March 30, 2023
Welcome to your weekly newsletter with the updates you need to succeed in property and casualty insurance.
Overloaded
The intersection of increasingly extreme weather patterns and excessive electricity needs means that power grids across the United States are being pushed to their limit.
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US Grid Headed for MeltdownCities across the US are increasingly going dark at the worst moments. Increasingly extreme temperatures cause outages in a variety of ways. |
Business |
Inflation Hiked P/C ClaimsHigh inflation alone led to an increase in property/casualty claims of 5-7.5%, across five key markets in 2022, according to Swiss Re research. |
Juul, Altria Face First TrialE-cigarette company Juul Labs Inc. and its former largest investor, Marlboro maker Altria Group Inc., will face their first U.S. trial over marketing to minors. |
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2022 Premium GrowthReinsurers’ premium growth averaged 12.1% for full-year 2022, driven by improved pricing for commercial lines and reinsurance business. Read more at Insurance Journal |
Environment |
Emergency Declaration in MississippiPresident Biden issued an emergency declaration, making federal funding available for the areas hardest hit by a deadly tornado that ripped through the delta. |
Safest SW CountiesA study by global property information provider CoreLogic detailed the least risky places to live in the U.S. from a natural hazard perspective. Read more at Insurance Journal |
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California's Phantom LakeEvery 15 years or so, in the wake of a record winter storm or heavy spring snowmelt, the great inland sea, at least a hint of it anyway, rouses from its slumber. Read more at Yahoo! |
Education |
Hard Property Insurance MarketA combination of historically high inflation and a growing frequency of natural catastrophes is creating the hardest market in a generation for property insurance. |
Fixing the LA Insurance MarketSince a series of punishing hurricanes battered Louisiana’s coast and upended the state’s insurance marketplace, officials have tried to right the ship. |
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Hyundai, Kia Warn of Fire RiskThe automakers are recalling just over 570,000 U.S. vehicles over fire risks and urged owners to park outside and away until getting repairs. |