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March 4, 2021 Edition

Headlines
 
 
 
The proposed rules would require insurance companies to provide a consumer with their property’s wildfire risk score, which must recognize a consumer’s mitigation actions that could improve their rating, such as creating defensible space and fire-hardening, and allow time for the consumer to reduce their score.
 
 
Property insurers can quickly accumulate a large amount of risk in a geographic area, creating concentration of risk challenges. Learn how maps can help you stay ahead of these challenges and improve how you manage evolving risks, such as wildfire.
 
 

 

Business
 
 
 
Property-and-casualty reinsurance renewal rates at the beginning of the year were lower than expected, as reinsurers raised capital in 2020, bolstering cedents’ negotiating power and blunting rate hikes.
 
The 2020 figure was an increase of 48% over 2019 sales, and global cannabis sales may grow to $55.9 billion in 2026, a compound annual growth rate of more than 17%.
 
 

 

Education
 
 
 
Across most of the country, the three-digit number will play an important role in the rates you’ll pay, for not just your car insurance but also your home insurance. Certain details from your credit report will even influence your life insurance rate.
 
 
Workers’ compensation insurers aren’t getting the large aggregate volumes of COVID-related claims projected during the early months of the pandemic, but different data sources give varying readouts on developments for individual U.S. states and classes of workers.
 
 
The Office of Inspector General is initiating an audit of the Occupational Safety and Health Administration’s “operations and efforts related to protecting employees from exposures to COVID-19,” according to a Department of Labor memorandum.
 
 
Many factors that insurers encountered in 2020 likely will continue to impact the U.S. property-and-casualty industry in 2021, with last year’s results reflecting a still-firm commercial lines pricing environment and higher-than-average catastrophe activity.
 
 

 

Innovation
 
 
 
Google is teaming up with two global insurers to cover cyber breaches and related risks for businesses that use its cloud services, the first time a major provider has opened up such insurance to its clients.
 
When pandemic travel restrictions made onsite risk assessments more difficult, remote engineering went mainstream. But the consensus is clear — human risk engineering will not be replaced.
 
 

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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