Every week The Friday Five will bring you interesting news and information from around the insurance industry.
California Insurers Get Wildfire Help
In wake of the ongoing catastrophic wildfires, California Insurance Commissioner Dave Jones has officially declared an emergency situation, which will allow insurance companies to use out-of-state adjusters to help handle the large volume of claims that will result from the Camp and Woolsey Fires.
The state Department of Insurance has issued a formal notice to insurers, licensed public adjusters and admitted carriers to ensure all claims adjusters assigned to wildfire claims are properly trained on the California Unfair Practices Act, Fair Claims Settlement Practices Regulations, and all laws relating to property and casualty insurance claims handling. Read more in California issues emergency declaration assisting insurers with large volume of claims, by Danielle Ling for PropertyCasualty360.com.
California Wildfire Insured Losses Climbing
Approximately 15 wildfires are burning more than 280,000 acres in California and have collectively destroyed nearly 7,000 homes and businesses and, even worse, killed 31 people. Roughly 300,000 have been evacuated, while 12,000 firefighters are working on the fires. A recent report shows that based on past fires and the number of structures damaged, “insured losses will run in billions of dollars.” Read more in the InsuranceJournal.com article, California Wildfire Insured Losses at Billions of Dollars and Climbing.
Millennials Not Prioritizing Life Insurance
Excerpted from Ashlea Ebeling’s Forbes article, The Big Millennial Life Insurance Gap: Only 10% of Millennials say they have enough life insurance in place to cover self-reported needs should they die, putting their family members at risk. That’s the sobering news from New York Life’s 2018 Life Insurance Gap Survey. “It’s not an issue of Millennials not wanting to get life insurance; it’s more a prioritization issue…” “The concept of taking care of their families and loved ones is in competition with the big screen television, car and even that daily cup of coffee.” Not to mention their student loan debt—and the desire to save for their children’s education.
C-Level Insurance Execs as Effective Spokespeople
Insurance C-suite executives could generate a lot more value for their brands — and strengthen stakeholder relationships — by taking on the role of corporate spokesperson. Senior executives have demanding day-to-day responsibilities running heavily regulated businesses, but with the growing complexity of insurance services and demands from consumers for more transparency, becoming a corporate spokesperson can demonstrate that the organization puts a premium on communications and stakeholder relations. Read more in Liam Collopy’s PropertyCasualty360 article, 3 ways to position C-level insurance executives as corporate spokespeople.
Busiest Airports During Thanksgiving
Excerpted from 24 busiest airports for Thanksgiving week (and busiest time) by Jayleen Heft for PropertyCasualty360.com: Following a destructive hurricane season, more travelers this year are concerned about canceling a trip due to inclement weather than for terrorism-related events, according to Squaremouth. 26% more travelers are buying policies specifically for hurricane & weather coverage. Search interest specifically for terrorism coverage has decreased by 38% from last year. Insurance agents can help ensure clients’ holiday travels are safe and as stress free as possible, by sharing data from the research teams at travel insurer, InsureMyTrip, and travel booking app, Hopper, that reveal what airports and flight times to avoid.
And speaking of Thanksgiving, The Friday Five will be taking a break next week but will return after the holiday with more interesting news from around the insurance industry. We hope you all have a happy and safe Thanksgiving!