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March 11, 2021 Edition

 

Headlines

 
 
 
Though plaintiffs will have a tough time blaming businesses for exposure to the virus, carriers are nonetheless prepping defense strategies and emphasizing risk mitigation to clients.
 
 
Policyholders can expect significant increases for cyber coverage throughout 2021 as trends that began last year continue at an accelerated pace. These trends include increased claim frequency and severity, much of it driven by ransomware events, says a new report.
 
 

 

Business
 
 
 
Uncertainty related to litigation is clouding estimates of the full financial consequences and total insured losses from the pandemic.
 
 
The market saw more issuers and a shift toward single peril bonds, and market activity did not drop steeply due to the pandemic.
 
A return to historical claims frequency patterns will make the sharp increase in underwriting profits in 2020 difficult to repeat.
 
 

 

Education
 
 
 
There were, on average, three new errors and omissions cyber matters per business day in 2020, a whopping 100% increase from 2019, and most were ransomware event related, says a new report.
 
 
U.S. insurers are seeking to protect themselves from future claims related to the coronavirus pandemic or other widespread illnesses that disrupt operations.
 
 
Reinsurers will likely need to raise premiums in response to the rising severity and frequency of natural catastrophes, but insurers may be unwilling or unable to pay for more expensive protection.
 
 
Crashes involving a distracted driver killed 3,142 people in 2019, nearly 10% more lives lost than the year before. A new report analyzed which laws are most effective at deterring distracted driving and offers other solutions to reduce the dangerous practice.
 
 
Help your customers understand their earthquake property risk. Cross-sell quake coverage. Reduce your risk of errors and omissions claims. All with one tool.
 
 

 

Environment
 
 
 
The Federal Emergency Management Agency entered into its fourth three-year reinsurance agreement with Hannover Re, which transferred $575 million of the program’s financial flood risk to investors by sponsoring catastrophe bonds.
 
 
Scientists say that the tiny particles released in wildfire smoke are up to 10 times more harmful to humans than particles released from other sources, such as car exhaust.
 
The bill would spend $75 million every two years to hire and train more firefighters, buy aircraft, improve leadership and improve fire detection systems in Washington state.
 
 

 

Innovation
 
 
 
The earthquake early warning system known as ShakeAlert will be capable of delivering alerts directly to wireless devices in Oregon on March 11 and t Washington state in May, completing the West Coast rollout, the U.S. Geological Survey said.
 
 

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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