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Jun 10
Industry Roundup: June 10, 2021

BI Insurance Cases He​​lped Bu​​ild Record Wave of Class Action Suits

Class action lawsuits reached a fever pitch during the past year, with insurance coverage cases involving business interruption (BI) accounting for 21% of COVID-19-related litigation. During 2020, spending on class action litigation grew at a rate more than double that of other litigation spending, reaching a record $2.9 billion.

Forgotten Your Passwords? T​​​hey Soon May Be Lost Altogether – wit​h Insurers' Help

The most popular password in 2020 was exposed almost 24 million times and took less than a second to crack. The rise in phishing has been accompanied by significant innovations in technology and security, with the utilization of biometric data. How will carriers respond to these new trends to protect you and your insureds?

Growing Inflationary Pressures Impacting P​​​&C Industry

According to the Labor Department, the U.S. is experiencing the largest increase in consumer prices since the height of the global financial crisis in September 2008. At the same time, the insurance industry is experiencing exacerbated inflationary pressures in homeowners and auto insurance lines, stemming from rapidly increasing prices associated with consumer goods and services that are relevant to the industry. This is especially impacting home and auto insurance lines.

Washington Debates W​hat to Do About Ransomware Payments, Cyber Reporting

More transparency is needed into what kind of cash payments are made after ransomware attacks, a top Democrat said, following a recent spate of cyber-attacks aimed at U.S. companies.

Tough Times Conti​​nue for Medical Professional Liability Market

Despite a slight improvement in net income in 2020, U.S. medical professional liability (MPL) insurers saw their sixth consecutive year of underwriting losses, according to a new AM Best report. Given the decade of soft market conditions, loss cost inflation, declining reserve redundancies and the prolonged low interest rate environment, many MPL insurers adjusted their pricing over the last year.

P/C Insurers' Underwr​​iting Income Fell 53% in First Quarter

The U.S. property/casualty (P/C) industry saw its net underwriting income fall in first-quarter 2021 by 53% as compared with the same prior-year period, according to preliminary financial results analyzed by AM Best. Increases in incurred losses, loss adjustment expenses and underwriting expenses, as well as a sharp 72% rise in policyholder dividends, were behind the underwriting income decline.

Health Care Clients Se​ek More Expertise from Insurance Agents

Hospitals, clinics and other care facilities had to embrace new ways to meet the health and safety needs of patients and employees during the past 16 months. At the same time, two-thirds of health care business owners faced negative impacts to their total cost of operations and total revenue due to the coronavirus crisis.  As such, health care businesses are paying closer attention to their insurance policies, creating opportunities for agents to address emerging risks and new exposures, especially those surrounding technology.

Despite Less Driving Du​​ring 2020 Pandemic, Traffic Deaths Were Highest In 13 Years

Even though Americans drove less in 2020 due to the pandemic, early estimates of crash fatalities from the U.S. Department of Transportation's National Highway Traffic Safety Administration released Thursday reveal the largest projected number of deaths since 2007.

ACT Secu​rity Alert

The Big “I" Agents Council for Technology has issued a security alert for all independent insurance agencies. Hackers are focused on targeting industry systems to access valuable data. And now, these bad actors are trying to get your agency credentials - IDs and passwords – using them to access quoting systems to obtain the data.  As a member, you have access to many free resources to help protect your agency.​

FEMA Releases New ​Guidance on Risk Rating 2.0

FEMA released new and important information about Risk Rating 2.0. Risk Rating 2.0— FEMA's new pricing methodology for the National Flood Insurance Program (NFIP)—is currently scheduled to be implemented starting on Oct. 1 for new policies and for those seeking to renew polices that will see lower rates under the new methodology. Risk Rating 2.0 will be implemented for all other renewals starting in April 2022. ​

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