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October 21, 2021 Edition

 
Headlines
 
 
 
The U.S. insurance industry’s top compliance shortcomings relate to claims handling noncompliance, including timeliness, required disclosures, payments and grievance and appeal processes—as well as underwriting, rating and insurance producer and sales issues.
 
 

 

Business
 
 
 
Beat Kramer, Head Property Underwriting EMEA at Swiss Re, has said that he expects reinsurance rate increases to continue at the upcoming January renewals, in part due to the level of catastrophe losses experienced in Europe this year.
 
 
For the fifth consecutive year, insured losses from natural catastrophes are expected to be at or above global reinsurers’ budget expectations, but their very strong capital adequacy continues to provide a cushion, according to S&P Global Ratings.
 
 
According to a recent report during the COVID-19 crisis, global cyber attacks skyrocketed in a digital pandemic driven by ransomware.
 
 
The issue of “silent cyber” exposures, where cyber coverage is neither explicitly provided nor excluded in insurance policies, remains an issue for the insurance sector despite efforts to ring-fence the risks.
 
 

 

Education
 
 
 
David and Wendy Mills wondered whether their 16-year-old daughter would still be alive if federal rules on rear seat belt warnings had been issued on time.
 
 
Workers compensation insurers have slashed spending on opioids, reducing the risk of addiction and delayed recovery, but now they are under increasing pressure to reimburse injured workers for a new kind of elixir.
 
 
Ed Kelly, AAIS CEO and Robert Hartwig, Ph.D., CPCU, industry expert and insurance professor spoke on a range of topics facing the industry including COVID-19, climate change, cyber risk, year-end financials, and much more.
 
 

 

Environment
 
 
 
A weather-roiling La Nina appears to have emerged across the equatorial Pacific, setting the stage for worsening droughts in California and South America, frigid winters in parts of the U.S. and Japan and greater risks for the world’s already strained energy and food supplies.
 
 
In the small city of Oakley, Utah, the drought conditions parching much of the West have depleted the natural springs that supply water to the community. During each of the past several summers, local leaders worried that quenching any major fire might empty the city’s water tanks.
 
 

 

Innovation
 
 
 
A deep model was trained on historical crash data, road maps, satellite imagery, and GPS to enable high-resolution crash maps that could lead to safer roads.
 
 
A study showed that the performance of advanced driver-assistance technology used to help vehicles automatically brake and stay in lanes is significantly reduced by moderate and heavy rain.
 
 

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