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.
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.
As dramatic as escalating ransomware attacks and rapidly climbing cyber insurance rates have been in 2021, both trends will continue into the new year.
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.
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