The COVID-19 pandemic has reshaped global economies and created new risk exposures. The greatest risks for property and specialty lines are those associated with restarting suspended operations, which could portend larger accidents ahead.
A federal judge in Seattle has dismissed lawsuits filed by hundreds of Washington state businesses — including dentists, restaurants, law firms and barbershops — seeking insurance coverage for revenues lost because of COVID-19 public health orders.
U.S. commercial insurance prices increased again in the first quarter of 2021, up by just under 8% compared with a year ago. The aggregate commercial price rise moderated from a 10% increase in the fourth quarter of 2020. The rate of price increases for nearly all lines was lower than those reported in each of the previous three quarters.
Global reinsurance giant Swiss Re has forecasted continued rate hardening for the insurance and reinsurance market right the way through 2022. The main driver of rising prices is re-insurers' reduced appetite for risk due to numerous factors, including social inflation, natural catastrophe losses and pandemic-related losses.
Demand and prices for cyber insurance are increasing, but recent attacks higlight market challenges. To remain a viable long-term partner dealing with cyber, insurers must reassess their appetite, risk controls, modeling, stress testing and pricing.
Two insurance research analysts are warning about dangerous trends shaping up on America’s roadways and asking auto insurance leaders to consider offering one-time rebates to encourage safer driving practices.
Northwest farmers and ranchers who depend on rain are expecting what one farmer called a "somber harvest" this year. Little moisture since February in wide swaths of the region is to blame. And drought is deepening across the West, with federal drought maps showing massive and growing areas of red.
While droughts are common in California, this year’s is much hotter and drier than others, evaporating water more quickly from the reservoirs and the sparse Sierra Nevada snowpack that feeds them. The state’s more than 1,500 reservoirs are 50% lower than they should be this time of year.
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