InsuranceEDGE | February 9, 2023 | BuildingMetrix

Written by WSRB | February 9, 2023

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

A Solemn Reminder

The terrible tragedy in southern Turkey and northwestern Syria, a massive magnitude 7.8 quake, reminds us that earthquakes can strike anytime with devastating consequences.

Long-Tail Liability and Vape

Old buildings are preserved as landmarks of architectural beauty and cultural importance; however, in addition to providing a tangible link to bygone eras, they can bring along exceptional costs for insurers.

Live Updates: The Earthquake in Turkey, Syria

The death toll from the devastating earthquake in Turkey and Syria rose as rescuers faced shortages of trucks, fuel, and time. President Erdogan visited the area near the epicenter.

Business

InsurTech Funding Falls

At $1.01 billion, global InsurTech investment fell in the fourth quarter of 2022 to its lowest quarterly level since the first quarter of 2020.

Allstate’s Grand Plan

Following a year of turbulence in its auto insurance business, Allstate outlined what CEO Tom Wilson called the company’s number one priority: improve margins.

Rising Costs of Secondary Perils

Economic and insured losses from secondary perils from natural catastrophes are accelerating and surpassing the loss totals from primary perils.

Environment

Wildfire Emergency Act

U.S. Senators from Oregon, California, and Montana have introduced a bipartisan bill to reduce the risk of catastrophic wildfires in the West.

Slow Power Repairs Anger Austin

Nearly 20,000 customers still had no electricity on Monday, nearly a week after a deadly ice storm crippled the Texas capital and brought down power lines.

Millions of Dead Trees in California

Drought and warm temperatures decimated 36.3 million California trees in 2022, according to a new report from the U.S. Forest Service.

Education

Turkish Port Ablaze Following Quake

Hundreds of shipping containers were on fire at Turkey’s Iskenderun Port on Tuesday, shutting down operations and forcing freight liners to divert vessels to other ports.

Federal Gun Crime Report

The most expansive report in 20 years shows a shrinking turnaround between the time a gun was purchased and when it was recovered from a crime scene.

The Cost of Auto Insurance is Up

Nationally, the average for full coverage — generally defined as liability, collision, and comprehensive — is $2,014 in 2023, up about 2.6% from 2022.