All posts by Maria Sassian

Hurricane Michael: The top-10 insurers in impacted states

Hurricane Michael is nearing landfall on the Florida Gulf Coast on Wednesday October 10. The storm is bringing damaging wind gusts and flooding to Florida and Alabama, where a state of emergency has been declared, and heavy rains from the storm are expected in the Carolinas and Georgia.

Preliminary estimates from CoreLogic® show that 57,002 homes in the Florida Gulf Coast are at potential risk of storm surge damage from Hurricane Michael based on its projected Category 3 status at landfall. The total reconstruction cost value of these homes is approximately $13.4 billion. This is likely to change as the storm develops.

I.I.I.’s Hurricane Fact Files for Florida, Alabama, Georgia and the Carolinas include the top 10 property insurers for each state.

Blue Marble and Nespresso launch parametric weather insurance pilot for smallholder coffee farmers in Colombia

Blue Marble Microinsurance and Nespresso have developed  a pilot program to bring weather index insurance to coffee farmers in Colombia, according to a recent Artemis blog.

Coffee crops are exposed to great risk from weather conditions, and farmers in developing countries often lack insurance options. The program provides coverage for excess rainfall and drought during the developmental stages in which coffee is most vulnerable.

Satellite technology is used to obtain the data required to create the weather indices against which the parametric policies can be triggered. If excess rainfall or drought occurs in a covered area, payments can be made automatically and quickly without the need for time-consuming claims assessment.

“This pilot initiative helps to establish a support mechanism for smallholder coffee farmers in Colombia so that they can continue to thrive in the face of climate change,” said Guillaume Le Cunff, President and CEO of Nespresso USA.

The program is a good example of the growth of microinsurance, which provides affordable insurance coverage to low income populations in developing counties.

To learn more about microinsurance, click here.

 

From the I.I.I. Daily: Our most popular content, October 1 to October 4

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From the I.I.I. Daily: Our most popular content, September 21 to September 27

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Is this your boat?

In New Bern, North Carolina, a coastal town hit hard by Hurricane Florence, the storm surge deposited a stray sailboat in a homeowner’s back yard. President Trump’s offhand remark that the homeowner “got a nice boat out of the deal” was the subject of some derision. However, the homeowner may in fact be the new owner of the boat since North Carolina precedent allows an owner to walk away from a vessel rendering it abandoned private property.

A recent Financial Times article, takes a deep dive into the potential implications for the homeowner of becoming the unintentional owner of the CSY 44 sailboat. The boat is likely to be heavily damaged and in need of salvage. Since the boat’s original owner is not required to carry insurance, paying for salvage or just getting the boat removed from their property would be the homeowners’ responsibility.

Homeowners insurance could cover some of the costs, but the article notes that the homeowner is likely to hand over the title over to a professional salvor as payment for having the boat removed.

Careers Insured Charts a Bold (Obstacle) Course at Kansas State U.

By James Ballot, Senior Advisor, Strategic Messaging, Insurance Information Institute  

 

 

On September 12, the I.I.I. unfurled its Careers Insured banner for the first time outside the K-State Student Union at Kansas State University in Manhattan, KS. The call went out to all via live onsite campus radio broadcasts (and a full complement of social media updates) for everyone to drop by, have some fun, see a few amusing face-plants … but most of all to see and experience insurance and the insurance profession in a whole new light.

There amid perfect weather, things got “risky” as hundreds of KSU students ran a giant inflatable obstacle course and engaged with representatives from I.I.I. member companies, Lockton and Farmers, to learn about internships and job openings, collect free swag and enter for a chance to win prizes.

The obstacle course created a sensation. But what really brought people back was the desire to learn more about insurance careers and internships and the amazing possibilities they can unlock. If one anecdote could best summarize the day, it would be the following exchange:

I.I.I. staffer: “Hi! Run the obstacle course; sign up for the raffle; learn about insurance!?”

KSU student: “No time. I’m here to talk to these guys about an internship.”

Don’t want to miss out on the next Careers Insured event? visit the website for more news and information.

From the I.I.I. Daily: Our most popular content, 09/17 to 09/20

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Insurance consortium offers geospatial intelligence

Aircraft carrying sophisticated image sensors are flying over the Carolinas this week to gather high quality photographs of areas impacted by Hurricane Florence.

Image of damage on Emerald Isle NC. This was one of the first areas that GIC flew over earlier this week.

Within 24 hours of capture, the images will be published online to provide State Emergency Operation Centers with high-resolution representations of disaster areas. The images will be 10 to 15 times better than satellite imagery.

The images are captured by the Geospatial Intelligence Center (GIC), a first-of-its-kind consortium  formed by the National Insurance Crime Bureau (NICB), former founders of Microsoft Bing Maps (now Vexcel Imaging), and several insurers.

GIC’s response efforts proved critical in 2017, when it provided unprecedented access to post-disaster aerials over Texas, Florida, Puerto Rico and the U.S. Virgin Islands – covering larger areas than any other response to date.

From the I.I.I. Daily: Our most popular content, September 10 to September 13

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