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April 8, 2021 Edition

 

Headlines

 
 
 
Hundreds of thousands of Americans will pay significantly more to insure their homes in coastal areas and flood zones under new rules released by the Federal Emergency Management Agency, the first major update to its pricing system in half a century.
 
 
New forecasts indicate significant wildfire potential for the coming months in the Southwest and along the West Coast.
 
 

 

Business
 
 
 
Early data suggests insurance carrier merger-and-acquisition activity could double for all of 2021, as compared to previous years, to more than $40 billion. 
 
 
Commercial rates rose 7% on average in the first quarter, but some lines saw significantly steeper hikes. No lines experienced rate decreases. The smallest increases were in workers compensation and surety, which both saw rates rise 1.7%.
 
Property rate increases were largely in the single and low double digits as capacity remained mainly adequate, bolstered by insurance-linked securities. Cyber and specialty rates jumped higher, however, with loss-hit accounts up as much as 100%.
 
 

 

Education
 
 
 
The American Property Casualty Insurance Association says its action seeks to prevent the commissioner from acting beyond the scope of his authority and requires him to comply with existing statutes governing the use of credit-based insurance scores by the insurance industry.
 
 
Prescribed fire is increasingly regarded as the key tool in making combustible forests fire-resistant and preventing megafires. But the technique is rarely used in the West, and prescribed fire rates actually decreased in the Northwest over the past two decades.
 
 
Use this time-saving guide — which clearly explains insurance terms that are confusing, misunderstood or misinterpreted — to ensure your customers understand their policies and coverage options. 
 
 

 

Environment
 
 
 
There is the potential for more than 20 named storms, and a good chance that three to five of them will directly impact the U.S., according to a new forecast. All residents and businesses along the U.S. coast should be fully prepared for a direct impact.
 
California’s U.S. senators and nearly two-dozen representatives are asking the Agriculture and Interior departments to transition their agencies to a year-round wildland workforce because blazes are no longer limited to traditional fire seasons.
 
 

 

Innovation
 
 
 
While the majority of insurers (71%) have portfolios that contain data-centric products and services, many are still uncertain about what data is essential to own, what data is acceptable to use and when it’s advantageous to share it, according to a 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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