October 15, 2021
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The Lead
The White House has issued a report that identifies climate change as a systemic threat and that lays out strategies that could affect investment disclosures, insurance policies and other aspects of the financial system. The country requires a road map for "measuring, disclosing, managing, and mitigating climate-related financial risk across the economy," according to the report.
Full Story: CNBC (10/15),  The Wall Street Journal (10/15),  The Hill (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
More than 50% of the value of 3,000 cyberinsurance claims filed over the past six years stems from business interruption and post-attack restoration costs, Allianz Global Corporate & Specialty says in a report. "The average total cost of recovery and downtime -- on average 23 days -- from a ransomware attack more than doubled over the past year" and now stands at $1.85 million, the report says.
Full Story: Insurance Journal (10/14),  PropertyCasualty360 (free registration) (10/15) 
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People ages 45 to 54 have used telemedicine services most in Texas during the pandemic, with most users being injured men, according to the Workers' Compensation Research and Evaluation Group at the Texas Department of Insurance. The report notes a sharp increase in claims that have received at least one telemedicine service during the pandemic.
Full Story: Business Insurance (tiered subscription model) (10/13) 
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Cannabis and hemp companies are having a difficult time obtaining directors-and-officers liability insurance coverage, said Alan Devey of Lockton. Only about a dozen D&O carriers are willing to consider covering cannabis businesses, and "there is not enough capacity to create pricing efficiency" for such coverage, Devey said.
Full Story: Business Insurance (tiered subscription model) (10/13) 
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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
A judge in Washington state has issued a summary judgment blocking an attempt by Insurance Commissioner Mike Kreidler to bar use of credit-based rating practices for quoting personal lines insurance policies. Kreidler's order, issued in March, applied to home, renters and personal auto insurance.
Full Story: PropertyCasualty360 (free registration) (10/15) 
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The Securities and Exchange Commission has voted to seek public comment on a proposed rule for clawback of executive compensation that the SEC had discussed in 2015 but never finalized. The rule would increase the power of the SEC to require clawback of executive compensation when a company must restate financial results as a result of compliance failure.
Full Story: Reuters (10/14) 
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The Securities and Exchange Commission has indicated it will assume a more aggressive posture in dealings with executives and others, increasing emphasis on seeking admissions of culpability in certain situations. "We will, in appropriate circumstances, be requiring admissions in places where accountability and acceptance of responsibility are in the public interest," Enforcement Director Gurbir Grewal says.
Full Story: Reuters (10/13) 
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Colorado has received approval to update its essential health benefits package to include gender confirmation. Other states have acted to set minimum requirements for coverage of gender confirmation, but officials say Colorado is the first state to update its essential health benefits package in this manner.
Full Story: ThinkAdvisor (free registration) (10/13) 
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Emerging Risk
La Nina seems to have formed in the equatorial Pacific, and it could last through February or later, according to the Climate Prediction Center. The phenomenon could lay the foundation for a cold winter in parts of the country and could exacerbate a drought in California, potentially worsening wildfire activity.
Full Story: BNN Bloomberg (Canada) (10/14) 
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Operational Risk
Cybercriminals are using unpatched virtual private networks and web servers to collect data for hit-and-run attacks instead of the usual ransomware, reports NCC Group. Its report notes "the extortion emails we have seen from SnapMC have given victims 24 hours to get in contact and 72 hours to negotiate," but that timeline is often compressed.
Full Story: Threatpost (10/13) 
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Regional Spotlight
IASA News
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.
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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.
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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.
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Don't be told something is impossible. There's always a way.
Robert Rodriguez,
filmmaker
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:
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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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