The National Association of Insurance Commissioners has formed a task force subgroup to focus on how to regulate registered index-linked annuities, which have seen a spike in sales. "They just don't fit well into our existing regulation," said Pete Weber, chief life actuary at the Ohio Department of Insurance.
A system in the Gulf of Mexico is likely to develop into a tropical or subtropical storm today and generate rainfall that causes flooding along the Gulf Coast this weekend, forecasters say. Tropical storm warnings are in effect from the Louisiana coast eastward into the Florida Panhandle.
AccuWeather says nearly a dozen states have reported triple-digit temperatures amid a Western US heat wave that has broken daily records in places including Las Vegas, where the temperature reached 116 degrees on Wednesday. The heat wave and dry conditions are adding to concerns about wildfires, as more than 28,000 fires have burned more than a million acres in the US in 2021, marking a 10-year high for the number of wildfires by this point in the year.
A bill approved by the Connecticut General Assembly would call on the state Insurance Department to incorporate emissions reductions goals into its oversight of insurers. The insurance commissioner would have a deadline of April 1, 2022, to issue a report focused on climate risk.
Mortgage lenders should have an obligation to make sure borrowers maintain flood insurance after closing and to better inform borrowers of flood risk, even if a home is outside a federal flood zone, lawmakers said at a Senate banking committee hearing on the National Flood Insurance Program. The Federal Risk Management Agency's upcoming Risk Rating 2.0 methodology will help improve flood-risk disclosures "because it's going to give a better indication of what the risk is in a community in a graduated basis," NFIP Senior Executive David Maurstad told lawmakers.
Connecticut Gov. Ned Lamont says he will sign a bill that on July 1 would legalize recreational marijuana use by adults age 21 and older. The measure, which gained final Senate approval on Thursday, would allow legal retail sales of marijuana as soon as May 2022.
The frequency of tornadoes reported in the South is on the rise, although experts are uncertain how much technological advancements and property development have contributed to the increase. Experts say the risk remains high in the Central US despite the increase in tornado reports outside the traditional Tornado Alley, and they cite factors behind the South's higher risk that include population increases, more nighttime tornadoes and a greater number of mobile homes.
Blockchain research firm Chainalysis says companies' ransomware payments rose to $412 million last year, a 341% increase, and the heightened risk is leading to soaring cyberinsurance rates and tightening coverage. Meanwhile, claims stemming from ransomware attacks have likely jumped by more than 300% in the past year, says John Kerns of Beecher Carlson.
APCIA is among the insurance industry organizations shifting back to in-person events with its Annual Meeting scheduled to take place in Denver this year. The conference will be held at the Sheraton Denver Downtown from Oct. 31 to Nov. 2.
The property casualty insurance industry saw a 2.3% increase in direct premiums written in 2020, while net underwriting income rose by about 30%, according to an A.M. Best report. The growth occurred even as insurers returned $12.9 billion in premiums in light of the coronavirus pandemic and contended with above-average natural catastrophe losses as well as market and sociopolitical volatility, the report says.
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