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December 16, 2021 Edition

Headlines
 
 
 
Smoke Alarm
The market will focus on delegated authority business, expenses and environmental, social, and governance (ESG) initiatives in the coming year.
 
 
Double-digit growth: Roughly 68% of U.S. households own a pet, but only around 2% have dedicated pet insurance.
 
 

 

Business
 
 
 
After years of falling rates due to tough competition, 2021 was the first in which M&A insurance rates have risen since the market began more than two decades ago.
 
 
While the factors that contributed to an unruly 2020 proved to be less disastrous in 2021, insureds and their carriers should still be prepared to weather some challenges.
 
U.S. commercial insurance prices rose just above 7% on an aggregate basis in the third quarter, after increasing slightly below 8% in the first and second quarters, Willis Tower Watson PLC said.
 
 
The 6.8% annual increase in the consumer price index reported last week provided more evidence of higher inflationary trends in the United States, but economists and insurance industry executives say the higher prices may be only a short or medium-term issue for the sector.
 
 

 

Education
 
 
 
While the major concern with big earthquakes this far from land is the possibility of tsunamis, "events the size that have so far occurred in this swarm will not generate noticeable tsunamis," writes the United States Geological Survey.
 
 

 

Environment
 
 
 
Deep winter freeze, floods, severe thunderstorms, heatwaves and a major hurricane resulted in estimated annual insured losses from natural catastrophes of US$105 billion.
 
 
Utah has never experienced a year with as little precipitation as it did in 2018 and only one previous year registered higher average temperatures.
 
 
For now, rating agency AM Best believes that property/casualty insurers will be able to absorb losses from the recent outbreak of 30-plus tornadoes across five U.S. states, but coexisting economic challenges could worsen the picture.
 
 
A group of tornadoes tore across the central U.S. on December 10 and 11, resulting in widespread damage in several states. Preliminary reports from FEMA confirmed at least 52 tornadoes in six U.S. states. 
 
 

 

Innovation
 
 
 
We’d all be whizzing round in robotaxis by now if Elon Musk had been right. Instead, fully self-driving cars are struggling to get away from the starting grid and some investors are betting that driverless trucks will reach the checkered flag first.
 
 

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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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Topics:innovationweather-related riskearthquake

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