InsuranceEDGE | BuildingMetrix

InsuranceEDGE | April 21, 2022 | BuildingMetrix

Written by WSRB | April 21, 2022

Headlines

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

 

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

 

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

 

Environment
 
 
 
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.
 
 
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.
 
 

 

Innovation
 
 
 
A session at the 2022 RIMS Conference in San Francisco delved into the risks companies and insurers face with biometric data.
 
 
A 2022 RIMS session looked at new regulations that affect the autonomous vehicle industry.