October 4, 2021
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The Lead
Insurance companies likely will spend $1.7 billion on drones and other robotics in 2025, up from the $602 million projected for this year, according to International Data Corp. Robots are handling an increasing number of tasks, but those are typically dangerous or repetitive or involve analytics, while humans focus on work that requires creativity, judgment and people skills, says J.P. Gownder of Forrester Research.
Full Story: The Wall Street Journal (10/1) 
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Industry Update
A Gartner survey finds 25% of US companies have implemented COVID-19 vaccination requirements, up from 16% in August, in light of upcoming rules under which companies with more than 100 employees will have to require vaccinations or weekly testing. An additional 13% of companies expect to adopt vaccine requirements, and respondents say they think such policies will result in the loss of 2% to 8% of their workers, according to the survey.
Full Story: BNN Bloomberg (Canada) (9/30) 
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The market for medical professional liability coverage is shifting, with premiums continuing to rise and insurers incorporating pandemic-related exclusions, writes James McNitt of Risk Placement Services. "Many carriers have been including COVID and communicable disease exclusionary language in their policy forms, although that is starting to ease in some areas," McNitt writes.
Full Story: PropertyCasualty360 (free registration) (10/4) 
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Insurers must respond to expansion of the gig economy by developing associated forms of coverage, according to a report from Marsh. The pandemic "has accelerated adoption of new mobility habits around the world," and, if that continues to evolve, insurance "can empower growth and possibility in this sector for many years to come," says James Rose, US head of sharing economy and mobility at Marsh.
Full Story: Reinsurance News (10/4) 
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Policy Watch
A panel of the US Court of Appeals for the 9th Circuit has ruled against a San Francisco store seeking business interruption coverage for losses stemming from the pandemic, marking the third such case heard by federal appellate courts, all three ruling in favor of insurers. The panel said it "cannot endorse [the plaintiff's] interpretation" of direct physical loss or damage "because California courts have carefully distinguished 'intangible,' 'incorporeal,' and 'economic' losses from 'physical' ones."
Full Story: Business Insurance (tiered subscription model) (10/1) 
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Litigation enforcement activity at the Equal Employment Opportunity Commission rebounded in fiscal 2021 to pre-pandemic levels, after falling in fiscal 2020, according to law firm Seyfarth Shaw. The EEOC filed 59 lawsuits in September, according to the law firm, compared with 33 in September 2020.
Full Story: Business Insurance (tiered subscription model) (10/1) 
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A report from the Labor Department Office of Inspector General says OSHA has left "more workers at risk for exposure to silica" as a result of limited enforcement of a 2016 rule. OSHA has responded by saying it has postponed enforcement to let businesses achieve compliance.
Full Story: Business Insurance (tiered subscription model) (10/1) 
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Emerging Risk
Damage and economic losses from wildfires this year are expected to total between $70 billion and $90 billion, with California accounting for $45 billion to $55 billion of the losses, AccuWeather CEO Joel Myers says. That would fall short of record-breaking losses in recent years, which were elevated by factors including the value of structures damaged, the economic impact of power shut-offs and the health effects of wildfire smoke, according to AccuWeather.
Full Story: AccuWeather (10/1) 
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Many reinsurance leaders are showing willingness to take on more risk and to make investments to promote resilience, according to a survey by Aon. In addition, the survey shows nearly 9 in 10 respondents are predicting stronger business conditions a year from now.
Full Story: Reinsurance News (10/1) 
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Operational Risk
White House to hold multinational meeting on ransomware
Biden (Anna Moneymaker/Getty Images)
The White House National Security Council will hold a virtual meeting this month, inviting representatives from 30 nations to address the recent proliferation of ransomware attacks worldwide, President Joe Biden has announced. Biden notes that the session aims to "accelerate our cooperation in combating cybercrime, improving law enforcement collaboration, stemming the illicit use of cryptocurrency and engaging on these issues diplomatically."
Full Story: Reuters (10/1),  CNN (10/1) 
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Regional Spotlight
Got FOMO? Missed out on some of the thrilling content during this year's annual IASA Xchange™ and OnPOINT virtual conferences? We've got you covered. Visit the eLearning Center, log in, click "My Account," then click "MY CONTENT" to view content you have access to with your paid registration. Access the content soon, and fulfill your CPE requirements. Keynotes are available only until Oct. 30.
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Didn't register this year? You're covered. Digital sessions can be purchased a la carte, by package or by track in IASA's eLearning Center. This is a great opportunity to meet your CPE requirements from the comfort of your home, office, beach or wherever and whenever you learn best. Keynotes are available only until Oct. 30.
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We must be impatient for change. Let us remember that our voice is a precious gift and we must use it.
Claudia Flores,
educator, lawyer, director of the Global Human Rights Clinic
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.
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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