Hurricane Willa is expected to make landfall at Category 4 strength, likely making it one of the most powerful storms to hit Mexico's Pacific coast, while at least 12 deaths in Mexico are being blamed on Tropical Storm Vicente. Willa and Vicente are expected to contribute to flooding risk in Texas around midweek, after some parts of the state recently received as much as three months' worth of rain within a week.
A Willis Towers Watson survey found that insurers want to offer better "customer-centricity" and that about three-fourths see the use of customer data as the key driver of enhanced customer experience. "Increasing customer-centricity makes it easier for potential clients to purchase insurance; it also allows insurers to price more accurately, meaning that it's easier to reduce large price changes at renewal," said Ben Williams of Willis Towers Watson.
Hurricane Michael made landfall in Florida about two weeks ago, and insurance claims are emerging at a fast pace after the fast-moving storm hit the Southeast and Mid-Atlantic. "Michael was certainly a very, very intense storm, but had a smaller footprint" in contrast with slower-moving hurricanes like Florence and Harvey, and Michael seems to have damaged mostly residential properties instead of commercial ones, said Gary Marchitello of Willis Towers Watson.
The Western US has experienced hotter temperatures, contributing to increased wildfire activity that requires crews to be on guard year-round, officials and experts say. California's 2018 Climate Change Assessment report says the state's area burned by wildfires will increase 77% on average by 2100 if greenhouse gas emissions keep rising.
AIR Worldwide said it will introduce a probabilistic model for cyberrisk as part of the latest version of its Analytics of Risk from Cyber, which is scheduled for an Oct. 31 release. The model is designed to analyze the likelihood, severity, and economic and insurance effects of cyberincidents.
A Moody's Investors Service report about life insurers' investments says the companies' collateralized loan obligations appear safe. CLOs represent about $60.5 billion of life insurers' assets, and about 55% of them have an A rating or higher.
A US Geological Survey team is assessing aerial photography of the Florida Panhandle's coastline before and after Hurricane Michael to enhance the accuracy of coastal-change forecasting models. Michael's death toll has risen to at least 36, and Risk Management Solutions estimates insured losses from the storm are between $6.8 billion and $10 billion, including National Flood Insurance Program losses.
Retirees must think about how they will spend money, accounting for factors such as income sources and health care costs, writes Richard Rausser of Pentegra Retirement Services. He recommends devising a decumulation strategy, suggesting annuities or installment payments as a way to ensure regular income throughout retirement.
A National Academy of Social Insurance report says workers' compensation benefits as a share of payroll continued their downward trend in 2016, when they hit their lowest point since 1980. Three dozen states experienced decreases in 2016, led by Michigan and Oklahoma's declines of more than 10%, the report says.
Google is considering additional investments in insurance technology companies as long as they would not rival Applied Systems, in which Google has bought a minority stake, said Jesse Wedler of CapitalG, the growth equity investment fund of Google parent Alphabet. CapitalG wants to avoid focusing its search for insurtech companies "too narrowly," Wedler said.
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