Way back at the beginning, we blogged about the different kinds of flood. Maybe we should have included winter flooding from ice floes. Granted, it is a variety of fluvial (or riverine) flooding, but there are some unique characteristics to this type of flooding.
The past year was a tough one for US cat losses, especially wildfire and flood. Last week we explored just how bad it was, but also just how much opportunity does exist in the US protection gap. The secret to unlocking that opportunity, without undue overexposure, is crisp underwriting.
Last week Insurance Journal ran a recap of the P/C Joint Industry Forum, held last month in NYC. If you underwrite flood or wildfire, go read it now and then come back here for a bit of commentary. If you are a blogger, chances are you have already read it.
Even in a year that is already infamous for US catastrophes, the Thomas Fire of December in the dry windswept hills north of Los Angeles was a staggering event. Ignited near Thomas Aquinas College southeast of Ojai on Route 150 (thus, the name!), it burned hard and it moved quickly with 50+ mph winds. After the wet spring (floods!), there was ample new fuel for fires, and the dry and breezy conditions drove risk levels to unprecedented heights. Sure enough, an unprecedented fire happened.