Welcome to your weekly newsletter with the updates you need to succeed in property and casualty insurance.
The saga of Silicon Valley Bank is not an isolated incident as regulators strain to mitigate the fallout from yet another bank failure.
Insurance at the MoviesThe Academy Awards seem to have overlooked an important film category during this year's Oscar season: “Best Insurance-Related Movie.” |
Business |
U.S. Commercial Rates Grew in Q4Prices increased in the fourth quarter of 2022 by an average of 4.8%, down from the rate of 5.2% in the previous quarter. |
FL Names New CommissionerFlorida’s Financial Services Commission has appointed Michael Yaworsky as the insurance commissioner for the Florida Office of Insurance Regulation (OIR). |
|
SCOR's Ratings DowngradedAM Best announced that it had downgraded the financial strength rating to A from A+ and the long-term issuer credit ratings to “a+” from “aa-". Read more at Insurance Journal |
Environment |
Potential Volcanic Eruption in AlaskaA swarm of earthquakes occurring over the past few weeks has intensified at a remote Alaska volcano, a possible indication of an impending eruption. |
Rancho Palos Verdes LandslideThe solution: a $25-million series of wells that will suck water out of the ground and spit it into the ocean, effectively drying up the lubricated landscape. Read more at LA Times |
|
Overvalued Homes in New EnglandThe area is susceptible to overvaluation because most of the region lacks laws that require sellers to disclose a property’s flood risk or past flood damage. Read more at Boston.com |
Education |
Fire Retardant Injuntion TroublesAssociations, cities, and counties are attempting to challenge a case in Montana they say has the potential to take away an important tool from firefighting efforts. |
Vehicle Thefts Surpass One MillionAccording to new analysis conducted by the NICB, more than 1 million vehicles were stolen last year, marking a 7% increase over 2021. |
|
88% of Insurers Are Using AIA recent survey of auto insurers found that a large majority currently use, plan to use, or plan to explore using AI or machine learning as part of their operations. |