InsuranceEDGE | May 11, 2023 | BuildingMetrix

Written by WSRB | May 11, 2023

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

To the Skies

The global market for aerial imaging, estimated at $2.7 billion last year, is expected to reach a revised size of $8.1 billion by 2030, according to a report by analytics firm Research and Markets.

The Arson Alarm Foundation

WSRB is a proud partner of the Arson Alarm Foundation (AAF), a non-profit organization dedicated to reducing the incidence of arson and increasing public awareness of arson-related risks throughout communities in Washington state.

Aerial Imaging Market to Hit $8.1B by 2030

Aerial imaging technology is often used by the insurance industry, especially in the aftermath of natural disasters.

Business

AIG Records Strong Q1 Results

First quarter 2023 underwriting income in its general insurance segment was $502 million, “the strongest first quarter underwriting results AIG has achieved."

Read more at Insurance Journal

Progressive Falls Short of Goal in Q1

Despite posting a year-over-year net income increase of 45%, Progressive Corp. shared first quarter financial results falling short of its combined ratio goal for 2023.

Read more at Insurance Journal

Buffett Predicts Earnings Decline

The billionaire investor expects earnings at the majority of Berkshire’s operations to fall this year as a long-predicted downturn slows economic activity.

Read more at Insurance Journal

Environment

New Flood Insurance Rates by ZIP

FEMAs Risk Rating 2.0 for calculating flood insurance could mean higher premiums for thousands of property owners, especially in low-elevation coastal areas.

Read more at Insurance Journal

Evacuation of 30,000 in Alberta

Western Canada's spreading wildfires prompted fresh evacuation orders as authorities registered over 100 active blazes.

Colorado River Reservoirs Filled

The river remains in crisis, and recent history during a 23-year megadrought suggests scarcity may reassert itself in the coming year.

Education

Legal Pot is More Potent Than Ever

Long ago, the THC content of weed was less than 1.5%. Today some marijuana products have more than 90%. It’s making people sick, and regulators are failing to keep up.

Oregon Wildfire Risk Map Bill

This bill says insurance companies cannot use state wildfire maps to set rates or make underwriting decisions. It now heads to Governor Kotek's desk to be signed.

Why No Buy In for Lemonade?

“How can we expect investors to support the current team if insiders aren't buying shares at today's low levels?” The question came as Lemonade’s stock hit a low.