October 18, 2021
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The Lead
Climate change, cyberrisk and pandemics continue to be the top systemic risks for insurers and reinsurers, executives said during an Aon-hosted event. The coronavirus pandemic has "taught us that preparedness is critical," and insurers and reinsurers should have "a seat at the table" in development of governmental strategies for risk mitigation, said Sean McGovern of AXA XL.
Full Story: Reinsurance News (10/15) 
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5 Lessons Learned in Banking from the Pandemic
Since early 2020, banking leaders have found themselves in a constant state of adaptation and accelerated transformation. How can banking executives ensure that they continue to ride the waves of change to a brighter future, rather than let the opportunity pass their firm by? Explore 5 key learnings and how your peers are applying them in this whitepaper.
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Industry Update
Insured natural catastrophe losses this year are more than double the long-term average, according to Jefferies, and the losses encompass a broader range of perils and regions than they did last year. Losses in 2021 have already exceeded the full-year claims burden for the previous three years.
Full Story: Reinsurance News (10/14) 
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A National Council on Compensation Insurance proposal to decrease workers' compensation rates in Florida by 4.9% met with no opposition during a state Office of Insurance Regulation hearing. NCCI said it is seeking the rate reduction because a decline in workplace accidents has contributed to robust underwriting profits, and it is also seeking a special assessment on workers' comp policies to generate sufficient premium in case a catastrophic event leads to an influx of claims.
Full Story: Florida Politics (10/14) 
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California has experienced a 40% increase in comprehensive auto insurance claims compared with pre-pandemic levels, according to a Mercury Insurance report. Northern California has had nearly double the frequency of claims seen in Southern California, the report says, noting that National Insurance Crime Bureau data shows the state leading the US in car thefts, which have risen about 24% in California since 2019.
Full Story: Insurance Business America (10/14) 
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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
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Policy Watch
Congressional action during the next few months could affect whether taxpayers are able to deduct certain kinds of weather-related property damage. "Insurance remains the first line of defense against disaster losses, but tax deductions are an important part of the recovery process," accountant Gerard Schreiber says.
Full Story: The Wall Street Journal (10/15) 
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Private insurers that pool funds to support the California Fair Access to Insurance Requirements Plan want a judge to block an order by the state insurance commissioner that the FAIR Plan, which offers only fire insurance, provide a broader range of coverage. The insurers say the order increases expenses for consumers.
Full Story: The Associated Press (10/14) 
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Emerging Risk
Large catastrophe losses tend to grab headlines, but crop losses are likely to have a significant impact on insurers' underwriting profits and loss ratios, Keefe, Bruyette & Woods analysts say.
Full Story: Reinsurance News (10/15) 
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The momentum that special-purpose acquisition companies had in the early parts of the year has cooled, and Mark Watson III of Aquila Capital Partners points to regulatory scrutiny and the risk of falling short of investor expectations. Companies wishing to go public through SPAC deals must ensure they are ready to publicly disclose financial results, Watson notes.
Full Story: Insurance Business America (10/14) 
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Operational Risk
Suspicious-activity reports involving a total of $590 million in ransomware transactions were filed in the first half of the year, says the Treasury Department's Financial Crimes Enforcement Network. In 2020, the full-year total was $416 million, FinCEN says.
Full Story: BNN Bloomberg (Canada) (10/15) 
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Insurers with higher credit ratings tend to have superior cybersecurity, according to a Fitch Ratings report. Cybersecurity "is becoming increasingly important to our ratings analysis," says Keith Buckley, global insurance group head at Fitch.
Full Story: Insurance Business America (10/15) 
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Regional Spotlight
IASA News
Support IASA with AmazonSmile. Did you know that 49.1% of all online retail spending in the United States and 5% of all retail sales is done with Amazon? That's a lot of buying power. When you shop with this link this holiday season (and beyond), you support your favorite association. Bookmark it today!
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The 2022 IASA Member Renewal Campaign is well underway, which 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. Questions? Email us.
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That's all it took to solve problems -- just sense.
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writer
1939-2021
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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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