InsuranceEDGE | April 13, 2023 | BuildingMetrix

Written by WSRB | 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?

Sea Levels Rising Rapidly In Southern U.S.

A study finds sea-level rise along the coast of the southeastern United States has accelerated rapidly since 2010, raising fears that tens of millions of Americans’ homes in cities across the South will be at risk from flooding in the decades to come.

Property Loss Predicted and Prevented with New Tech

Better data collection and AI now allow us to scale up our efforts to prevent property damage — to widen the scope of threats we can evaluate, analyze more data, and target proactive measures at the property, site or even infrastructural level.

Business

Lasting Impact on Personal Auto

Auto 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 Steady

In 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.

WA Shutters Several Pot Businesses

Cannabis regulators have halted operations at several farms and facilities after testing found high levels of chemicals related to a dangerous pesticide.

Environment

13 of Top 25 Disaster Counties in FL

An 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 Grows

The 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.”

Huge Sinkhole is Growing

A large sinkhole in the small Texas town of Daisetta, 55 miles northeast of Houston, is growing, putting residents and officials on edge.

Education

Many Orgs Cover Up Data Breaches

Almost 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 Pipes

Some 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.

Cost of Dog-Related Injuries

Insurers 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.