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July 22, 2021 Edition

 Headlines

 
 
 
A perfect storm appears to be brewing for homeowners and property insurers in the drought-plagued, wildfire-riddled U.S. West. Supply shortages and rising demand could add greatly to catastrophe losses caused by wildfires that occur this season.
 
 
Wrestling with higher costs and more risk, insurers are tightening standards, boosting prices and slashing how much they’re willing to pay for a breach.
 
 

 

Business
 
 
 
The combination of challenged property experience, robust primary casualty rate levels and thoughtful original limits management are making casualty a worthy diversifier for reinsurers.
 
Robust cybersecurity remains vital to reduce the negative impact of cyber risk, with a focus on mitigating or preventing attacks in areas such as internal governance and IT software, says S&P Global Ratings.
 
 
Robust global economic recovery, higher risk awareness and the strongest rate hardening for 20 years in non-life insurance commercial lines will combine to push premiums 10% above pre-COVID-19-crisis levels this year.
 
Surplus lines premiums totaled $24.04 billion in the first half of this year, up 21.9% from the year-earlier period. The number of transactions reported also increased 7.2% to 2.6 million.
 
 

 

Education
 
 
 
Explore the key reasons wildfires are growing more frequent and intense and the options available to reduce risk of damage.
 
 
As wildfires continue to tear across Eastern and Central Washington, Gov. Jay Inslee declared a drought emergency for the state, with water supplies projected at 75% of the average.
 
 
The National Council on Compensation Insurance will exclude COVID-19 claims from the determination of loss costs and rates because they are “not expected to be predictive of the loss experience.”
 
 
Rising sea levels mixed with the increase of high tides due to the moon's orbit will cause major flooding throughout the U.S. coastline, says NASA.
 
 

 

Environment
 
 
 
The mitigation message is getting out to homeowners, but along with that messaging, insurance agents in places like California must often deliver the difficult news of rate hikes or cancellations to customers. 
 
 
Decades ago, when many coastal homes were built, salt water and the corrosion it causes were not potential threats to buildings. Now, they are, but the buildings can't withstand them. 
 
Record high-tide flooding washed over U.S. coasts in the past year, and rising sea levels are expected to send the deluges into streets, homes and businesses even more frequently over the next decade.
 
 

 

Innovation
 
 
 
Respondents in favor of texting with their insurers were also open to group chats with other providers within the insurance ecosystem, such as rental and towing companies, auto and home repair businesses, glass replacement shops and medical providers.
 
 

About InsuranceEDGE

 

 

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