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April 15, 2021 Edition

Headlines
 
 
 
Office vacancies are climbing to their highest levels in decades as businesses give up office space and embrace remote work. Now, the real estate industry in many American cities faces a potentially grave threat.
 
 
Multiple severe weather outbreaks in the U.S. during March are expected to result in insurance losses topping $1 billion. The storms included tornadoes, hail and flooding. The worst outbreaks were March 22-23, 24-26 and 27-28 across the Central and Southern U.S.
 
 

 

Business
 
 
 
Despite considerable operating challenges from the global COVID-19 pandemic, U.S. property-and-casualty insurers saw a statutory underwriting profit for the third consecutive year, with an average combined ratio of 99.
 
First-quarter premium renewal rate changes increased year-over-year for general liability, commercial property, umbrella and business owners policy, while workers compensation remained negative, according to a new report.
 
 

 

Education
 
 
 
Some states are relaxing or removing mask mandates, but the Biden administration appears poised to reinstate masking and other social distancing rules for all states — at least in the workplace.
 
 
COVID-19 has brought about a range of unique claims filed against real estate asset managers by three type of plaintiffs: investors, tenants and lenders. 
 
 
The U.S. has learned from Japan that retrofitting buildings to withstand earthquakes can save lives and reduce losses. Retrofitting a building can also help reduce the cost of earthquake insurance.  
 
 

 

Environment
 
 
 
The Washington state Senate has unanimously passed a bill to create a dedicated fund to prevent and fight wildfires. The bill now heads back to the House, which will accept or reject the changes made in the Senate. 
 
 
Colorado State University researchers predict 17 named storms during the Atlantic hurricane season. Of those, they expect eight to become hurricanes and four to reach major hurricane strength with sustained winds of 111 miles per hour or greater.
 
La Niña, the cooling of the equatorial Pacific that shifts weather patterns the world over, is fading away. But California may still be prone to dryness, and the U.S. Gulf Coast faces the risk of another busy hurricane season.
 
 

 

Innovation
 
 
 
More than a third of consumers said they were either somewhat or very concerned about both cyber security and safety of vehicles with internet connections and automated vehicles. A similar share of consumers expressed worry that a virus, hacking or other kind of cyber attack could damage or destroy a vehicle’s data, software or operating systems.
 
 

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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