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Insurance
Top stories summarized by our editors
7/30/2021

The CMS expects average monthly premiums for Medicare Part D prescription drug coverage to rise to $33 in 2022 from $31.47 this year. The announcement comes as the CMS and Congress explore options to address drug prices.

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FierceHealthcare
7/30/2021

Research by the Workers Compensation Research Institute found a 12% decrease in the amount of opioids prescribed during the first year of state prescription drug monitoring programs being in effect. Meanwhile, regulations restricting opioid prescriptions' duration were associated with a 19% decline in opioid use in workers' compensation claims, the study found.

7/30/2021

Lawyers representing the plaintiffs in lawsuits related to the partial collapse of a condominium building in Surfside, Fla., said $1 billion will be necessary to resolve claims, but only $50 million is available through insurance policies. The $1 billion includes the value of the property, lost earnings, trauma and possible punitive damages, attorneys said.

7/30/2021

Willis Towers Watson said in a quarterly report that funding for insurtech ventures reached $7.4 billion during the first half of 2021, higher than the full-year tally for any other year. The second quarter saw more than $4.8 billion in insurtech deals, and Willis Re's Andrew Johnston said "society will demand an insurance community that reflects and supports our changing, digitally empowered behaviors."

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Willis Towers Watson, Willis
7/30/2021

Pandemic-related workers' compensation claims in California are expected to exceed $1 billion for accident years 2020 and 2021, pushing the estimated combined loss and expense ratio above 100%, according to the Workers' Compensation Insurance Rating Bureau of California. There were 150,000 COVID-19 claims in 2020 and the first six months of this year, while noncoronavirus claims declined.

7/30/2021

The Massachusetts Bay Transportation Authority's subways face a high risk of flooding in the next half-century, according to research from MIT and Tulane University. The study calls for "a general framework of engineering resilience for infrastructure systems in the context of climate change" amid the threat of sea-level rise.

7/30/2021

The National Weather Service has confirmed at least four tornadoes hit southeastern Wisconsin on Thursday. One of the tornadoes was an EF1, with speeds that can range from 86 to 110 mph, and it caused widespread damage in Jefferson County.

7/30/2021

Rate increases in the cyberinsurance sector are not fully addressing the damage that could result from a far-reaching attack, according to Chubb CEO Evan Greenberg. "Like pandemic, cyber has a catastrophe profile to it," Greenberg said.

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Reuters
7/30/2021

The coronavirus pandemic is still a key concern, but many insurers are upbeat about the second half of the year and have increased investment in digital infrastructure, according to a Deloitte survey. The survey shows that 31% of respondents expect to increase spending in H2 and that many companies are grappling with how to adjust their workplace in response to pandemic-driven trends.

7/30/2021

A California law signed by Gov. Gavin Newsom lets farmers access insurance through the state's Fair Access to Insurance Requirements Plan, although exclusions remain for crops, livestock and certain types of equipment. Homes, barns and other buildings can be covered under the plan.