June 1, 2023
Welcome to your weekly newsletter with the updates you need to succeed in property and casualty insurance.
Northern Exposure
Wildfire season is off to a start. Blazes in western Canada have wiped out more than two million acres of land in Alberta and thousands have been forced to evacuate in Nova Scotia.
Economic Outlook and Impact on InsuranceDr. Robert Hartwig, PhD, CPCU provides his invaluable insight into the state of the economy and it's potential impact on the P/C insurance industry. |
Business |
AIG Q2 Profit FallsAmerican International Group Inc. posted a 56% fall in quarterly adjusted earnings, spurred partly by higher catastrophe losses and lower private-equity returns. |
State Farm Halts Applications in CAThe company will cease accepting new applications for business and personal lines P/C in California to deal with increased risks and higher construction costs. |
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More Insurers Exit Climate GroupThe list of firms walking out of the Net Zero Insurance Alliance continued to grow this week as the industry struggles to navigate attacks led by the Republican Party. Read more at Insurance Journal |
Environment |
Near-Normal Hurricane SeasonAs the 2023 Atlantic hurricane season approaches June 1, the National Oceanic and Atmospheric Administration is predicting “near-normal” activity. |
Judge Allows Fire Retardant DropsThe U.S. government can keep using chemical retardant to fight wildfires, despite finding that the practice pollutes streams in western states in violation of federal law. Read more at Insurance Journal |
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Nova Scotia Fires Out of ControlRaging wildfires that have burned through thousands of acres have forced more than 16,000 Canadians to evacuate their homes and triggered a burn ban. Read more at CNN |
Education |
Build Wildfire-Resistant CommunitiesTo protect these investments as fire risk grows, here are some key strategies that communities and anyone building in the wildland-urban interface need to consider. |
Storm Tracker Satellites LaunchedNASA has launched the final pair of a satellite quartet designed to track tropical cyclones hour by hour, in a project that could improve weather predictions. |
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Goats Help Fire PreventionThe livestock can be used to clear a defensive buffer around a building and are ideal for small areas where a prescribed burn is not practical or safe. |