Industry News
Insurance
Top stories summarized by our editors
7/31/2020

As much as $14.2 trillion in assets could experience damage from coastal flooding by 2100, with sea-level rise heightening the risk to properties and infrastructure, according to a study published in Scientific Reports. Researchers say the impact could extend to 20% of GDP worldwide, with the number of people affected by flooding increasing by 52% and the land area affected increasing by 48%.

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CNBC
7/31/2020

The rise in remote working during the coronavirus pandemic has increased organizations' vulnerabilities to cybercriminals, Aon and CyberCube say in a report. Among the risks are the blurring of personal and work email usage, greater use of devices with weak passwords, and an increased likelihood of app usage that would be prohibited in an office, the report says.

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Reinsurance News
7/31/2020

A bill filed in New Jersey this week would eliminate the cap of one-third of the award for attorneys' fees stemming from third-party liability claims in workers' compensation lawsuits. The measure would also lift the $750 cap on expenses in such cases.

7/30/2020

Michigan insurers say that driving and auto claims frequency appear to be rising toward pre-pandemic levels. Several have provided actuarial justification for why further extensions of premium credits might not be necessary.

7/30/2020

The deadline to pay second-quarter workers' compensation premiums in Washington state has been delayed to Nov. 2 in light of the coronavirus pandemic, the state Department of Labor & Industries said. The department previously allowed more time for first-quarter premium payments, with a July 31 due date.

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Insurance Journal
7/30/2020

Quarterly insurtech investment worldwide rose 71% in Q2, reaching $1.56 billion, although the number of deals fell by 23%, Willis Towers Watson says in a report. Property casualty deals accounted for 68% of the investment, compared with 85% in Q1, the report says.

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Willis Towers Watson, Willis
7/30/2020

Tropical Storm Isaias is hitting the Caribbean with 70 mph winds and is forecast to move toward Florida this weekend, potentially becoming a hurricane in the process. The National Hurricane Center forecast cone shows Isaias' core staying just off South Florida's coast, but the projected path encompasses almost all of Florida.

7/30/2020

New issuance of property catastrophe bonds in the second quarter amounted to $2.75 billion over 13 transactions, according to Aon. Q2's "steady flow of new issuances, despite a brief interruption due to the volatility from COVID-19, was a great reminder of the resilience of this market," Aon said.

7/30/2020

A group of Oregon lawmakers is examining whether to pursue coronavirus-related liability protections for businesses and other entities during a special legislative session in August. "Our schools and our nonprofits and our businesses need to have protections from frivolous lawsuits," state House Minority Leader Christine Drazan said.

7/30/2020

The trucking industry is experiencing a rise in commercial auto insurance rates amid the coronavirus pandemic, even at companies that haven't seen losses recently, Risk Placement Services says in a report. Trucking has a major impact on the broader commercial auto sector, which has faced a long stretch of double-digit rate increases and struggling combined ratios, the report says.

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