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May 20, 2021 Edition

Headlines

 
 
 
Cyber attacks, climate change, geopolitical unrest — organizations agree on what some of the emerging risks that pose threats are. But they lag in understanding just how much of a threat those risks can be. By prioritizing short-term threats over higher-severity, lower-frequency ones, insurers become vulnerable to disruption. 
 
 
After several years of devastating wildfires across Washington, lawmakers this year agreed to make invest $500 million over the next five years in wildfire prevention and forest health. Still, officials are calling on homeowners to do more to keep their communities safe, especially as drought persists and this year's fires are already setting records. 
 
 

 

Business
 
 
 
The Colonial Pipeline ransomware attack temporarily crippled the largest fuel pipeline in the U.S., led to a run on gasoline by panicky consumers and will increase demand and prices for cyber insurance.
 
 
Commercial insurance renewal rates increased in April for commercial property, general liability, umbrella, commercial auto and business owners policy, while workers compensation renewal rates declined compared with March 2021.
 
Commercial auto sector results improved in 2020, but price increases for the segment are slowing and severity trends could potentially worsen, according to a new report. Rate increases are expected to continue through 2021 at a slower pace.
 
 

 

Education
 
 
 
Loss Costs help you understand your likely losses if a property you insure suffers damage. Learn more about how WSRB develops Loss Costs for Washington state properties and how the data benefits you.
 
 
After advisories from the U.S. Treasury Department, FBI and Homeland Security, industry experts are warning cyber insurance companies could face new exposures and higher costs that could lead to more ransomware attacks.  
 
 
The ransomware attack on Colonial Pipeline Co. that caused gasoline shortages along the U.S. East Coast also sparked a debate about whether cyber insurance helps protect against marauders — or attracts them.
 
 
Everyone wants to avoid becoming the victim of ransomware, so to help, the National Institute of Standards and Technology offered specific advice, including tips for remote workers. 
 
 

 

Environment
 
 
 
April was a relatively quiet month for insurance losses caused by natural catastrophes and severe weather, but industry analysts still estimate that claims year-to-date are running approximately 30% above average.
 
As wildfires grow more frequent and dangerous across the West, private firefighting is booming, creating friction with government firefighters and highlighting inequity in whose home or business receives protection.
 
 

 

Innovation
 
 
 
How states choose to regulate insurance and liability for self-driving cars may impact how quickly consumers adopt them, but many questions remain around how and when to set these new policies.
 
 

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