October 13, 2021
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The Lead
OSHA has submitted draft text for an emergency temporary standard implementing the Biden administration's call for employee vaccinations or testing. The rule, which could undergo changes during review by the White House, would affect businesses with at least 100 employees.
Full Story: Business Insurance (tiered subscription model) (10/13),  The Wall Street Journal (10/12) 
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Industry Update
Average prices for commercial insurance are poised to continue rising into 2022, with steeper increases for cyberinsurance and other challenging lines, executives said at an industry event. Jeff Radke of Accelerant said catastrophes "are really pushing the property side," and Kristof Terryn of Zurich Insurance Group said heightened losses from wildfires and other secondary perils will remain a key driver, along with rising labor costs.
Full Story: Business Insurance (tiered subscription model) (10/12) 
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A recent memo from National Labor Relations Board General Counsel Jennifer Abruzzo suggested that student athletes can be viewed as employees, potentially raising a host of new insurance questions for universities. "Local discharge, discrimination, hostile environment harassment claims could become employment-related claims, and universities could find it necessary to approach their insurance strategy from that perspective," said Jack Merinar of Steptoe & Johnson, although he noted that it remains to be seen whether the interpretation will catch on more broadly.
Full Story: Business Insurance (tiered subscription model) (10/12),  The National Law Review (10/11) 
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Policy Watch
The Federal Emergency Management Agency is asking for public comments on how to revise its flood plain management standards, to which communities must adhere to qualify for the National Flood Insurance Program. The White House said FEMA is seeking the input "to inform potential revisions that protect households from flood damage, make communities more resilient, and reduce a major source of financial risk to the country."
Full Story: The Hill (10/12),  The Washington Post (tiered subscription model) (10/12) 
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Emerging Risk
Flooding exacerbated by climate change puts about one-fourth of critical US infrastructure at risk, and 17 of the 20 counties at greatest risk are in Louisiana, Florida, Kentucky and West Virginia, according to a report by the First Street Foundation. The report assesses all flood events, including flash floods, rivers topping their banks, storm surge and coastal flooding.
Full Story: Axios (10/11),  USA Today (10/11) 
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NYC faces safety concerns as e-scooter, e-bike use rises
(Alexi Rosenfeld/Getty Images)
The use of electric scooters and bikes has spiked during the coronavirus pandemic, raising concerns over safety in cities such as New York, where officials have reported 17 deaths of people riding electric mobility vehicles in 2021. The trend has prompted New York City to take such steps as adding bike lanes and educating the public about the lawful use of e-bikes and e-scooters.
Full Story: The New York Times (10/11) 
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Operational Risk
A one-in-100-year cyberloss scenario would leave US commercial property insurers and reinsurers exposed to attritional losses of $9.5 billion and catastrophic losses of $3 billion, according to a report from CyberCube, A.M. Best and Aon. Such losses "are relatively low when placed in the context of natural catastrophes," but can have a significant and unexpected effect on insurers because "these exposures are often unpriced or unaccounted for in enterprise risk management," said Sridhar Manyem of A.M. Best.
Full Story: Claims Journal (10/13),  Business Insurance (tiered subscription model) (10/12) 
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The Commerce Department indicated that it has submitted initial data security recommendations as requested by President Joe Biden via an executive order. Biden asked the Commerce Department to review the security issues posed by apps such as WeChat and TikTok after rescinding Trump-era orders that attempted to block new downloads of them.
Full Story: Reuters (10/12) 
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Regional Spotlight
There have been 16 named storms during the Pacific hurricane season so far, with the latest being Pamela, which has made landfall on Mexico's mainland. The storm could cause flooding in Oklahoma and Texas.
Full Story: The Associated Press (10/13),  The New York Times (10/13),  The Washington Post (tiered subscription model) (10/13) 
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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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Join us virtually on Oct. 21 at 2 p.m. ET for our latest eLearning Center webinar as Dr. Gleb Tsipursky, CEO of Disaster Avoidance Experts, dives into a topic that's timely and relevant in today's climate. Register today.
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You can't erase what you know. You can't forget who you are.
Sandra Cisneros,
poet, writer, artist
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:
Industry Progress
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Our Vision:
To be the definitive source of trusted knowledge, credible collaboration, and common business interests, that drives future industry innovation through the practice and alliance of insurance professionals.
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The IASA community accelerates professional growth to shape, influence, elevate and strengthen the insurance industry.
What We Do:
IASA, a non-profit 501(c)(3) will continuously foster an environment of selfless engagement, inclusivity, and conviction, advancing careers and personal growth of our members and constituents. We will produce the best education and learning opportunities in an open and sharing environment through our exceptional leadership that promotes excellence, collaboration, innovation, and community engagement.
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