The National Weather Service (NWS) – part of the National Oceanic and Atmospheric Administration (NOAA) – recently announced that it was reducing the number of weather balloons it launches across the country, citing staffing shortages at 11 NWS locations. The launch cuts followed NOAA’s announcement of hundreds of layoffs or voluntary resignations across the agency, … Read more
The Institutes’ Pete Miller and Francis Bouchard of Marsh McLennan discuss how AI is transforming property/casualty insurance as the industry attacks the climate crisis. “Climate” is not a popular word in Washington, D.C., today, so it would take a certain audacity to hold an event whose title prominently includes it in the heart of the … Read more
Source: Getty Images New, alarming financial risks for homebuyers who are unaware of property flood histories has driven several states to implement new disclosure laws, helping protect consumers from unexpected costs after purchasing flood-prone homes, according to new research from Milliman. Atmospheric conditions are intensifying flood risks across the U.S., with severe storms and rain … Read more
The Trump Administration’s unwinding of the Building Resilient Infrastructure and Communities (BRIC) program and cancellation of all BRIC applications from fiscal years 2020-2023 reinforce the need for collaboration among state and local government and private-sector stakeholders in climate resilience investment. Congress established BRIC through the Disaster Recovery Reform Act of 2018 to ensure a stable … Read more
Chief Economist and Data Scientist, Dr. Michel Léonard Recent tariffs issued by U.S. President Donald Trump are on track to increase the price of parts and materials used in repairing and restoring property after an insurable event. Analysts and economists, predict these price hikes will lead to higher claim payouts for P&C insurers and, ultimately, … Read more