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May 13, 2021 Edition


Headlines
 
 
 
After one of the most destructive and extreme wildfire seasons in modern history last year, a widening drought across California and much of the West has many residents bracing for the possibility this season could be worse.
 
 
When much of the global economy locked down last year, insurers immediately began striking pandemic cover from all new business policies. But as business reverts to a new normal, huge demand is causing insurers to figure out how they can put pandemic risk back in policies without making them prohibitively expensive.
 
 

 

Business
 
 
 
The pandemic recession caused the workers compensation industry's net written premium to drop 10% in 2020. However, private insurers posted a profitable calendar year combined ratio of 87, the industry’s fourth straight year with a combined ratio below 90.
 
Property-and-casualty reinsurance policy prices are moderating, especially for accounts with a good history of performance. The key exception is cyber coverage, which is seeing constrained capacity and surging prices, say reinsurance company executives. 
 
 
Law-enforcement agencies are challenged in fighting cybercrime because criminals are spread out globally. But companies can help address the issue by working more closely with authorities.
 
If insurance companies take on all the risk related to cyber security, they may face an existential threat. Cyber insurance-linked securities can spread the risk into the financial markets but may take years to develop. 
 
 

 

Education
 
 
 
Drought is spreading and worsening across the Western U.S., portending a severe wildfire season. Learn how the right data can help you make address-specific underwriting decisions and reduce your potential for catastrophic losses. 
 
 
April was a costly month for catastrophes as hail caused over $1 billion in insured damages in the U.S., while Europe saw a cold spell, the damages from which may stretch into the billions of dollars.
 
 
The novel coronavirus pandemic may impact financial institutions’ balance sheets, increase exposures for directors and result in litigation. But financial institutions are also facing many other risks in the areas of cyber, climate, compliance and corporate culture.
 
 
Everybody knows what it means to “total” a vehicle. But very few people actually understand the relationship between a totaled vehicle and state law regarding when such a vehicle can be titled and driven on public roads. An insurance lawyer explains the important differences.
 
 

 

Environment
 
 
 
It’s hot. Get used to it. That might be the clearest takeaway from the new report from the National Oceanic and Atmospheric Administration, which gave us a glimpse of the “new normal” in a changing climate.
 
 

 

Innovation
 
 
 
As the move toward automated electric cars accelerates, protecting the cybersecurity of these vehicles has become urgent. That’s why researchers are identifying weaknesses that could threaten the safety and efficiency of such vehicles.
 
 
Cellphone users from the U.S. border with Canada south to the border with Mexico should receive a mobile alert from the early warning system when an earthquake is detected.
 
Tesla Inc. told a California regulator that it may not achieve full self-driving technology by the end of this year, contrary to CEO Elon Musk's earlier statements about the goal.
 
 

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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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