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December 2, 2021 Edition

Headlines
 
 
 
The evolution of long-term adult care is increasing the risk for insurers. Learn how you can pinpoint hidden risks associated with this changing market.
 
 
A.M. Best & Co. Inc. said Tuesday it has revised its outlook for the U.S. commercial property insurance market from negative to stable, citing ongoing rate increases by insurers and a decline in business interruption claims.
 
 

 

Business
 
 
 
The U.S. personal lines insurance industry has earned a continued AM Best market segment outlook of stable heading into 2022 due to strong fundamentals in the sector, the ratings entity said in a new report.
 
 
Players in U.S. nonstandard auto insurance may find that return to pre-pandemic norms counteract recent positive market trends.
 
A.M. Best & Co. revised its market segment outlook from negative to stable for the U.S. workers compensation insurance market, noting several influencing factors.
 
 
The U.S. property/casualty insurance industry saw a loss through the first nine months of 2021 as premium growth was offset by increased losses.
 
Many illegal marijuana farms are operating under the guise of being legal hemp farms. The managers of the sites have stolen water and abused immigrant workers.
 
 
According to a new report from reinsurance broker Aon, total capacity is expected to set a record as reinsurers reported strong earnings for the first half of 2021.
 
Strong growth and record premiums are projected for the global insurance industry as demand for risk protection increases.
 
 

 

Education
 
 
 
After his local library had to shut down because of a ransomware attack, Indiana state Rep. Mike Karickhoff realized the state didn't know much about the frequency of such breaches.
 
 
Insurers have halved the amount of cyber cover they provide to customers after the pandemic and home-working drove a surge in ransomware attacks.
 
 
Despite the fact that cyber intrusions are on the rise, an Allianz executive feels that cyber risk management is improving.
 
 

 

Environment
 
 
 
The Caldor Fire started on Aug. 14 - in just a few weeks, it scorched more than 345 square miles, an area larger than New York City, as it traveled more than 40 miles toward Tahoe.
 
 
Rounds of heavy rain this month are increasing the threat of landslides across Western Washington. This comes as state geologists are making big strides to track these natural disasters.
 
 

 

Innovation
 
 
 
Although the potential benefits of driverless motor vehicles are significant, designers must first address key automation challenges before these vehicles are ready and accepted by the public for widespread use.
 
 

About InsuranceEDGE

 

 

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