April 13, 2023
Welcome to your weekly newsletter with the updates you need to succeed in property and casualty insurance.
Underwater
Sea-level rise in the south may be accelerating faster than previously thought. What can we do to stave off disaster?
Business |
Lasting Impact on Personal AutoAuto insurers recorded an underwriting loss of more than $4.1 billion in 2021, with a rapidly worsening loss ratio through the first six months of 2022. |
Q1 Commercial P/C Rates SteadyIn a “deliberate and modest fashion,” the composite rate for commercial property and casualty lines increases 5% during the first quarter of 2023, according to MarketScout. |
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WA Shutters Several Pot BusinessesCannabis regulators have halted operations at several farms and facilities after testing found high levels of chemicals related to a dangerous pesticide. Read more at Claims Journal |
Environment |
13 of Top 25 Disaster Counties in FLAn analysis by Forbes Advisor of FEMA disaster declarations for the 200 most-populated counties showed 13 of the top 25 most disaster-prone counties in Florida. |
Florida Wildfire Threat GrowsThe National Weather Service reported that 55% of Florida is in the severe to extreme drought category, with most of the rest of the state listed as “abnormally dry.” Read more at Insurance Journal |
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Huge Sinkhole is GrowingA large sinkhole in the small Texas town of Daisetta, 55 miles northeast of Houston, is growing, putting residents and officials on edge. Read more at Yahoo! |
Education |
Many Orgs Cover Up Data BreachesAlmost a third (30%) of all IT and security professionals whose firms suffered a data breach did not publicly disclose the event, deciding to sweep it under the rug. |
EPA Puts a Number on Lead PipesSome 9.2 million lead pipes carry water into homes across the U.S., with more in Florida than any other state, according to a new EPA survey. |
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Cost of Dog-Related InjuriesInsurers paid out more than $1 billion in dog-related injury claims in 2022, a 28 percent increase over 2021 even though the number of claims decreased last year. |