InsuranceEDGE | January 12, 2023 | BuildingMetrix

Written by WSRB | January 12, 2023

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

Stormy Weather

As storms in the east abate, California prepares for another bout of potentially destructive storms this week. Plus, an interactive look at how Hurricane Ian devastated Florida region by region, courtesy of USA Today.

The Cost of Still Using Spreadsheets

In today’s complex risk landscape, spreadsheets can no longer carry their weight. They create administrative burdens and introduce the possibility of human error.

Winter Storm Elliott Insured Losses Close To $5.4B

The “once-in-a-generation” storm was characterized by an extratropical cyclone that created record-cold temperatures, blizzard conditions, and high winds that impacted most of the country.

Business

The 2023 Commercial P&C Market

Increasingly impactful weather losses, as well as continuing supply chain issues and a larger focus on ESG risks, will affect the insurance market in the coming year.

Vista Equity to Buy Duck Creek

Insurance software provider Duck Creek has entered into an agreement to be bought by Vista Equity Partners in an all-cash deal of about $2.6 billion.

Citizens Premium Volume Doubles

Florida’s so-called insurer of last resort hit a new milestone for the number of Floridians it serves, citing “continued instability” as the cause.

Environment

Strong Storms Batter CA Levees

State officials have warned that rural areas are the most at risk of flooding because the levees that protect them aren’t built to the same standards.

The Weather Extremes of 2022

Costly weather disasters kept raining down on America last year, pounding the nation with 18 climate extremes that caused at least $1 billion in damage each.

Hurricane Ian's Deadly Path

A visual look at how the hurricane, one of the most powerful storms ever to hit the U.S., devastated Florida region by region.

Education

CA Warns About Denying Claims

The California Dept. of Insurance has sent a notice stating that insurance companies should not deny storm-related claims before undertaking diligent investigations.

Volunteer Fire Dept. Paying Drivers

With fewer volunteers signing up to help, the company knew it needed to ensure someone was available to answer the call.

WA Schools Sue Over Social Media

The public school district in Seattle has filed a novel lawsuit against the tech giants behind TikTok, Instagram, Facebook, YouTube, and Snapchat.