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January 6, 2022 Edition

Headlines
 
 
 
Smoke Alarm
Residents of Boulder County are scrambling to recover from the wreckage of an unprecedented suburban firestorm that burned down about 1,000 homes and required thousands of residents to flee the area this weekend.
 
 
The collapse of a Miami-area condominium tower and efforts to achieve a fair resolution for the victims was the Claims Journal’s top story in 2021.
 
 

 

Business
 
 
 
Standard and Poor’s 2022 commercial insurance industry outlook focuses on five key considerations. Here are the main takeaways.
 
 
In a brief report on Jan. 1 renewals, Guy Carpenter said that its global property catastrophe rate-on-line index rose 10.8 percent. 
 
Later than usual Jan. 1 reinsurance renewals differentiated sharply between loss-affected and non-loss-affected programs as capacity was constrained in lower layers.
 
 
Insured losses of $44 billion from COVID-19 so far represent the third-largest cost to insurers of any catastrophe, behind Hurricane Katrina and the 9/11 attacks.
 
Implementation of advanced analytics, aimed at enhancing growth and bottom-line performance, has progressed slower than expected.
 
 
Commercial property insurance markets have stabilized and commercial liability insurance rates are rising more slowly.
 
In a case in federal court in South Florida, the issue came down to not only the wording but a question about a single comma.
 
 

 

Education
 
 
 
The mayor of Cosmopolis has issued a Declaration of Emergency after all nine volunteer firefighters resigned on January 1, 2022. 
 
 
As dramatic as escalating ransomware attacks and rapidly climbing cyber insurance rates have been in 2021, both trends will continue into the new year.
 
 

 

Environment
 
 
 
The winter grassland fire that blew up along Colorado’s Front Range was rare, experts say, but similar events will be more common in the coming years.
 
 
The Colorado River’s flows are shrinking, and the states who rely on it are teaming up to leave more of it behind dams for later.
 
 
Insurers say the time is ripe to unlock a long-sought policy tool: basing rates on estimates of fire damages to come, rather than actual damages from the previous 20 years.
 
 
As climate change increases disaster losses, research on public policy and market incentives is increasingly relevant.
 
 
The 2021 Atlantic hurricane season was the third most active on record and the sixth consecutive year of above-average activity.
 
 

About InsuranceEDGE

 

 

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Topics:industry trendsweather-related riskwildfire

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