Welcome to your weekly newsletter with the updates you need to succeed in property and casualty insurance.
Climate change is forcing insurers to prepare for the long-term effects of higher catastrophe losses, including pulling out of insurance markets entirely.
Business |
Allstate Halts New Policies in CAThe company spokesperson Brittany Nash said the decision was driven by the escalating costs associated with insuring properties in the state. |
Insurance on the RetreatThe recent retreat of insurance carriers from the California property insurance market signals regulatory constraints, rising inflation, and higher cat losses. |
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Utica First Insurance RevisionAM 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). Read more at Insurance Journal |
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). |
Tale of Two LakesLake Mead’s water level has shown an incredible rebound, rising almost 10 feet this year, a quarter of the rise seen at Lake Powell. Read more at The Hill |
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Sea Level Rise in CaliforniaScientists 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. Read more at Insurance News Net |
Education |
Legal Pot in MinnesotaSurrounded by dozens of cheering people in green clothes, Minnesota Democratic Gov. Tim Walz signed a bill to legalize recreational marijuana. |
Connecticut Gun Control BillGov. 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.” |
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Looking Back at a Buffalo WinterBuffalo’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. |