Welcome to your weekly newsletter with the updates you need to succeed in property and casualty insurance.
Washington state is a hotbed of volcanic activity. Just because a major eruption hasn't occurred since 1980 doesn't mean it's not important to stay prepared!
Volcano Risk in Washington StateAs of 2023, May has officially been designated as Washington Volcano Preparedness Month. For many Washingtonians, these slumbering giants seem harmless, but it’s important to learn about the risks they pose and how to prepare for the devastation they can cause. |
Turkey, Building Codes, and the Importance of RegulationThe recent earthquakes in Turkey and Syria remind us of the importance of earthquake preparedness and effective building codes. |
Business |
Wells Fargo to Pay $1 BillionThe company agreed to settle a shareholder lawsuit that accused it of making misleading statements about its compliance with federal consent orders. |
WA Commissioner Fines AirbnbMike Kreidler fined Airbnb $20,000 for acting as an unauthorized insurer in the state and ordered the company to obtain a surplus lines insurance policy. |
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Auto Claim Severity Up 35%Claim severity for both bodily injury and property damage increased by 35% since 2019, while collision claim severity has jumped 40%. Read more at Claims Journal |
Environment |
B.C. Residents Flee WildfireThere were approximately 5,100 people across B.C. under an evacuation order as of Monday afternoon, and about 33,000 under an alert. |
MN Banning Forever Chemicals?A House-Senate conference committee that is negotiating the details of a broad environment and natural resources bill agreed to the PFAS language that will be included. Read more at Insurance Journal |
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Billion Dollar Weather Event in KYAccording to NOAA, the March 3 windstorm is officially the fourth billion-dollar disaster in the Commonwealth in the last two years. Read more at WKYT |
Education |
Farmers Abandon WheatAccording to the USDA, producers are expected to harvest about 67% of their planted acres, the lowest harvest ratio since 1917. |
Legal Shield for TN Gun DealersTennessee Gov. Bill Lee has signed off on additional protections for gun and ammunition dealers, manufacturers and sellers against lawsuits. |
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Firewise Discount MandatesAll CA insurance companies will be mandated to offer a discount to insured members who create defensible space and adhere to guidelines outlined by Firewise USA. |