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August 26, 2021 Edition

 
Headlines
 
 
 
California has already surpassed the acreage burned at this point last year, which ended up setting the record. Now, embers carried miles by the wind are igniting vegetation in rugged landscapes, where it’s hard to attack or build a perimeter to prevent the fire from spreading.
 
 
A rise in ransomware attacks, lackluster risk management protocols and lack of employee training were among the primary drivers behind the notable increase in cyber prices, according to a new survey.
 
 

 

Business
 
 
 
A judge struck down a California ballot measure that exempted Uber and other app-based ride-hailing and delivery services from a state law requiring drivers to be classified as employees eligible for benefits and job protections. Uber said it planned to appeal.
 
Insurance carriers and agents may want to pay more attention to small business insurance customers, especially those with commercial auto and workers’ compensation policies. They’re feeling neglected and experiencing difficulties getting support. 
 
 
The regional head of Americas for Axa Climate discusses how parametric insurance coverage can address risk management problems and how it is likely to develop.
 
A record $8.5 billion of catastrophe bonds were issued in the first half of 2021 as the market benefitted from new sponsors and increased capital inflows.
 
 
Performance among a selection of non-life reinsurers improved during the first half of 2021. The group’s combined ratio dropped to 94.5% from 105.9% during the first half of 2020, and net premiums written jumped 18.47% to $72.78 billion.
 
Worldwide insurance merger-and-acquisition activity slipped slightly in the first half of 2021, with 197 deals compared with 201 for the same period last year. Larger deals dominated with 11 deals over $1 billion, compared with 15 big deals in all of 2020.
 
 

 

Education
 
 
 
A majority of respondents to a new survey said they would prefer to buy a policy from companies like AIG rather than startups like Lemonade.
 
 
A homeowner who exercised no control over the worksite is not liable for injuries to an independent contractor even though the homeowner had failed to repair an obvious hazard, the court ruled.
 
 
The majority of COVID-19 claims continue to include only lost wages, or indemnity costs, with 73% of claims having no associated medical costs.
 
 
More than three-quarters of the 5 million or so homeowners with policies under the National Flood Insurance Program are likely to soon pay more for that coverage.
 
 
Insurers can face unexpected costs if they’re unknowingly insuring adult family homes. Learn how you can quickly identify and reduce the risk in your book.
 
 

 

Environment
 
 
 
The declaration of an official water shortage for the massive Lake Mead reservoir will reduce water supplies to parts of the drought-stricken Southwest, as 10 Western governors appealed for federal drought disaster aid.
 
Coastal regions can brace for more intense, wetter and windier tropical storms in a warming world. Tropical storms are also shifting north and becoming slower, giving them more time to cause damage.
 
 

 

Innovation
 
 
 
A startup has released what it says is the industry's first tool for evaluating whether and when autonomous trucks and cars are safe to deploy on public roads without a human behind the wheel.
 
For most insurers, the COVID-19 pandemic exposed an immediate need to upgrade their risk and solvency modeling capabilities, leading them to turn to outside vendors to strengthen their risk management. 
 
 

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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