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September 1, 2022

Headlines

 
 
 
Smoke Alarm
California set itself on a path Thursday to end the era of gas-powered cars, with air regulators adopting the world’s most stringent rules for transitioning to zero-emission vehicles.
 
 
"Climate change is bringing us hotter, drier summers and historic levels of drought, resulting in severe wildfire conditions and longer, more complex and more expensive fire seasons."
 
 

 

Business
 
 
 
Travelers and policyholder International Control Services (ICS) jointly filed a stipulation to have a federal court rescind an active cyber insurance policy that the insurer claimed was void due to the insured’s misrepresentation of multi-factor authentication use.
 
 
Experts estimate that inflation pushed loss costs for property/casualty insurers up roughly $30 billion last year, with nearly three-quarters of that figure coming through personal lines.
 
 
New issuance of property/casualty catastrophe bonds totaled $8 billion in the first half of 2022, down 8.9% from the same period last year.
 
 
The ransomware threat scene continues to evolve following the disbanding of Conti, as ransomware attacks rose from 135 in June to 198 in July.
 
 
Citizens, which was created as an insurer of last resort, had 1,020,202 policies as of Friday, up from 1,013,147 policies a week earlier, according to the Citizens website.
 
Aggregate catastrophe budgets among the top 21 global reinsurers rose almost 20% to $15.5 billion this year, but those companies diverged on strategy.
 
 

 

Education
 
 
 
While we all know that insurance fraud is a massive problem, we now know just how massive: more than $300 billion-a-year massive, just in the U.S.
 
 
LastPass, a password manager used by more than 33 million people around the world, said a hacker recently stole source code and proprietary information.
 
The true cost of car insurance is reflected in the percentage of income drivers allocate for auto coverage each year and not on how much they spend on premiums.
 
 
Building owners and property managers must take steps to secure their facilities before a storm strikes.
 
During the last five years, 89 weather and climate disasters in the U.S. caused $788 billion in damage.
 
 
Financiers are helping to fuel a rise in U.S.-style class-action lawsuits in the UK courts, lured by the promise of big payouts.
 
CA state firefighters could get three raises and reduced hours all within the next year after a new tentative contract was struck.
 
 

 

Environment
 
 
 
Worsening droughts, storms, and torrential rain in some of the world’s largest economies could cause trillions in losses to the global economy by the middle of this century.
 
 
A major pump at Jackson’s main water treatment facility was damaged and the city has been using backup pumps.
 
CA is facing widespread triple-digit temperatures starting in the south and spreading northward.
 
 
Calfire says the number of fires and acreage in 2022 is well below that of 2020 and 2021.
 
Invest 91L has a high chance of becoming a tropical depression this week.
 
 
A wildfire in remote southwest Oregon spread rapidly through a rural area and destroyed several structures after forcing evacuations.
 
Gov. Kate Brown's move calls for extra personnel and equipment to help battle the Rum Creek fire.
 
 

 

Innovation
 
 
 
According to Jimmy Spears, head of automotive at InsurTech Tractable, “Speed is everything” in auto claims adjusting. “Nothing gets cheaper over time."
 
 
Justin Berg hopes this research project on a tiny plot of land in Fargo will help convince more builders and consumers to give hemp a try.
 
 
 
Topics:innovationindustry trendswildfire

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