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January 14, 2021 Edition

 
Headlines
 
 
Natural catastrophes around the world resulted in $210 billion in damage in 2020, with the United States especially hard hit by hurricanes and wildfires. The damage, tallied by the German reinsurer Munich Re, increased from $166 billion in the previous year.
 
 
Learn how property insurance underwriters can make better decisions and how agents and brokers can grow their books of business with BuildingMetrix data.
 
 
Business
 
 
For years, state Public Lands Commissioner Hilary Franz has pushed legislation to try to get a permanent funding source to fight and prevent fires. She’s failed each time. This year, Franz is back with a comprehensive plan to prevent, protect from and fight wildfires: funding source TBA.
 
 
Commercial property policyholders can expect upward pressure on rates and restrictive terms and conditions to continue through 2021, though there are some early signs that the market may be moderating.
 
 
Though insurers are winning most cases so far, two property owners in the last month have survived motions to dismiss their COVID-19 business interruption claims.
 
 
Education
 
A joint proposal from Washington State Insurance Commissioner Mike Kreidler and Governor Jay Inslee to ban insurers' use of credit scores will be heard before the Senate Business, Financial Services & Trade Committee.
Auto insurance rates are falling across the country an average 1.7%, with drivers in Michigan, Ohio, Kentucky, Arkansas and Louisiana seeing the biggest drops of more than 4%.
All too often, insurance fraud is perceived as a victimless crime. Insurance carriers are pictured as faceless entities. It is assumed these colossal organizations comprised of nameless people can easily afford to have their pockets picked. Although most people know better, it isn’t universally understood.
The National Association of Insurance Commissioners white paper seeks to identify best practices for the review of predictive models and analytics filed by insurers with regulators to justify rates.
Combining three COVID-prevention strategies on college campuses — mask-wearing, social distancing and routine testing — are as effective in preventing coronavirus infections as the vaccines approved by the U.S. Food and Drug Administration.
 
Environment
 
 
Wildfire smoke accounted for up to half of all health-damaging small particle air pollution in the western U.S. in recent years as warming temperatures fueled more destructive blazes.
 
 
After a record-breaking hurricane season, city planners in Florida focus on best practices to rescue affordable housing, while architects adopt new housing designs for the long-term needs of a changing coastline.
 
 
Innovation
 
 
Participants in the National Highway Traffic Safety Administration’s test program use an online tracking tool to provide data on the on-road testing and safety performance of automated driving systems.
 
 
A new study on rear automatic braking systems found that vehicles equipped with the technology had 28% fewer property damage liability claims and 10% fewer collision claims.
 

About InsuranceEDGE

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