October 8, 2021
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IASA Industry Insights
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The Lead
Nearly 80% of middle-market companies view risk management as extremely important or very important to operations, up from 68% in the final quarter of last year, according to a report by Chubb and the National Center for the Middle Market. Respondents find risk most difficult to manage in areas such as cybersecurity and the supply chain.
Full Story: PropertyCasualty360 (free registration) (10/7) 
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#ILOVEINSURANCE Next-generation service
No longer is digital customer service viewed as a badge of honor or an experience differentiator; it's table stakes. Thankfully, with modern technology it's possible to achieve legendary service in insurance, while reducing cost to serve. In this video, leaders from PwC discuss how end-to-end self-serve flows allow customers to navigate key processes, while insurers focus on building customer rapport. Watch Now
Industry Update
The rising demand for representations and warranties insurance has led to higher prices for such coverage and tougher scrutiny by carriers, which are becoming more selective about what risks they cover, according to experts. "Small deals, health care deals are very challenging to get placed when there's so much volume in the market right now," said Allyson Coyne of Aon.
Full Story: Business Insurance (tiered subscription model) (10/5) 
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Pricing for commercial insurance rose further in the third quarter, when umbrella and excess rates were up 11.7% and directors-and-officers liability rates rose 11.3%, a MarketScout report says. Other lines saw rate increases in the single-digit percentages, except for workers' compensation, where rates were unchanged, the report says.
Full Story: Business Insurance (tiered subscription model) (10/6) 
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More private insurers could offer flood coverage in Louisiana as a result of a change to the pricing model used by the National Flood Insurance Program, says Jim Donelon, the state's insurance commissioner. Donelon also cites passage of a measure this year that lets flood insurers determine rates without prior approval.
Full Story: Greater Baton Rouge Business Report (La.) (10/6) 
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Telematics could play greater role in auto insurance
(Carl Court/Getty Images)
Allstate is talking with state regulators and is leading a push that could result in increased use of telematics to set auto insurance rates. This approach, which lets insurers track driving behaviors, could "improve the accuracy of insurance pricing," says Rhonda Ferguson, chief legal officer at Allstate.
Full Story: The Wall Street Journal (10/8) 
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Policy Watch
The Justice Department is launching an initiative focused on government contractors that don't report cybersecurity breaches, Deputy Attorney General Lisa Monaco says. The department is also forming the National Cryptocurrency Enforcement Team, which targets money laundering and cybercrime.
Full Story: Reuters (10/6),  The Block (10/6) 
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The Equal Employment Opportunity Commission has filed its first pandemic-related lawsuit under the Americans with Disabilities Act. The suit centers on a woman who had requested accommodation for a pulmonary condition and lost her job.
Full Story: Business Insurance (tiered subscription model) (10/7) 
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The New York City Council has approved a measure that presses the government to develop a plan for protecting neighborhoods from climate change. The measure doesn't require specific funding or projects but calls for the mayor to address risks including flooding and extreme heat.
Full Story: The New York Times (10/7) 
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Emerging Risk
A series of summer storms affected subway operations and emphasized a need to address weather-related risk to transit operations. "There's a lot that we need to do in the next 10 years, and we have to do it right," says Sanjay Seth, program manager for climate resilience in Boston.
Full Story: The Associated Press (10/7) 
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Operational Risk
The number of data breaches so far this year has already exceeded the 2020 total and could be on the way to breaking the record set in 2017, the Identity Theft Research Center reports. The ITRC also says authorities are becoming less willing to disclose breaches.
Full Story: Fortune (tiered subscription model) (10/6) 
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Regional Spotlight
It's official -- the next edition of IASA Xchange™ lite is coming to a desktop, laptop or tablet near you on Dec. 15, 2021. This ultimate, one-day virtual education experience provides rich content focused on finance, accounting and risk. Finish 2021 strong by earning CPEs, hear the year-end NAIC update and get positioned for a successful 2022. Stay tuned to the website for speaker, sponsor and exhibitor announcements. Not interested in these topics? March's edition of IASA Xchange™ lite will be focused on operations, technology and the customer experience (Cx). Sponsor and exhibitor opportunities are available. Reach out to James Jenkins for details.
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Editor's Note
IASA Industry Insights will not publish Monday
In observance of Columbus Day in the US and in recognition of Indigenous Peoples Day, IASA Industry Insights will not publish Monday. Publication will resume Wednesday.
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You can't control the success or failure of a thing you work on. You can only control the thing you work on.
Lin-Manuel Miranda,
composer, lyricist, singer, actor, playwright, producer
National Hispanic Heritage Month is Sept. 15 to Oct. 15
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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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