individual company estimates, net of reinsurance, summing to over $7.5 billion is presented in this article.
 
The CEO of the state-backed Citizens Property Insurance says he expects another spike in premiums after Hurricane Ian.
 
 
"We need to do everything we can to push back on that and fight for a more competitive market where rates are incentivized to go down," says the governor.
 
State CFO Jimmy Patronis also urged Florida lawmakers to establish a statewide insurance fraud prosecutor and to disincentivize public adjusters after a storm.
 
 

 

Education
 
 
 
If you're looking for an insurance type that's both cost-effective and reliable, there are two surprising ones to consider now: pet insurance and travel insurance.
 
 
Builders may have to reserve more land for stormwater management. A disaster aid group says the rules could make rebuilding too expensive.
 
California regulators proposed fining Pacific Gas & Electric more than $155 million for sparking a 2020 wildfire in Northern California that killed four people.
 
 
Whether or not a storm that kills three people is worse than one which causes $1 billion in damages is perhaps something that should be left to philosophers and theologians.
 
Ian cut a path through the heart of Florida's citrus belt and smashed tomato fields at the worst possible time: just before the start of seasonal harvests.
 
 

 

Environment
 
 
 
If you hated winter the last two years, expect the same. Loved it? Get ready for more this year, thanks to the presence of a La Niña pattern.
 
 
The Climate Prediction Center's official winter forecast has been released, and it's got some mixed news for CA.
 
Roughly half of a MO town burned after a wildfire spread from a farm field and destroyed or damaged 23 buildings.