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August 19, 2021 Edition

Headlines

 
 
 
Estimated insured losses from natural catastrophes reached $40 billion during the first half — driven by a deep winter freeze, hailstorms and wildfires — while human-caused disasters triggered another estimated $2 billion of insured losses.
 
 
The wheat country of eastern Washington state, a vast expanse that produces the nation's fourth-largest wheat crop, is suffering amidst a drought the National Weather Service has classified as “exceptional” and the worst since 1977.
 
 

 

Business
 
 
 
Buoyed by the hard market and rebounding economy, independent insurance agents and brokers grew overall by 7.1% in the second quarter, surpassing the 6.9% organic growth reported eight years ago in the second quarter of 2013.
 
Amazon has launched a new digital insurance network to help small businesses selling on its platform more easily purchase affordable product liability coverage. The service is a result of Amazon's collaboration with Marsh.
 
 
In response to climate-driven events that are causing more frequent and severe natural catastrophe losses, insurers are changing commercial property policy wordings and tightening terms and conditions.
 
Ethical hacking, sometimes referred to as penetration testing, aims to help companies recognize vulnerabilities in their system before a bad actor does. The practice can increase security and save money.  
 
 

 

Education
 
 
 
Global climate change is making wildfires worse. What U.S. insurers and insureds need to do to prepare for the increased risk.
 
 
Consider these five points to help ensure a vaccine policy will comply with applicable laws.
 
 
A recent incident in Port Angeles, Washington illustrates the fire and explosion risks that cannabis processing creates for firefighters and insurers.
 
 

 

Environment
 
 
 
Insurers are struggling to make accurate risk calculations for these events that used to cause minor damage but are now increasingly costly.
 
Fire personnel are bracing for more wildfires as they battle dozens that have scorched hundreds of thousands of acres across the Western U.S.
 
 

 

Innovation
 
 
 
More widely available data and better analytics are enabling a number of new parametric insurance solutions, from a product to cover losses caused by an active assailant to ways to manage supply chain risk.
 
 

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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