InsuranceEDGE | May 4, 2023 | BuildingMetrix

Written by WSRB | May 4, 2023

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

Off the Map

Oregon Senate Bill 82 would restrict how insurance companies can use wildfire risk maps. Will the bill increase transparency for consumers or create a headache for insurers?

Hansel the Arson Dog

Meet Hansel! He may look like an ordinary pup, but he's actually a highly trained federal agent. Learn more about Hansel's work as an arson dog in the latest blog from WSRB.

OR Bill to Restrict Use of Wildfire Risk Maps

A bill aimed at consumer insurance protections and Oregon’s wildfire risk map passed the Oregon House of Representatives. It now heads to Gov. Kotek’s desk to be signed into law.

Business

Catastrophe Losses Hinder Chubb

First quarter net income at Chubb Ltd. fell several percentage points to about $1.9 billion as catastrophe losses evened gains in premiums written.

Collapse Looms for FL Insurers

More Florida insurance companies could go belly up in the next 18 months, scary news for everyone who is already struggling with insurance rate hikes.

Auto Profit Unlikely to Return in 2023

In spite of continued actions to raise prices of coverage, auto loss cost continue to climb and profits will continue to elude personal auto insurers.

Environment

Methane-Tracking Satellites

Think of them as speed cameras, but for methane - new powerful satellites are starting to catch oil and gas operators releasing the gas into the atmosphere.

Wildfires West of Edmonton

Several areas of Yellowhead County and Parkland County remained on mandatory evacuation alert with more than 1,100 people have been affected by evacuations.

California Landslide Halts Rail

A landslide in Southern California has closed a historic cultural center, shut down rail service in the area and forced the evacuation of nearby residences, officials said.

Education

Active Hurricane Season Expected

A University of Arizona-led hurricane forecasting team predicts that 2023 will see above-average hurricane activity, similar to 2017.

Impact of Underinsured Properties

Given the factors buffeting the property market, currently facing one of the most difficult times in its history, businesses need to get much sharper on valuations.

Commercial Property Insurance

Four key concerns on the market include drastic rate increases, growing underwriting losses, a difficult reinsurance renewal period and reduced capacity.