September 7, 2022
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The Lead
The Federal Emergency Management Agency's flood maps have become outdated as they "are really focused on riverine flooding and coastal flooding" and do not account for excessive rainfall totals driven by climate change, FEMA director Deanne Criswell said. "We have to start thinking about what the threats are going to be in the future as a result of climate change," Criswell said in remarks that came as Jackson, Miss., faces a water crisis caused by flooding.
Full Story: BNN Bloomberg (Canada) (9/4) 
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Industry Update
Inflation, climate change, the war in Ukraine and challenges in capital markets are likely to contribute to further reinsurance premium increases in the coming few months, rating firm analysts say. S&P Global's Ali Karakuyu said the percentage of overall rate increases could be in the mid-single digits on average, while a Moody's survey found reinsurance buyers expecting "high-single to low-double" digit increases for property rates in the US and Caribbean.
Full Story: Reuters (9/6) 
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The National Oceanic and Atmospheric Administration's hurricane hunters typically fly into storms in the middle of the Atlantic Ocean, but they took an expedition last month that was their first one across the Atlantic. The team traveled to gather data on a potential storm near the Cape Verde Islands, along Africa's western coast, in an effort to make earlier determinations of whether disturbances are likely to become tropical cyclones.
Full Story: CNN (9/5) 
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The US property casualty industry posted a net underwriting loss of $6.3 billion in the first six months of 2022, according to an A.M. Best report. "The personal lines segment, specifically the auto lines of business, were responsible for the decline in underwriting results," and the overall P/C combined ratio deteriorated to 100% from 97% a year earlier, A.M. Best says.
Full Story: Insurance Journal (9/6) 
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Policy Watch
The National Labor Relations Board has proposed a rule that would count an employer as a company that controls, "whether directly, indirectly or both," the work requirements, wages and hiring of a worker. That could make it easier for workers to pursue claims against companies that have franchisees or rely on contractors.
Full Story: Reuters (9/6),  The Wall Street Journal (9/6) 
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The Florida Office of Insurance Regulation is evaluating whether to waive state-backed Citizens Property Insurance's replacement-cost coverage limit of $700,000 in counties deemed as lacking "a reasonable degree of competition." That limit is in place in all counties except Miami-Dade and Monroe, where the cap is $1 million, and critics say allowing further increases could increase Citizens' exposure and hinder its efforts to decrease its policy count, which has exceeded 1 million.
Full Story: Insurance Journal (9/6),  WKMG-TV (Orlando, Fla.)/News Service of Florida (8/31) 
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Business Best Practices
The best leaders are those who people respect and have the ability to deliver and receive critical feedback, says Niek Jan van Damme, a veteran business leader and board director. "You have to be very good at developing your team and getting the best from them, and you have to hire people who are potentially better than you," van Damme says.
Full Story: LinkedIn (9/6) 
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Emerging Risk
California residents often have little time to respond to wildfires fueled by heat and drought, and data shows seven of the deadliest fires have occurred since 2017. "What we've seen almost over the last 10 years now is a huge change in the ways fires have been burning throughout California," says Jon Heggie of the California Department of Forestry and Fire Protection.
Full Story: Los Angeles Times (tiered subscription model) (9/7) 
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Regional Spotlight
A wildfire in Riverside County, Calif., has left at least two people dead and has destroyed or damaged structures near Hemet, officials say. Additionally, two people have died in the Mill Fire, which has swept through Weed, Calif., near the Oregon border.
Full Story: CNN (9/7),  USA Today/The Associated Press (9/6) 
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Solve your tech, payment, recruiting and other challenges at VVCT. IASA brings solution provider offerings directly to you with live demos between Sept. 12 and 16, 2022, giving decision-makers the opportunity to preview solutions critical to your business. Find the right solution for your company. Visit with up to three presenters per tour. Registration is FREE to all attendees and is limited to the first 500 per tour. Available tours include Accounting, Audit and Tax Consulting Services; Financial and Systems Services; Digital Billing and Payment Processing; and Reinsurance Systems and Services. Learn more and register.
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For nearly 100 years, IASA has eagerly advocated for you and the insurance industry. We have been the epic trusted advisor, partner, educator, champion, host, connector, resource and advocate for you, the industry and your company. We are grateful for the opportunity to serve you and the industry in these capacities through disruptions, economic depressions, natural disasters, inflation, the information age and more, and we're excited to discover what the next century holds for all of us. That's why we're pleased to launch our newest campaign -- #advocating4u -- which demonstrates all the ways IASA -- your professional association -- advocates for you. Stay tuned to IASA's website and social channels and your email over the coming weeks as we announce new benefits, products and services developed exclusively for you and provide a sneak peek at the intrinsic values built into IASA membership.
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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.
Our Mission:
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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