SOME IN CONGRESS PUSH FOR DELAY OF RISK RATING 2.0
In recent months, several members of Congress have expressed concern with FEMA's implementation of Risk Rating 2.0, and in some cases have gone so far as to push for a delay of the program's implementation. Risk Rating 2.0 is FEMA's new pricing methodology for the National Flood Insurance Program (NFIP). It is currently scheduled to be implemented starting on Oct. 1 for new policies and for those seeking to renew policies that will see lower rates under Risk Rating 2.0. It will be implemented for all other renewals starting in April 2022.
Autonomous vehicles have been talked about extensively during the past few years. Early on, fully autonomous vehicles that could drive themselves without any interaction from a driver were promised in 2020. It's 2021, and we're not there yet. Testing centers have been established in a number of cities, and there are some small starts.
As Americans hear near-weekly stories about armed intruders causing destruction in businesses, houses of worship, nightclubs and shopping malls, they are understandably concerned about whether they might be the next victim. Although an organization cannot fully control its exposure to a violent incident, it can be ready.
As the property insurance market continues to harden with rising rates, underwriting criteria getting stricter and insurers writing fewer policies, parametric insurance may be an option for property owners and operators. Parametric has enormous potential to help close the protection gap — to begin covering severe, low-frequency risks that until now have gone largely unprotected.
The Boy Scouts of America (BSA) is considering dropping its previously agreed $650 million settlement with its insurer Hartford Financial Services Group, as sex-abuse victims oppose the agreement.
Allstate Corp. wants to buy more independent insurance agencies this year to build the business it acquired with its purchase of National General. But the agents will be there to talk to customers in depth, not punch data into a computer to get a quote.
Around the one-year mark since the start of the pandemic, markets began to experience the lasting effects of the challenges presented to them in 2020. While I'm hopeful that there is light at the end of the COVID-19 tunnel, we'll likely see hardening market conditions persist throughout 2021.
Since February 2021, the insurance industry as a whole lost 15,000 jobs, with the property & casualty, life, and health sectors losing 4,000 jobs each. This job loss is partly due to the tough labor market riff with job openings but too few interested prospects to fill positions, said the talent recruitment company, which also noted that figures may improve as the final adjusted numbers from the Bureau of Labor Statistics are released.
Launching one of the richest individuals on earth into orbit has proved a leap too far for insurers, who are not ready to price the risk of losing Jeff Bezos or his fellow space travelers.
The hard market conditions continue to affect property and casualty business lines. However, even in a tough market, businesses can take steps to improve their risk profiles, reduce costs and ultimately increase profitability.
Don't miss learning about innovation, InsurTech, cybersecurity, artificial intelligence and more at Agency Nation's Elevate Trilogy Part Two: Data. In addition to sessions and workshops, participants will have access to the Lunch & Learn sessions. Choose from one of the sessions available at 2 p.m. ET on July 21. Register Today.
The Agents Council for Technology (ACT) and supporting ACT member, SimplePin, are teaming up for a three-part webinar series designed to help your members give clients the best possible customer experience (CX). Join us as we break these steps down to show members easy ways that implementing simple technologies can make all the difference.
On July 13 at 1 p.m. ET, Part One will delve into the discover and evaluate stages. This first session will deliver insights and action steps that members can apply to ensure their agency's digital presence is found and favorably viewed by potential customers. Register now.