April 13, 2021
AON Property Risk Advisor
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Risk Management and Insurance
Severe convective storms and flooding in the US during March are estimated to have caused more than $1 billion of insured losses, according to an Aon report. Aon says a preliminary total of 122 tornadoes were confirmed in March, with the most severe damage occurring in Alabama, Georgia, Mississippi, Tennessee and Texas.
Full Story: Business Insurance (tiered subscription model) (4/9) 
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The Federal Emergency Management Agency is revising how coverage is priced under the National Flood Insurance Program to account for factors including property values, not just elevation within a flood zone. The new methodology will apply to new policies starting Oct. 1 and to existing policies a year from now, and FEMA estimates that rates will rise significantly for about 200,000 policies and decline for about 1.15 million policies.
Full Story: Reuters (4/1) 
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A bill passed by the New Jersey Legislature would mandate that certain insurers provide disclosures to current and prospective policyholders on whether a commercial property policy's business interruption coverage extends to pandemics. Alison Cooper of the American Property Casualty Insurance Association welcomed the measure and said insurers "are committed to helping their customers fully understand their business interruption policies and the coverage options available to them, especially in the midst of a pandemic."
Full Story: Business Insurance (tiered subscription model) (3/30) 
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California Gov. Gavin Newsom and legislative leaders have proposed spending $536 million on measures to curtail wildfire risk. More than $350 million would go toward fire-prevention measures such as vegetation reduction, while $25 million will go toward improving the fire resistance of older homes.
Full Story: Los Angeles Times (tiered subscription model) (4/8),  The Associated Press (4/8) 
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Top Stories
Severe weather including powerful wind, tornadoes and hail caused damage in Florida, Arkansas, Louisiana and Mississippi over the weekend. The storms are blamed for at least three deaths, one in Florida and two in Louisiana.
Full Story: USA Today (4/12) 
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Hurricane Delta caused $2.9B in damage, report says
(Mario Tama/Getty Images)
A National Hurricane Center report says Hurricane Delta resulted in damage totaling $2.9 billion in the US. The storm made landfall in Louisiana in October, about a month after Hurricane Laura struck the same area, and it is blamed for six direct and indirect deaths in the US and Mexico, according to the report.
Full Story: The Associated Press (4/3) 
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News from Aon
Terrorism and Political Violence -- Insurance Insight
From a client perspective, 2021 will see an evolution of issues many have navigated throughout 2020. This report from Aon's global Terrorism & Political Violence team looks at the state of the market, including new entrants, additional capacity from existing markets, claims trends and market outlook for 2021. Read the report.
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5 steps to help prepare for growing cyberattack threats
Cyberrisk is no longer solely a technology issue, but also an enterprise risk issue, and risk managers and their organizations have a duty to understand their cyberperils and their growing threat to business continuity and customer data, and how cyber impacts their total cost of risk. This article outlines five basic fundamentals that risk managers can implement to develop a "new better."
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About Aon
About Aon: Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
About Aon National Property
Aon’s National Property Practice is a collaborative team of 100 professional property brokers who combine their considerable experience and expertise to place difficult and demanding risks. In addition to experience with every class of business and every kind of loss record, Aon’s property brokerage team has significant expertise working with the risk and challenges of natural catastrophic exposures, business interruption, terrorism and crisis management, risk control and claims advocacy.
 
Contact Aon
Aon National Property Practice

Rick Miller
U.S. Property Practice Leader
Aon Property
Richard.Miller@aon.com

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