June 8, 2023

Obstacles and Opportunities: The Impact of Public Policy on Insurance

Across the country, elected officials, and the public policymakers appointed by them, wield significant power and leverage which can be used to either help or hinder the efforts of the insurance industry to accurately convey relative risk and vulnerability to policyholders.

Read more at WSRB

Climate Change Is Already Making Parts of America Uninsurable

“The insurance sector no longer has the luxury of thinking only of the year ahead. Insurance companies, regulators, and consumers all must learn to consider and prepare for the long-term.”

Read more at Vox

Business

Allstate Halts New Policies in CA

The company spokesperson Brittany Nash said the decision was driven by the escalating costs associated with insuring properties in the state.

Read more at Insurance Business Mag

Insurance on the Retreat

The recent retreat of insurance carriers from the California property insurance market signals regulatory constraints, rising inflation, and higher cat losses.

Read more at Carrier Management

Utica First Insurance Revision

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent).

Environment

Canada: Worst-Ever Wildfire Season?

The country is experiencing an unprecedented amount of fire activity for this early in the season, scorching approximately 3.3 million hectares (8.2 million acres).

Read more at Insurance Journal

Tale of Two Lakes

Lake Mead’s water level has shown an incredible rebound, rising almost 10 feet this year, a quarter of the rise seen at Lake Powell. 

Sea Level Rise in California

Scientists predict seas could rise in San Luis Obispo County anywhere from half a foot to more than a foot by 2050, or up to 6.27 feet by 2100.

Education

Legal Pot in Minnesota

Surrounded by dozens of cheering people in green clothes, Minnesota Democratic Gov. Tim Walz signed a bill to legalize recreational marijuana.

Read more at Insurance Journal

Connecticut Gun Control Bill

Gov. Ned Lamont said in a statement that the legislation would ”modernize our firearm safety laws in a smart and strategic way to help prevent tragedy from happening.”

Read more at Insurance Journal

Looking Back at a Buffalo Winter

Buffalo’s snow-removal fleet was no match for the historic blizzard that left 31 people dead in the city; officials fell short in issuing warnings and providing shelter.

Read more at Insurance Journal