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January 28, 2021 Edition

Headlines
 
 
 
Commercial property insurance buyers will continue to see higher prices in 2021, with rate increases in the high-single digits to 15% range even on clean accounts. Rate increases on loss-hit accounts will be even higher, according to a new forecast.
 
 

 

   Business
 
 
 
Insurance agents and brokers should prepare for a big agency errors and omissions (E&O) litigation wave to crash their shores in 2021. Agency E&O claims are a lagging indicator, meaning plaintiffs typically only go after agents and brokers after they exhaust other legal avenues — most often suing insurers — and come up short.
 
 
Fourth-quarter renewal rates increased for general liability, commercial property, umbrella and workers compensation compared with the third quarter, according to a a new report. 
 
 

 

Education
 
 
 
The Wildland Fire Lessons Learned Center has created an infographic with preliminary numbers regarding accidents, injuries and fatalities that occurred in 2020.
 
 
Auto theft appears to have increased considerably in 2020 compared to 2019, reversing two years of auto theft declines. A preliminary analysis shows there were 873,080 auto thefts in 2020, or almost 2,400 a day. That’s a 9.2% increase over 2019.
 
 
Prioritizing vaccination of high-risk individuals has only a marginal effect on the number of COVID-19 deaths, says a new study. To obtain significant improvements, it would be better if a very large fraction of a city or town population is vaccinated.
 
 
Kittitas County leaders credit the area's history of cooperating in response to natural disasters, including wildfires, as a key factor in its efficient vaccine distribution effort. 
 
 

 

Environment
 
 
 
A wide range of factors are leading to the increased number of people living in high-risk areas, including lack of information available to home buyers, lack of political will to prevent development in high-risk areas and the overall increased risk of wildfires and floods. 
 
 

 

    Innovation
 
 
 
The number of consumers willing to share significant data on their health and lifestyle habits with their insurer to reduce premiums has grown over the past two years, but their trust in insurers to look after that data has fallen, according to new report.
 
 

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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