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October 14, 2021 Edition

 
Headlines
 
 
 
Drought conditions remain critical throughout the Inland Northwest, but recent rain has taken the edge off slightly in Northeast Washington.
 
 

 

Business
 
 
 
Commercial insurance rates continued to increase in the third quarter of 2021, with most lines seeing single-digit hikes, according to insurance exchange MarketScout Corp.
 
 
Continued catastrophe losses will drive further increases for many property insurance policyholders, and, while pressures on liability lines have been alleviated by the closure of courts during the COVID-19 pandemic, rate hikes are still expected for casualty risks.
 
New research shows an increased appetite for calculated risks within the leadership of the re/insurance industry, with nearly 90% of executives expecting business conditions to be stronger a year from now.
 
 
Analysts have warned that major property and casualty reinsurers’ performance could be affected this year by natural catastrophes and uncertain outcomes of COVID-19 related business interruption lawsuits.
 
Technology will help improve customer experience and other aspects of the business, but it will not fundamentally change the industry.according to Evan Greenberg, chairman and CEO of Chubb Ltd.
 
 

 

Education
 
 
 
A judge in Washington ruled in favor of the insurance industry’s argument against Washington Insurance Commissioner Mike Kreidler’s emergency rule temporarily banning use of credit scoring.
 
 
It’s no secret that cyber insurance rates keep rising into the stratosphere. But the U.S. government can take specific actions to help reduce risk and stabilize the market.
 
 
Neglected no more. Independent agents are feeling the love from property/casualty insurance carriers—and the scores they are giving carriers are moving higher.
 
 

 

Environment
 
 
 
The U.S. has endured 18 major weather and climate disasters so far this year that killed a combined 538 people and inflicted more than $100 billion in damage.
 
 
Wyoming and Idaho top the list for disproportionate economic risk in terms of housing stock at risk for wildfire, according to a report from catastrophe modeling firm CoreLogic.
 
 

 

Innovation
 
 
 
U.S. officials on this week approved a long-lasting fire retardant that could significantly aid in fighting increasingly destructive wildfires by stopping them before they ever start.
 
 

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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