House panel to hold hearing on bill to renew NFIP through 2024 | Official: US has 1B acres facing risk of major wildfires | Claims payments stemming from Mo. flooding surpass $9M
June 11, 2019
AON Property Risk Advisor
Risk Management and Insurance
House panel to hold hearing on bill to renew NFIP through 2024
A Tuesday hearing of the House Financial Services Committee will focus on legislation that would reauthorize the National Flood Insurance Program through 2024. The proposal is emerging after 12 short-term NFIP renewals in the past two years, with the most recent extending the program through September as part of a $19 billion disaster aid measure.
The Advocate (Baton Rouge, La.) (6/9) 
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Official: US has 1B acres facing risk of major wildfires
The risk of a major wildfire is present across an estimated 1 billion acres throughout the country, said US Forest Service Chief Vicki Christiansen. The agency is focused on mitigation efforts including brush clearing and prescribed burning as its "national priority is to improve the condition of our nation's forests and grasslands," she said.
National Public Radio (6/5) 
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Claims payments stemming from Mo. flooding surpass $9M
National Flood Insurance Program claims payouts in Missouri have exceeded $9 million since deluges started in the spring. The payments so far have gone to a couple hundred property owners, while several hundred additional claims are still being handled and more flooding appears likely.
The Associated Press (6/5) 
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Local rules, building codes guard Calif. community against wildfire
A section of Rancho Santa Fe, Calif., survived the 2007 Witch Fire because the neighborhood's homes met local building codes and other rules focused on protections against wildfire, current and former officials said. California has since adopted similar codes for new-home construction in state-designated fire hazard areas.
KQED-TV/FM (San Francisco) (6/3) 
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Storm system hits Southeast with flooding amid heavy rain
Areas of the Southeast could see as much as two or three times their typical June rainfall totals just from storms that hit the region and caused flooding over the weekend. The system has damaged infrastructure, prompted several water rescues and led to states of emergency in some places.
USA Today (6/9) 
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410K-acre wildfire started by accident, Cal Fire says
The California Department of Forestry and Fire Protection said the 410,000-acre Ranch Fire -- which became part of the Mendocino Complex Fire, the largest wildfire on record in California -- was started by accident. No criminal charges are expected against the rancher who sparked the fire by hammering a concrete stake into the entrance of a wasp nest in the ground, a Cal Fire spokesman said.
Los Angeles Times (tiered subscription model) (6/6) 
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News from Aon
May 2019 Global Catastrophe Recap
May 2019 notable global catastrophic events include: Prolonged US severe weather and flooding prompts multi-billion-dollar insurance industry payout; Cyclone Fani makes India landfall and causes estimated $2 billion in direct economic cost; and significant flooding affects parts of the US, Poland, Germany, China and the Middle East. Read more.
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M&A in a high-tech world: Redefining due diligence
Global mergers-and-acquisitions activity reached $3.35 trillion in 2018, its highest level since 2015's record-setting levels. And 2019's first-quarter numbers indicate that this pace will continue. It's little surprise that fintech, digital health (mHealth), e-commerce, robotics and software are among the key areas expected to experience considerable M&A activity in the year ahead. The challenges to M&A success are numerous -- as the landscape evolves, successful deals will rely on greater diligence around intellectual property and cyberrisk. How is technology redefining M&A? Learn more.
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Patrick Brady,
physicist, after the collision of two neutron stars and potential merger of three black holes
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