Insurers continue to deal with the risk of "silent cyber" exposure, in which cybersecurity coverage is neither excluded from nor included in policy language. The issue remains despite insurers' work to address the problem by revising policy wording.
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Pricing for personal lines insurance was up 6.6% on average in the third quarter, compared with a 4.7% increase in Q2, MarketScout says in a report. "The national average rate increases for homeowners are not horrific," but pricing is rising as much as 25% for homes in California and Florida, says Richard Kerr of MarketScout.
Collision claims numbers are 15% lower than they were two years ago, but auto insurance claims costs are nonetheless rising after experiencing a pandemic-related decline, CCC Intelligent Solutions says in a report. In each month of 2021 so far, the percentage of collision claims in which vehicles were left nondrivable exceeds the figure for the same month in 2020, corresponding with greater severity in bodily injury claims, the report says.
The 4,718 medical professional liability claims filed within six months of occurrence last year represent a total that was 14% lower than the average for the previous five years, Aon and the American Society for Health Care Risk Management say in a report. However, a survey of 67 health care systems found average premiums were up 22% at renewal in 2020.
Most major commercial lines of insurance saw sharper rate increases at renewals in the third quarter compared with Q2, Ivans Insurance Services says in a report. Commercial auto saw the pace of rate increases decline in Q3, while workers' compensation rates continued to decrease, the report says.
The National Highway Traffic Safety Administration is years behind in meeting congressional deadlines for at least 13 auto safety rules, according to an Associated Press review of NHTSA rulemaking during the past three presidential administrations. Rules that are lagging include proposals for smart headlights, side-impact standards for child car seats and sleep apnea evaluations for commercial truck drivers, the analysis found.
A new mediation program from the Louisiana Department of Insurance focuses on resolving coverage disputes stemming from Hurricane Ida. The program, expected to be in place through June 30, lets either policyholders or insurers request mediation.
There is more water vapor in the atmosphere than there was in the mid-1990s, exacerbating stormy conditions. The vapor can also contribute to rapid intensification of storms such as Hurricane Ida, which moved to Category 4 from Category 1 in less than 24 hours.
More than 4 in 5 companies hit by ransomware in the past 12 months decided to pay, per a survey of 300 US-based IT managers by ThycoticCentrify. "Naive statements like 'never pay the ransom' simply ignore the reality of the situation and do not have any chance in actually changing anything," says John Bambenek of Netenrich.
Parts of California that have dealt with dry conditions could see significant rainfall from a series of storms, potentially easing wildfire risk. However, Southern California could see less precipitation than other areas, and the rainfall likely won't be enough to offset water losses from dry summer months.
The March edition of IASA Xchange™ lite will be hyperfocused on technology, operations and marketing, with a particular focus on the tech side, covering digital transformation, cloud transformation, cyberbreach case studies, robotic process automation (RPA), artificial intelligence (AI) and application life cycle management. If you are a subject matter expert (SME) in these broad topic areas or know one, please consider submitting a speaker proposal through IASA's 365 Call for Content Portal or passing the link along to other experts. Submissions are being accepted until Nov. 12.
Several IASA chapters have opened registration to regional events, including the Mid-South (Oct. 24), Central States (Nov. 17-18), Northeastern (Nov. 18) and Ohio/SW Ohio chapters (Nov. 22-23). Be sure to check out the chapter landing page for more information and details, and we hope you will engage with your local peers online and/or in person.
Join your colleagues and peers for Dr. Gleb's session exploring "Why do insurance professionals ignore serious risk in the post-COVID recovery (and what to do about it)." Discover how to recognize team members who might suffer from blind spots that result in hidden risks, identify recently discovered strategies that enable your team to uncover hidden risks, and define best practices to convince others to recognize and avoid hidden risks. This session qualifies for 1 CPE credit. Register today.
I am not afraid of storms, for I am learning how to sail my ship.
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