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December 17, 2020 Edition

Headlines


 
Insurers pummeled by the pandemic are looking to deals as they race to see who'll emerge strongest when the outbreak subsides.
 
 
Predictive modelers told California regulators that the state’s antiquated rules for calculating wildfire risk when setting property insurance rates discourage innovative mitigation measures that could ultimately reduce losses.
 

Business


 
U.S. commercial lines insurers continue to have a negative outlook, according to ratings agency A.M.Best. Though some conditions have improved, several sources of volatility remain. 
 
 
Some commercial insurance providers are pursuing pandemic-fueled efforts to help their small business customers, but many of those customers are largely unaware of the efforts, says a new survey.
 
 
The total cost of ransomware payments by Beazley PLC clients doubled year-over-year through the first six months of 2020 as the severity of ransomware attacks increased, the specialist insurer said in a report.
 
 
Commercial insurance markets are seeing rate increases, capacity reductions and tighter underwriter scrutiny as an already hardening market reacts to the impacts of COVID-19-related losses.
 

Education


A bipartisan group of lawmakers released proposed Covid-19 relief legislation that may provide momentum for breaking a months-long impasse, by separating out coronavirus liability protections and state aid — the two most contentious and partisan items.
Spurred by a combination of financial hardship, a decrease in miles driven and a general lack of awareness of the historic relief efforts the industry initiated in 2020, auto insurance customer loyalty has given way to a nationwide surge in value-conscious shopping.
While sharp objects might cause the most reported claims, slips and falls resulted in 4.5 times more in paid losses. Industry data over the past ten years also shows an average of 48.3% to 50% loss ratio for workers’ compensation restaurant claims.
Buyers of directors-and-officers liability coverage are expected to face “difficult conditions” in the U.S. well into 2021, Marsh has concluded in a new report evaluating the sector.
Get ready for 2021 with a beautiful, free calendar from WSRB, featuring photographs of distinctive buildings from around Washington state.

Environment


 
Gigafire. The term itself is enough to keep the insurance industry awake at night. The frightening superlative given to fires that reach one million acres burned could become part of the risk lexicon as wildfires get larger.
 
 
The estimate includes losses from property damage, including evacuation and smoke damage, business interruption and additional living expenses across residential, commercial and industrial lines.
 

Innovation


 
Human error is responsible for up to 80% of workplace accidents, but predictive models evaluating workers’ eye movements and attention may help reduce incidents, according to a study by researchers at George Mason University.
 

About InsuranceEDGE

 
Curated weekly by WSRB experts, InsuranceEDGE helps you work smarter. You don't want to miss an issue. Get InsuranceEDGE delivered to your inbox every Thursday. 
 
 
 
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