October 6, 2021
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The Lead
The pandemic could be associated with an eventual uptick in medical malpractice claims, but claims are down for the moment, partly because of the temporary closure of courts. "There's the potential for a big increase [in malpractice claims], but there's so much uncertainty right now with how it will all play out," says Sharon Marks, associate director at A.M. Best.
Full Story: Business Insurance (tiered subscription model) (10/5) 
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Industry Update
Overall insured losses from Hurricane Ida could total between $28 billion and $30 billion, according to Swiss Re. Other estimates have put insured losses from the storm between $30 billion and $41 billion.
Full Story: BNN Bloomberg (Canada) (10/5),  Reinsurance News (10/5) 
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Premiums for cyberinsurance are rising, particularly in the health care, construction, manufacturing, education and government sectors, according to a Risk Placement Services report. Cyberinsurers are strategically reducing coverage limits for those industries, the report states.
Full Story: Business Insurance (tiered subscription model) (10/5) 
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In the first six months of 2021, property casualty reinsurers were on pace for a year of record earnings, but pandemic-related business interruption claims, as well as losses from Hurricane Ida and other catastrophes, likely have posed challenges in the second half of the year, DBRS Morningstar analysts say. "However, we estimate that, in the absence of multiple extreme weather events during the remainder of 2021, underwriting losses should be limited to manageable earnings events for most reinsurers this year," the analysts say.
Full Story: Reinsurance News (10/5) 
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Policy Watch
The National Flood Insurance Program's new Risk Rating 2.0 methodology will lead to rate increases that will become unsustainable for policyholders, according to senators representing Louisiana, New Jersey, Florida and other coastal states. Sen. Bob Menendez, D-N.J., said the new annual rate increase cap of 18% "may look manageable to some in year one," but "it becomes very unmanageable when those 18% increases continuously compound for years to come."
Full Story: The Associated Press (10/3),  Insurance Journal (10/4) 
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A bipartisan bill in the House would direct the government to form a process for labeling select groups as "systemically important critical infrastructure." The bill from Reps. John Katko, R-N.Y., and Abigail Spanberger, D-Va., would require the Cybersecurity and Infrastructure Security Agency to provide these groups with access to important security programs.
Full Story: The Hill (10/5),  CyberScoop (10/5) 
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Emerging Risk
Hurricanes that are one-in-100-year events, meaning they have a 1% chance of occurring in a single year, might become at least 3%-probability events for parts of the East Coast and the Gulf Coast by 2031, according to a report from Willis Towers Watson and Wellington Management. Therefore, those areas "will face a 40-60 percent chance of experiencing a devastating hurricane between 2031 and 2050," according to the report, which urges insurers to view climate-related physical risks and transition risks more holistically.
Full Story: Insurance Journal (10/6) 
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Nuclear verdicts, which are awards of $10 million or more, are prompting a need for caution in claims handling and underwriting, potentially raising costs for many policyholders and leading to coverage exclusions for punitive and exemplary damages, attorney Laura Gregory says. Such verdicts have increased amid greater income inequality and the fallout of the 2008 financial crisis, and climate change is having an impact as well, attorney Sean Griffin says.
Full Story: PropertyCasualty360 (free registration) (9/30) 
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Regional Spotlight
Investigations are ongoing as to the cause of an oil spill off the coast of California, with Amplify Energy CEO Martyn Willsher saying a ship's anchor might have precipitated the event, which poured about 3,000 barrels of crude into the ocean. Willsher says there is sufficient insurance to manage the cost of the spill, although the event has drawn scrutiny of offshore drilling in the region.
Full Story: Bloomberg (10/4),  BNN Bloomberg (Canada) (10/5),  The Wall Street Journal (10/4) 
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IASA News
The 2022 campaign includes a new member journey and tools with expanded and clearly defined member benefits. If you are the primary contact for your company, please check your inbox for the 2022 Dues Renewal Kit. With an estimated value of $1,800 per individual, IASA resources offer tremendous ROI for our members. The new benefits matrix is a great resource to identify new opportunities for engagement to maximize your return from your 2022 membership. Members who renew by Oct. 31, 2021, will be automatically entered into a drawing for free membership in 2023. Stay tuned later this month for the new IASA Member Center and an improved member experience. Contact the IASA Membership Team at membership@iasa.org with questions.
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We can't let people drive wedges between us ... because there's only one human race.
Dolores Huerta,
labor leader, civil rights activist
National Hispanic Heritage Month is Sept. 15 to Oct. 15
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About IASA
For almost 100 years, IASA has served as the trusted source for knowledge and innovation that guides the community of insurance professionals. Our community roots, consisting of thousands of members and insurance constituents, in addition to 24 national chapters, runs deep. Our core values and beliefs have always focused on education and connection, and we will continue to drive:
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