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June 10, 2021 Edition

Headlines
 
 
 
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.
 
 
Increases in incurred losses, loss adjustment expenses and underwriting expenses, as well as a sharp 72% rise in policyholder dividends, were behind the underwriting income decline.
 
 

 

Business
 
 
 
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. 
 
 

 

Education
 
 
 
How, and how often, do WSRB Loss Costs get updated? Why is the WSRB Loss Cost different than what I had expected? Get answers to these questions and more in the latest WSRB blog post.
 
 
While Americans drove less in 2020 due to the pandemic, an estimated 38,680 people died in motor vehicle traffic crashes — the largest projected number of fatalities since 2007.
 
 

 

Environment
 
 
 
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.
 
 
The fires that wrought so much destruction and suffering for people in Washington state also were punishing for wildlife — and apocalyptic for already rare species.
 
Every year, severe weather costs approximately $630 billion for the U.S. But this is not a property issue alone; several lines are feeling the strain.
 
 

 

Innovation
 
 
 
Smoke forecasting is notoriously hard to do, but a new tool from the state Department of Ecology may help us anticipate hazardous air five days in the future.
 
 
Internet of Things (IoT) devices are now more widely available and affordable than ever before. Learn how to evaluate and deploy IoT devices to most effectively catch and address water damage.  
 
As passwords become less effective at protecting sensitive information, cyber insurers may shift to requiring biometric-based data protections, which come with their own data-protection concerns.
 
 

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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