Insurance Institute of Canada

Triple-I: U.S. Wildfires Remain Threat as Their Frequency Decreases

Retrieved on:

Thursday, December 7, 2023

The potential insured losses resulting from U.S. wildfires are growing even as their frequency decreases because close to 99 million Americans reside in the wildland urban interface (WUI), according to the Insurance Information Institute (Triple-I).

Key Points:

The potential insured losses resulting from U.S. wildfires are growing even as their frequency decreases because close to 99 million Americans reside in the wildland urban interface (WUI), according to the Insurance Information Institute (Triple-I).
The total number of U.S. wildfires has generally been on a downward trajectory over the past decade except for 2017 and 2018.
The latter years were when the nation’s three costliest wildfires , as defined by insured losses, occurred in California.
Since that time, state and local authorities have invested heavily to mitigate the human causes of wildfires, the Triple-I’s Issue Brief notes.

CSAA Insurance Group Partners with UC Berkeley and IBHS on Landscape Design Contest Focused on Reducing Wildfire Risk

Retrieved on:

Thursday, December 14, 2023

IBHS, Safety, Wildfire, CSAA, Beauty, University of California, Berkeley, College, Student, Regional development, Insurance Institute of Canada, Marketing, Insurance, Tree, University, Doctor of Philosophy, Business, UC, Environmental design

WALNUT CREEK, Calif., Dec. 14, 2023 /PRNewswire/ -- A landscape design contest underway at the University of California, Berkeley, is expected to produce innovative, affordable ideas for homeowners that emphasize wildfire defense while preserving attractiveness. Conceived by CSAA Insurance Group and hosted by the university's College of Environmental Design, the collaboration also includes the participation of the Insurance Institute for Business & Home Safety (IBHS) and is consistent with CSAA's other initiatives focused on protecting communities from wildfire.

Key Points:

Conceived by CSAA Insurance Group and hosted by the university's College of Environmental Design, the collaboration also includes the participation of the Insurance Institute for Business & Home Safety (IBHS) and is consistent with CSAA's other initiatives focused on protecting communities from wildfire.
"Landscape design is essential to the visual draw and practical function of a home," said Kristina Hill, PhD, director of the Institute for Urban and Regional Development at UC Berkeley.
In an ongoing effort to help protect communities, CSAA has supported a number of innovations focused on reducing wildfire risk.
The winners of the Wildfire Landscape Design contest will be announced in early 2024.

IBHS Winter Ready guides provide steps property owners can take now to avoid costly damage when freezing temps arrive

Retrieved on:

Thursday, November 16, 2023

NOAA, IBHS, Family, Business, Insurance, Weather, Life, Insurance Institute of Canada, Water, Freezing

RICHBURG, S.C., Nov. 16, 2023 /PRNewswire/ -- With winter fast approaching, now is the time for home and business owners to take action and prepare their properties for severe winter weather. Guidance from the Insurance Institute for Business & Home Safety (IBHS) can help prevent costly damage and disruption when freezing temperatures and wintry precipitation arrive.

Key Points:

Guidance from the Insurance Institute for Business & Home Safety ( IBHS ) can help prevent costly damage and disruption when freezing temperatures and wintry precipitation arrive.
The Midwest has equal chances of seeing a busy winter with frequent storminess or a quiet season with little precipitation.
IBHS's Winter Ready—Home and Winter Ready—Business guide property owners through critical steps to take before, during and after severe winter weather strikes, including:
Keep water out: The roof is the first line of defense against severe weather.
For more ways to prepare your property to prevent damage from winter weather, IBHS's full residential and commercial Winter Ready guides, along with easy-to-follow downloadable checklists, are available on IBHS.org .

Most Western States Lack Comprehensive Wildfire Approach, Uniform Enforcement

Retrieved on:

Thursday, November 2, 2023

Insurance, Insurance Institute of Canada, Building, Education, Wildfire, Organization, Research, Population growth, National Fire Protection Association, Risk, Business, IBHS, NFPA, Safety, Climate change, Forestry, Reinsurance

RICHBURG, S.C., Nov. 2, 2023 /PRNewswire/ -- New research shows few states and counties with the greatest wildfire risk are using sound regulatory approaches backed by consistent enforcement.

Key Points:

Study shows few Western states with greatest wildfire risk use sound regulatory approaches with consistent enforcement.
Living with Wildfire – a report from the Insurance Institute of Business & Home Safety ( IBHS ), the National Fire Protection Association® ( NFPA® ) and Verisk , examined community vulnerability and wildfire readiness around the wildland-urban interface (WUI) in 13 Western states.
Separating wildfire safety from traditional building codes and a lack of clear guidance on how to integrate them has resulted in limited use by state and local officials.
While 45 million structures are at risk nationwide, roughly 14 million U.S. structures are at risk from wildfire across the 13 Western states, according to Verisk's Wildfire Risk Analysis.

Neptune Flood Crosses $200 Million of Premium in Force, Becomes Primary Alternative to NFIP

Retrieved on:

Thursday, October 26, 2023

National Flood Insurance Program, Insurance, Insurance Institute of Canada, Snyder, Plymouth Rock, Swiss Re, FEMA, Information technology, NFIP, Mitsui Sumitomo Insurance Group, Fintech, Business, GuideOne Insurance, IBHS, Argo Group, Management, Financial adviser, Neptune, Orchid

ST PETERSBURG, Fla., Oct. 26, 2023 /PRNewswire/ -- Neptune Flood, the largest private provider of flood insurance in the United States, has crossed $200 million of premium in force and adds seven members to its newly formed advisory board, it was announced today by Trevor Burgess, CEO of Neptune Flood.

Key Points:

Crossing $200 million of premium in force brings Neptune to over 5% of the National Flood Insurance Program's size, securing its role as the primary alternative to the NFIP.
The Neptune Flood Advisory Board Members are:
Jim Albert: Co-founder of Neptune, served as the company's CEO through 2019, and held the role of Chairman from 2020 to early 2023.
Prior to Neptune, he held senior executive positions in insurance and information technology in the US and the UK.
Prior to IBHS Roy was at FEMA where he served as the chief executive of the National Flood Insurance Program (NFIP).

Now's the time to reduce wildfire risk for homes, businesses

Retrieved on:

Thursday, October 19, 2023

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RICHBURG, S.C., Oct. 19, 2023 /PRNewswire/ -- Even as the seasons change, many communities are still at risk of wildfire. Property owners can strengthen their homes and businesses year-round using science-based mitigation actions from the Insurance Institute for Business & Home Safety (IBHS). IBHS's updated Wildfire Ready guides for homes and businesses provide critical steps, based on the latest wildfire research, to address ignition risk and lay out a pathway for property owners to build wildfire resilience.

Key Points:

RICHBURG, S.C., Oct. 19, 2023 /PRNewswire/ -- Even as the seasons change, many communities are still at risk of wildfire.
IBHS's updated Wildfire Ready guides for homes and businesses provide critical steps, based on the latest wildfire research, to address ignition risk and lay out a pathway for property owners to build wildfire resilience.
Now is the ideal time to develop a plan and begin making changes to reduce the wildfire risk for your home or business.
Now is the ideal time to develop a plan and begin making changes to reduce the wildfire risk for your home or business."

Grange Insurance Names Beth Murphy Chief Legal Officer as LaVawn Coleman Retires After Nearly 34 Years

Retrieved on:

Tuesday, September 19, 2023

Finance, Women, Consumer, Professional Services, Insurance, University, Senior, General counsel, P&C, Multimedia, Insurance Institute of Canada, National Association of Mutual Insurance Companies, Assistant, Risk, National Association, Grange Insurance, House, Management

Today, Grange Insurance Company announced that Beth Murphy has been named the company’s Chief Legal Officer, effective January 1, 2024, as LaVawn Coleman retires at the end of the year after nearly 34 years with the company.

Key Points:

Today, Grange Insurance Company announced that Beth Murphy has been named the company’s Chief Legal Officer, effective January 1, 2024, as LaVawn Coleman retires at the end of the year after nearly 34 years with the company.
“Our associates, agents and customers have all benefited from her dedicated leadership and boundless commitment to our mission and core values.
We wish her all the best as she starts this new chapter in her life.”
“I am excited to have Beth step into the role of Chief Legal Counsel,” said Ammendola.
Murphy is an active leader within the insurance industry, currently serving as vice chair of the Virginia Property & Casualty Insurance Guaranty Association and on the National Association of Mutual Insurance Companies state affairs committee.

Millennial Specialty Insurance (MSI) Expands Partnership with ZestyAI from California to All Western Wildfire States

Retrieved on:

Tuesday, September 12, 2023

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MSI has successfully utilized ZestyAI's Z-FIRE™ model to evaluate property-level wildfire risk for homeowners' insurance underwriting and rating in California.

Key Points:

MSI has successfully utilized ZestyAI's Z-FIRE™ model to evaluate property-level wildfire risk for homeowners' insurance underwriting and rating in California.
Under a new agreement, they will now expand ZestyAI's cutting-edge climate risk models to all western wildfire states for enhanced data-driven wildfire risk analysis.
"We believe in building something better, and that's exactly what we accomplished by adopting Z-FIRE in California.
Expanding our use of Z-FIRE across all wildfire states allows us to accurately predict and proactively address the growing threat of wildfire for every customer on our flexible digital platform."

Triple-I: Wildfire Preparedness Critical as Summer Nears

Retrieved on:

Tuesday, May 30, 2023

“Everyone who lives in a wildfire-prone community should make sure they have adequate financial protection for their property and possessions while also taking steps to make their home or business more resilient to the impacts of wildfire.”

Key Points:

“Everyone who lives in a wildfire-prone community should make sure they have adequate financial protection for their property and possessions while also taking steps to make their home or business more resilient to the impacts of wildfire.”
With summer starting on Wednesday, June 21, Triple-I offers these four wildfire preparedness tips:
Review Your Insurance Coverage.
Damage caused by fire and smoke is covered under standard homeowners, condominium, and renters insurance policies.
Residents need to imagine the out-of-pocket cost of repurchasing their damaged furniture, electronics, clothing, and other personal possessions after a wildfire.
Whether you have homeowners insurance , condominium insurance or renters insurance , your policy provides protection against loss or damage to personal property due to a wildfire.

Triple-I CEO Interviewed for First Predict & Prevent Podcast

Retrieved on:

Wednesday, May 24, 2023

The Institutes’ premiere Predict & Prevent podcast is now live and features a 30-minute interview with Sean Kevelighan, CEO, Insurance Information Institute (Triple-I).

Key Points:

The Institutes’ premiere Predict & Prevent podcast is now live and features a 30-minute interview with Sean Kevelighan, CEO, Insurance Information Institute (Triple-I).
Launched this spring, The Institutes Predict & Prevent initiative offers insights and analysis on the biggest risk challenges facing society today, from natural disasters to cyberattacks.
Predict & Prevent calls for combining resilience with the real-time application of technology.
Apple Podcasts, Spotify, Google Podcasts, and Stitcher are among the channels where the Predict & Prevent podcast can be found.