InsuranceEDGE | April 20, 2023 | BuildingMetrix

Written by WSRB | April 20, 2023

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

Round and Round

Tornadoes may be becoming more common, but forecasters can now accurately anticipate severe weather events in multi-state regions as many as ten days in advance, thanks to leaps in computational power and modeling.

Increased Tornado Frequency East of Mississippi River

Already, 2023 is one of the most deadly years for tornadoes in the past decade, according data to NOAA’s storm prediction center — and that’s before April, May and June when tornadoes most frequently form.

Growing Insurance Crisis Spreads to Texas

An insurance crisis that has swept across the Gulf Coast is spilling into Texas, where increasingly scarce property coverage has forced tens of thousands of coastal homeowners to buy policies from a state-chartered insurance program.

Business

U.S. Proposes Large Emissions Cut

The EPA proposed sweeping emissions cuts for new cars and trucks through 2032, meaning 2 out of every 3 new vehicles automakers sell will be electric within a decade.

Read more at Insurance Journal

U.S. Proposes Large Emissions Cut

Two weeks before an official annoucement, The Hartford previewed Q1 net income and underwriting results, revealing that net income will grow to $530 million.

Read more at Insurance Journal

P/C Underwriting Profit in 2023?

Fitch Ratings predicts a better underwriting result for U.S. property/casualty insurers in 2023 than 2022, but the combined ratio is still going to hover above breakeven.

Read more at Insurance Journal

Environment

Insurance Woes Plague Fire Efforts

In the United States, spiking insurance costs and wary providers now present a threat to prescribed burns, according to officials and groups trying to promote them.

Below Average Hurricane Season?

The hurricane research team at Colorado State University in its early forecast of the 2023 Atlantic hurricane season is predicting slightly below-average activity.

Read more at Insurance Journal

Indiana Fire Forces Evacuations

“There are plastics inside buildings, there are plastics outside buildings [...] we’re dealing with many types of plastics. It’s very much a mess.”

Read more at Insurance Journal

Education

NC Auto Rate Hearing Set For Oct.

The Insurance Commissioner has scheduled a hearing for October 16 in Raleigh on Rate Bureau’s proposed auto insurance rate increase that averages 28.4 percent.

Train Derailment Highlights Problem

The controversy illuminates an uncomfortable truth: Hazardous wastes are seemingly everywhere, from sprawling factories to household garages.

CA and FAIR Plan Reach Agreement

The combined coverage limits for the FAIR Plan, under its Division I Commercial Property Program, will increase from $8.4 million to $20 million per location.

Read more at Insurance Journal

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