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November 4, 2021 Edition


Headlines
 
 
 
Global commercial insurance prices increased 15% in the third quarterThe rates of increases in many lines moderated, however, even though it was the 16th consecutive quarter of increases.  The one exception was the U.S. where rates increased by 14%, up from 12% in the second quarter, driven by “substantial” increases in cyber insurance rates and a moderate increase in property/casualty rates.
 
 
The reinsurance industry faces increased uncertainty over inflation, cyber liability and other issues heading into 2022. More uncertainty in the world in general is leading to some insurers pulling back capacity and questions over how the industry’s capital should be deployed.
 
 

 

Business
 
 
 
Reinsurers are increasingly relying on third-party capital to support their retrocession needs, in which they transfer risks they have assumed to other counterparties.
 
 
Commercial airlines are experiencing an uneven recovery out of the pandemic and early indicators point to a similarly variable experience when it comes to their upcoming insurance renewals.
 
Insurers rely into non-traditional asset classes to increase yield which creates significant challenges that brings serious risk for misinterpretation or misguided action.
 
 

 

Education
 
 
 
Traffic deaths across the country soared by 18.4% in the first six months of 2021, the largest number of projected fatalities in that time period since 2006.
 
 
Preparing for and responding to wildfire risk to help protect homes and business owners is more critical than ever. Here are the top things insurers should do to better prepare for Wildfire.
 
The study's researchers report that based on the rate that dry air sucks up moisture, climate change is essentially two-thirds to 88% responsible for the conditions driving the region's wildfire woes.
 
 

 

Environment
 
 
 
The sixth iteration of LexisNexis’s annual “Home Trends Report” paints a troubling picture for the US homeowners’ insurance market, thanks to worsening catastrophic events. Weather events – such as wildfires, hurricanes, and floods – were some of the largest drivers of losses for the home insurance industry.
 
 

 

Innovation
 
 
 
Hundreds of little robots–knee-high and able to hold around four large pizzas–are now navigating college campuses and even some city sidewalks.
 
The Sacramento Fire Department is set to begin using virtual reality simulations of a fire, a vehicle extrication and a ladder climb as a recruiting tool.
 
 

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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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