InsuranceEDGE | January 19, 2023 | BuildingMetrix

Written by WSRB | January 19, 2023

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

Water on the Brain

After weeks of intense storms, California begins to recover. Though rainfall may seem to be a blessing in the drought-ridden region, the reality is much different: flood damage, mudslides, and billions of gallons lost to the ocean.

Top 4 Business Risks Keeping Executives Up at Night

QBE’s 2022 Mid-Sized Company Risk Report found that companies are more anxious about today’s business environment than they were in 2020.

California Is Watching Water Wash Out to Sea

in a state that is weathering a crippling, multiyear drought, much larger streams of water — estimated at tens of billions of gallons — have been rushing in recent days straight into the Pacific Ocean.

Business

GEICO Off the Hook

The company has been freed from paying $5.2 million to a Missouri woman who alleged she contracted a sexually transmitted disease in a car insured by the company.

Biden Issues Disaster Declarations

The President approved major disaster declarations for California and Alabama to assist state and local recovery efforts following major storms in both states.

Investment Activities Don’t Cut It

"Sustainable value creators" among the 100 largest P/C carriers generated more value through underwriting than through investment activities over a 20-year period.

Environment

Landslide Lawsuit in Bellevue

Almost exactly a year after a landslide destroyed a Bellevue home, the city has sued a nearby school, alleging the school bears responsibility for the slide.

Tornadoes Rip Across Alabama

At least seven people were killed in central Alabama and more are missing after tornadoes and severe storms left a swath of damage across parts of the South.

Storm Damage in Santa Cruz

Videos show the storm surge destroying a part of the Capitola Wharf and washing up massive logs on Santa Cruz beach.

Education

Lack of Flood Insurance in CA

98% of California homeowners don't have flood insurance; large flooding events can no longer be considered one-in-100-year sort of occurrences.

Tackling the Threat of Mudslides

Relentless storms have saturated the steep mountains and wildfire-scarred hillsides along much of California’s long coastline, causing hundreds of landslides.

Costliest U.S. Tropical Cyclones

NOAA's National Centers for Environmental Information (NCEI) has updated this listing of the costliest tropical cyclones to strike the United States.