The National Flood Insurance Program is rolling out the Risk Rating 2.0 pricing model, potentially adding significant costs for coastal property owners and prompting homeowners to rethink where they can afford to live. The Federal Emergency Management Agency has called the move a way to address inequities within the program, but some lawmakers have pushed to delay implementation of the model.
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The National Council on Compensation Insurance says reserve redundancy in the workers' compensation sector was $14 billion for accident year 2020, marking the third consecutive accident year of reserve redundancy. Meanwhile, A.M. Best says the combined ratio for workers' compensation rose from 88.5% in 2019 to 91.1% last year but remained "comfortably under the breakeven mark of 100.0 and reflected profitable underwriting."
Insurers saw exposure to mortgage loans increase in 2020 compared with 2019, according to a report from the Capital Markets Bureau within the National Association of Insurance Commissioners. Life insurers accounted for the majority of the loan total.
Florida experienced an influx of 4,221 COVID-19 workers' compensation indemnity claims in July, an increase of more than sixfold over June, although such claims declined to 3,287 in August, a state Division of Workers' Compensation report says. Average costs per COVID-19 workers' comp claim in Florida fell to $1,049 in August, the lowest level since the pandemic took hold, the report says.
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Congress has passed a last-minute measure to prevent a government shutdown, and the bill has obtained President Joe Biden's signature. The stopgap funds federal agencies through Dec. 3, though further debate on permanent funding and the debt ceiling is expected.
A California law adds categories for safety violations in the workplace that are "egregious" or "enterprisewide." The law, which lets the state Division of Occupational Safety and Health issue citations for these violations, takes effect at the beginning of 2022.
Smoke from wildfires in California and elsewhere has been drifting east to Kansas and Nebraska and other areas of the Midwest, exposing residents to potential health risks, satellite data shows. Researchers say the problem is likely to persist, with Marshall Burke of Stanford University saying, "All the science -- and there's a lot of science on this -- suggests if we don't change our game on this, people should expect this to get worse."
Underwriting margins could decline for auto insurers as driving patterns move closer to pre-pandemic levels and costs to settle claims increase, according to a study from S&P Global. The study also notes the long-term potential for technology to aid auto insurers, although it cautions that companies must first address "near-term volatility" linked to the pandemic.
The coronavirus pandemic has spurred more organizations toward digitalization, heightening cyberrisk and creating greater demand for cyberinsurance, S&P Global Ratings says in a report. "Prices in the cyber re/insurance market could therefore rise sharply over 2021-2023, even doubling in some cases," says Manuel Adam, an S&P Global Ratings credit analyst.
Wildfire poses a risk for 0.22% of the housing stock in Idaho and 0.29% of the housing stock of Wyoming, outpacing other Western states, including California, where 0.1% of the stock faces wildfire risk, a CoreLogic report says. A wildfire comparable to the 2018 Camp Fire would affect a larger proportion of the housing stock in Idaho than it would in California, meaning "the economic impact is worse and the cut is deeper, resulting in a much longer recovery" in Idaho, the report says.
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The creative word is key to joining in and affecting the ways of the universe.
Juan Felipe Herrera, poet, writer, performer, activist, first Latino poet laureate of the US National Hispanic Heritage Month is Sept. 15 to Oct. 15
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