InsuranceEDGE | January 5, 2023 | BuildingMetrix

Written by WSRB | January 5, 2023

Welcome to your weekly newsletter with the updates you need to succeed in property and casualty insurance.

New Year, New News

Welcome to the first InsuranceEdge of 2023!

This week, we look back at 2022 and explore what 2023 might have in store. Be sure to check out the insightful piece from Paul Carroll at Insurance Thought Leadership regarding digitization in the insurance sector.

CA Auto Insurance on the Precipice of a Crisis

Insurers are struggling in California as more people are getting in accidents, and they haven’t been able to raise their rates in two years.

What Extreme Drought Has Exposed at Lake Mead

Sunken boats sitting high and dry on the horizon are now a hallmark of the lake’s new reality as it becomes a focal point in one of America’s most dire climate crises.

Business

2022 Catastrophe Losses

The global insurance industry is projected to see natural catastrophe losses of up to $112 billion in the wake of extreme weather events in 2022.

The Latest Insurance Launches

Ford Credit announces plans to launch Ford Pro Insure; Lemonade announces the launch of Lemonade Car in Texas; SURE now writes excess and surplus lines in FL.

Some Surprises at Lemonade

For every dollar of premium sold, the company pays $1.60. And the churn rate for customers appears to be at least 30% to 40%.

Environment

Allstate Commits to 2030 Net Zero Emissions Goal

In addition, the personal lines giant has set 2025 as the target year for achieving a net zero investment portfolio.

The United Kingdom's Warmest Year

The annual average temperature across Britain exceeded the previous high set in 2014, when the average was 9.88 degrees Celsius.

Million Dollar Fire Mitigation Project

The Colorado State Forest Service expects to thin hundreds of acres of dense forest near one of Colorado Springs Utilities' reservoirs.

Education

The Waves of Insurtech

The evolution of technology in any industry follows a similar pattern; we see a progression in the way an industry uses the tech at its disposal.

A Wake-Up Call For Insurers

Fewer than 25% have truly digitized the value chain, while more than 10% are not appreciably leveraging digital technologies within their current business processes.

Uninsured Motorists: The Statistics

More than half of US states have passed laws and begun to develop and implement online auto insurance verification systems to identify uninsured motorists.

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