Fire safety tips offered this holiday season

Many hallmarks of the holiday season, including Christmas trees, holiday decorations, and festive meals, present potential fire hazards that contribute to an annual increase in U.S. home fires at this time of year. According to the National Fire Protection Association (NFPA), Christmas Day and Christmas Eve are among the leading days of the year for home fires.

“December is a leading month for home fires, in large part because many of the activities we engage in during the holiday season reflect leading causes of home fires year-round,” said Lorraine Carli, NFPA vice president of Outreach and Advocacy. “Plus, as colder temperatures impact much of the country, use of heating equipment increases significantly.”

Fortunately, Carli noted, the majority of winter fires can be prevented with a little added awareness and planning.

“By knowing where potential fire hazards exist and taking some basic safety precautions to prevent them, people can enjoy a festive, fire-free holiday season,” said Carli.

The NFPA Winter Holidays page offers a wide variety of tips and resources to reduce the risk of fires, while the latest NFPA statistics underscore the increased risk of fire during the holiday season and beyond:

Christmas trees

An estimated average of 160 home fires involving Christmas trees caused two civilian deaths, 11 civilian injuries, and $12 million in direct property damage per year between 2016 and 2020.

Some type of electrical distribution or lighting equipment, including decorative lights, was involved in more than two of five (44 percent) of home Christmas tree fires. Nearly one in five Christmas tree fires (19 percent) were started by decorative lights.

The majority (74 percent) of Christmas tree fires occur in December and January.

Decorations

An estimated average of 790 home fires that began when decorations (other than Christmas trees) caught fire caused an average of one civilian death, 26 civilian injuries and $13 million in direct property damage per year between 2015 and 2019.

One in five home decoration fires occurred in December.

Year-round, 35 percent of home decoration fires began with candles; in December, the number jumped to 45 percent.

In more than two of every five fires (44 percent) involving decorations, the decoration was too close to a heat source such as a candle, cooking or heating equipment.

Candles

An estimated average of 7,400 home fires (2 percent) started by candles caused an average of 90 civilian deaths (three percent), 670 civilian injuries (6 percent), and $291 million (4 percent) in direct property damage per year between 2015 and 2019.

Candle fires peak in December and January with 11 percent of candle fires in each of these months.

In three of every five candle fires, the candle was too close to something that could catch fire.

Christmas is the peak day for candle fires with roughly 2.5 times the daily average; Christmas Eve ranked second.

Falling asleep was a factor in 10 percent of the home candle fires and 12 percent of the associated deaths.

Cooking

Cooking is the leading cause of reported home fires (49 percent) and home fire injuries and the second-leading cause of home fire deaths.

Unattended cooking is the leading cause of home cooking fires.

Thanksgiving is the peak day for home cooking fires, followed by Christmas Day and Christmas Eve.

Fires caused by heating equipment, the second-leading cause of U.S. home fires year-round, peak during the winter months, when temperatures drop and more people use heating equipment to keep their homes warm. Put a Freeze on Winter Fires, an annual NFPA campaign with the U.S. Fire Administration (USFA), works to educate the public about ways to stay safe during the colder months, offering tip sheets and other resources to help reduce the risk of heating fires and other winter hazards.

Taken from : https://www.fcnews.org/news/40422/fire-safety-tips-offered-this-holiday-season

Specific Technologies Driving Insurtech Investment in 2024

Understanding the Funding Decline The decrease in funding does not necessarily spell trouble for the insurance sector but instead highlights a strategic shift, the report suggests. “The insurance industry, like many sectors, is focusing on the most promising ventures with substantial insurance potential,” the report explains. “Insurers are directing their investments toward key areas and current trends such as embedded insurance, employee benefits, and cyber risk management. This strategic investment approach signals a forward-looking mindset within the industry.” Three Key Insurtech Trends for 2024 The report identifies three major trends shaping insurtech investments in 2024: Public Insurtech Companies: Financial and Growth Strategies The report also notes that public insurtech companies are prioritizing revenue growth as their main goal. These firms are restructuring their financial strategies to boost cash flow and capitalize on rising revenue streams. Their growth prospects are supported by expanding asset portfolios and strong market demand. “Public insurtech companies are focusing on revenue growth and optimizing their financial frameworks to increase cash flow,” the report states. “The growth potential for these companies is driven by increasing revenue opportunities, broadening asset bases, and a robust market for their services.” In summary, while global insurtech funding saw a decline in 2023, the industry’s focus on GenAI, digital process management, and connected insurance technologies is setting the stage for a dynamic and forward-looking 2024.

Business

Insurer Secures Unanimous Supreme Court Victory in New York Choice of Law Dispute

In the world of sports, a clean sweep, a shutout, or a perfect game is the ultimate achievement. In the legal arena, a unanimous decision from the U.S. Supreme Court is equally rare and significant. In a notable legal triumph, Great Lakes Insurance SE achieved a unanimous 9-0 victory in the Supreme Court on February 21, 2024. This victory follows a protracted legal battle that began in the District Court of Pennsylvania, advanced to the U.S. Court of Appeals for the Third Circuit, and culminated in the Supreme Court’s decisive ruling. Background of the Case: Great Lakes Insurance SE v. Raiders Retreat Realty Company The heart of the dispute was the insurance contract’s clause selecting New York law to govern any future legal conflicts. Although the financial implications of this case were relatively minor compared to the broader marine insurance industry, the insurer’s determination to uphold a crucial maritime legal principle has significant long-term implications for marine insurance. Faced with the insured’s counterclaims—including allegations of breach of fiduciary duty, insurance bad faith, and violations of Pennsylvania’s Unfair Trade Practices Law—the insurer was confronted with serious risks. Such claims could lead to the shifting of attorney’s fees, treble damages, and more, which might normally encourage insurers to settle rather than risk pursuing justice. However, Great Lakes Insurance, supported by The Goldman Maritime Law Group, opted to challenge the Third Circuit’s decision and seek clarity from the Supreme Court. Supreme Court Ruling: A Landmark Decision In a landmark ruling, Justice Brett Kavanaugh affirmed that choice of law provisions in maritime contracts should be upheld by default. This ruling is a major victory for establishing a consistent federal standard in maritime law and avoiding a patchwork of state laws that could complicate marine insurance disputes. The Supreme Court’s decision overturned the Third Circuit’s earlier judgment, which had questioned whether Pennsylvania’s public policy concerns might override the insurance contract’s choice of New York law. By upholding the New York choice of law clause, the Supreme Court eliminated the extra-contractual bad faith claims under Pennsylvania law, thereby ensuring that the dispute could be resolved based on the merits of the insurance claim itself. Significance of the Supreme Court’s Decision This ruling represents a significant advancement in maritime law, affirming that choice of law clauses in maritime contracts are generally enforceable. The decision establishes a clear, uniform legal framework for resolving maritime contract disputes, which will streamline the process and ensure fair adjudication of future insurance claims. Justice Clarence Thomas’s concurring opinion was particularly notable for its criticism of the 1955 Wilburn Boat v. Fireman’s Fund Insurance decision, which had previously influenced maritime insurance law. Thomas argued that Wilburn Boat was incorrectly decided and stressed that a uniform and enforceable set of rules is essential for the development of maritime law. Impact on the Marine Insurance Industry The Supreme Court’s decision sets a “bright-line” rule affirming that choice of law clauses are valid unless there is a strong argument against the selected jurisdiction. By endorsing New York’s insurance laws as a reasonable choice, the ruling supports a more consistent and predictable legal environment for marine insurers. This decision represents a major step forward in maritime law, helping insurers better assess risks, determine premiums, and ensure fair and efficient resolution of maritime insurance disputes.

Fire safety tips offered this holiday season