February 10, 2022

Headlines

Cannabis and the Growing Risk of Theft

The increasing prevalence of cannabis retail operations has been met with an increased rate of theft. Learn how to manage this growing risk.

buildingmetrix.com

It’s Never Too Early To Start Preparing For The Next Wildfire Crisis

It’s never too early to start preparing for the next crisis. The federal government may have had this best crisis management practice in mind when it announced a new commission that will make recommendations to more effectively prevent, mitigate, suppress and manage wildfires.

forbes.com

Business

Insurance Rates Expected to Rise Again This Year

Commercial insurance rates are expected to increase across most lines of coverage this year, with many sectors likely still experiencing double-digit hikes.

businessinsurance...

Natural Disasters Cost Insurers $116B in 2021, 63% Higher Than Average

Insured losses from major natural catastrophes in 2021 have so far reached an estimated $116 billion.

carriermanagement...

Only 38% of 2021’s Natural Disaster Losses of $343B Were Covered by Insurance

Natural disasters cost global economies a total of $343 billion in 2021, compared with $297 billion in 2020.

insurancejournal.com

Cat Bond Issuance Hits Record $12.8B in 2021

New issuance in the 2021 property/casualty catastrophe bond sector totaled $12.8 billion, topping the previous record in 2020 by 13%.

businessinsurance...

Insurer Groups Sue to Stop Washington Credit Scoring Regulations

The ban will remain in place for an indefinite period of time, but in no case for fewer than three years.

insurancejournal.com

Progressive Dropping Coverage for 56,000 Florida Homes

Specifically, the insurer is not renewing coverage for homes with roofs older than 15 years.

insurancebusiness...

Another Big Insurer Stops Writing Homeowners Policies in Florida

United Property and Casualty Insurance Co. stopped writing new policies in Florida on January 1.

insurancejournal.com

Education

Geologists ‘Closely Monitoring’ Rising Magma Under Oregon Volcanic Region

In a USGS Hazard Notification statement, Cascades Volcano Observatory announced their scientists have tracked an increased rate of ground uplift in the Three Sisters volcanic region.

news10.com

Cost of Cyber Disruptions on Critical Infrastructure At Least $8M Per Day

“Disruptions on single or few nodes can have a drastic impact on network functionality."

carriermanagement...

Earthquakes in Texas Doubled in 2021

More than 200 earthquakes of 3 magnitude and greater shook Texans last year, more than double the number in 2020. Scientists cite years of oil companies injecting sludgy water underground.

insurancejournal.com

Traffic Fatalities Continue on Record Pace But Not in All States

The number of U.S. traffic deaths surged in the first nine months of 2021 to 31,720, keeping up a record pace of increased dangerous driving during the coronavirus pandemic.

insurancejournal.com

Environment

NASA: Earth’s Temperature in 2021 Was 1.5 Degrees F Above Baseline

The average tied with 2018 as the sixth warmest on record. The past eight years were collectively the warmest years since modern recordkeeping began in 1880.

insurancejournal.com

Spring Forecast for the United States

Punxsutawney Phil has emerged from his burrow and has declared six more weeks of winter, but that prognostication may not come to fruition across the entire U.S.

bowienewsonline.com