Deadly floods in Tennessee and in the mid-Atlantic and Northeast have highlighted the issue of how best to communicate weather-related risks. "When the [National Weather Service] uses language such as historic or record-breaking, some people cannot fathom the amount of or force of rapidly moving water," says Maureen O'Leary, a spokesperson for the agency.
The Financial Industry Regulatory Authority filed a proposal for a rule change with the Securities and Exchange Commission to allow remote branch-office inspections through June 30. The extension "is necessary to address the continuing operational challenges resulting from the COVID-19 pandemic that many member firms face," FINRA said.
Premiums for more than 1 million drivers in Washington state are likely to increase due to the discontinuation of discounts for good credit implemented by an emergency order from Insurance Commissioner Mike Kriedler, writes Washington state Sen. Mark Mullet, citing an American Property and Casualty Insurance Association figure. Commissioner Kreidler should rescind the emergency order, which applies to home and auto policies, "to protect all Washingtonians from unaffordable insurance price hikes," writes Mullet.
Heavy rains from a tropical depression that hit coastal Louisiana less than three weeks after Hurricane Ida caused extensive wind damage exacerbated homeowner challenges by causing further destruction and impeding assistance. Don Griffin of the American Property Casualty Insurance Association says homeowners are only required to meet their deductibles once during hurricane season, which should benefit residents whose damage was compounded by the second storm.
Gulf Coast states are at risk of flash flooding as Tropical Depression Nicholas remains stationary. More flooding is expected in Louisiana, which is still trying to recover from Hurricane Ida, as around 56,000 homes still lack power.
Two lawsuits asserting Pacific Gas and Electric bears responsibility for an active fire known as the Dixie Fire that has burned almost 1 million acres in California have been filed, one in San Francisco and one in Shasta County, Calif. The nearly 200 people represented in the litigation assert the company was negligent regarding equipment maintenance and wildfire mitigation efforts.
Walgreens left personal data of customers who received COVID-19 tests online for anyone to collect, security researchers report. "The technical process that Walgreens deployed to protect people's sensitive information was nearly nonexistent," says Zach Edwards of analytics firm Victory Medium.
Ida likely will rank among the costliest hurricanes to strike the mainland US, as the storm is expected to generate economic losses "well into the tens of billions" of dollars, Aon says. "Hurricane Ida's catastrophic impacts in the United States highlighted how much work is yet to be done to better insure around inland and coastal flooding," said Steve Bowen of Aon's Impact Forecasting unit.
Climate change is worsening flooding and wildfire events, which will have a major impact on real estate, says Stephen Wheeler, a landscape architecture professor at the University of California, Davis. Developers and builders will have to adjust how buildings are designed to account for the growing risks, Wheeler says.
A key example of the insurance industry's evolution in the past decade is that risk managers are among the voices that are present in the C-suite and on boards, says Jennifer Bell, Aon North America CEO. "Insurance today is a global, innovative and inclusive industry that is in sync with today's times," Bell says.