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About the Company 

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CEO Perspective

Engaging thought leadership on key insurance industry issues from our CEO 

Meet the Team

Get to know the team of property insurance experts at WSRB, our parent company 

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Underwriting Guide to Cannabis & Hemp

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A Guide to Wildfire Risk

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InsuranceEDGE

January 27, 2022

Headlines
 
 
 
Smoke Alarm
The San Jose City Council voted Tuesday night to require gun owners to carry liability insurance in what’s believed to be the first measure of its kind in the United States.
 
 
Events such as wildfires, tornadoes and severe thunderstorms are becoming more impactful and generating an increasingly larger amount of insured losses.
 
 

 

Business
 
 
 
Through the first nine months of 2021, the U.S. P/C industry recorded a 10% increase in direct premiums compared with the same period in 2020. However, the industry’s direct-loss ratio fell to 62.8 from 60.2.
 
 
Technology company Root Inc., the Columbus-based parent company of Root Insurance, announced yesterday that it has laid off approximately 330 employees.
 
Catastrophe bond issuance reached a record $12.5 billion in 2021, topping 2020’s $11.0 billion, according to Aon Securities, a unit of Aon PLC.
 
 
Loss-affected lines of business, such as property catastrophe in Europe, cyber or retrocession, continued to see significant price increases during reinsurance renewals.
 
Surplus lines premiums reported to U.S. surplus lines stamping and services offices up 22.3% from 2020 according to the Wholesale & Specialty Insurance Association.
 
 

 

Education
 
 
 
Two nonprofit bodies, Consumer Reports and the Insurance Institute for Highway Safety (IIHS), said separately on Thursday they are reviewing safeguards put in place by automakers for vehicles with partial automation.
 
 
Commercial auto insurance loss severity rose about 5 percent per year during the five-year period ending 2019, as the proportion of claims that had attorney involvement increased to nearly 30 percent.
 
 
As challenges intensify for the agricultural sector, crop insurance can be more than a financial safety net. The right insurer can help farmers get back on their feet faster.
 
 

 

Environment
 
 
 
The Biden administration unveiled a 10-year plan to treat and maintain millions of additional acres of forests in the western United States to reduce the severity of seasonal wildfires. 
 
 
A controlled burn turned out of control and sparked the Rolling Pines Fire in Bastrop County, Texas.
 
 
Landslides are one of the Northwest’s most common and devastating natural hazards — and the damage they cause is almost never covered by insurance.
 
 
As experts signal likelihood of major earthquake in the next 50 years, DNR’s modeling shows corresponding flooding depths of 60 to 100 feet along Pacific coast beaches and Olympic Peninsula.
 
 

 

Innovation
 
 
 
Ford began Canopy through its new business platform team to tap into a potential revenue stream with consumer software services and subscriptions.
 
 
Many partially automated systems that “share” the driving with motorists, like Autopilot, Pilot Assist and Super Cruise, don’t provide enough back-up protections.
Topics:weather-related risklandslidefirearms

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