InsuranceEDGE | June 1, 2023 | BuildingMetrix

Written by WSRB | 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 Insurance

Dr. 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.

Albert Wildfires Destroy Two Million Acres of Land

It’s a grim toll from what’s turning out to be one of the area’s worst wildfire seasons on record, triggered by record-high temperatures and low rainfall.

Business

AIG Q2 Profit Falls

American International Group Inc. posted a 56% fall in quarterly adjusted earnings, spurred partly by higher catastrophe losses and lower private-equity returns.

Read more at Insurance Journal

State Farm Halts Applications in CA

The company will cease accepting new applications for business and personal lines P/C in California to deal with increased risks and higher construction costs.

Read more at Insurance Journal

More Insurers Exit Climate Group

The 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 Season

As the 2023 Atlantic hurricane season approaches June 1, the National Oceanic and Atmospheric Administration is predicting “near-normal” activity.

Read more at Insurance Journal

Judge Allows Fire Retardant Drops

The 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

Nova Scotia Fires Out of Control

Raging wildfires that have burned through thousands of acres have forced more than 16,000 Canadians to evacuate their homes and triggered a burn ban.

Education

Build Wildfire-Resistant Communities

To 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 Launched

NASA 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.

Goats Help Fire Prevention

The 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.