April 21, 2022

Headlines

Seattle Fire Department Becomes First in Washington State To Earn a Protection Class 1 Rating by WSRB

Reaffirms Seattle Fire’s commitment to providing exemplary fire protection to residents and businesses in the City of Seattle. Protection Class 1 rating goes into effect on July 1, 2022, for the vast majority of properties located within the city of Seattle.

fireline.seattle.gov

How Homeowners Can Help Protect their Properties from Wildfire

Wildfire research reveals how hardening strategies, building codes and regular maintenance can help homeowners protect their properties.

www1.wsrb.com

Business

Rate Increases Set to Moderate; Market Still Wary of Uncertainty

Insurance buyers should expect a moderation in rate increases for many lines of business at upcoming renewals, but the cyber liability market will remain difficult and property insurers will continue to focus on valuations.

businessinsurance...

RISKWORLD Conference Returning, Reflects Globalization of Risk Management

The Risk Management Society (RIMS) annual conference returned to in-person activities this year in San Francisco.

ambest.com

Public Citizen: California Climate Insurance Disclosure Bill Stalls

The California Assembly Insurance Committee has declined to hold a hearing on a bill that would require insurance companies to disclose their role in the climate crisis.

insurancenewsnet.com

Special Florida Insurance Session Welcomed, but Will it Come Soon Enough?

Florida’s governor has yet to set a date for a special legislative session aimed at the property insurance crisis in the state, but some said it may come too late.

insurancejournal.com

Price Hikes Forecast for E&O, Cyber Cover in H1

'We expect this to be comparable to the second half of 2021, but anticipate potential stabilization in the second half of 2022,' according to the report, “2022 Errors & Omissions and Cyber Market Review.”

businessinsurance...

Education

Q1 Natural Hazard Losses Pegged at $32 Billion

Estimated economic losses from natural hazards totaled $32 billion during the first quarter, of which $14 billion was insured, according to a report from Aon PLC.

businessinsurance...

The Hidden Danger of Light Weight Joists in Floor and Ceiling Constructions

Over the past 20 years, the use of lightweight joists has grown dramatically in the construction industry - they are now used in many timber-supported floor-ceiling constructions.

tenmat.com

Dog-Related Claims Cost U.S. Home Insurers Nearly $900M in 2021

Dog bites and other dog-related injuries accounted for more than one-third of all homeowners liability claim dollars paid out in 2021 according to an analysis by the Insurance Information Institute (Triple-I) and State Farm.

carriermanagement...

J.D. Power Reveals the State of the Market in 2022

There has been a decline in both shopping for auto insurance and switching between insurers since the fourth quarter of 2021.

insurancebusiness...

Environment

Survey: 40% Of Louisiana Property Owners Say They’ve Filed Damage Claim Since 2020

Louisiana residents are concerned about damage from hurricanes and fear the unsettling reality of the state’s eroding coastline, with 40% of respondents who have insurance saying they had filed property damage claims in recent years.

klfy.com

2022 So Far: Alabama Has Had More Tornado Warnings Than Any Other State

If you think our severe weather season has been active in 2022, you are most definitely right. Truthfully, “active” maybe an understatement when crunching the numbers.

wsfa.com