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Sep 09
Industry Roundup: ​Retail And Hospitality Sectors Face Rising Terrorist Threats; Pandemic Staffing Crunch Creates Commercial Insurance Hurdles; Insured Losses for First-Half 2021 Natural Disasters Total $42B

Retail And Hospitality Sectors Face Rising Terrorist Threats

The retail and hospitality sector has been a major target for terrorist actors for several years. As the COVID-19 vaccination process progresses, more businesses will reopen fully, which means a busy retail and hospitality sector.


Pandemic Staffing Crunch Creates Commercial Insurance Hurdles

According to former U.S. Bureau of Labor Statistics Commissioner Erica Groshen, the current environment is less a labor shortage than a structural change in our economy. The pandemic has accelerated key sectors and simultaneously shifted the labor market. E-commerce and telemedicine, for example, took giant leaps forward, while other segments rapidly receded.


Things to Consider When Placing Coverage Through a Risk Retention Group

The US medical professional liability (MPL) marketplace is in a tough spot. With rates on the rise, many insureds are no longer willing or able to pay the increased price for their MPL insurance, so they're turning to alternative risk transfer mechanisms like self-insurance or risk retention groups (RRG).


Biden to Tie Vaccines for Nursing Home Staff to Medicare and Medicaid Funding

President Biden announced that he is ordering the Department of Health and Human Services (HHS) to require nursing homes to have vaccinated staff for them to be able to participate in Medicare and Medicaid and receive funding from the federal programs.


Insured Losses for First-Half 2021 Natural Disasters Total $42B

Natural catastrophes during the first six months of 2021, including a deep winter freeze, hailstorms, and wildfires, contributed to insured losses totaling $42 billion globally, says Swiss Re Institute's preliminary sigma estimates. Man-made disasters triggered approximately another $2 billion of insured losses.


Finance Sector Still a Prime Target For Cybercriminals

The COVID-19 pandemic prompted financial organizations to go digital, focusing on securing cloud environments and using solutions like SaaS (Software-as-a-Service), PaaS (Platform-as-a-Service), and IaaS (Infrastructure-as-a-Service). Unfortunately, cybercriminals are taking advantage of these digital trends. ​

With Federal Legalization Expected, Cannabis Insurers Quietly Get Ready to Roll

Insurers are quietly gearing up for a potential ten-fold increase in sales to the booming $17.6 billion-a-year cannabis industry as Congress inches closer to legalizing pot at the federal level.


Digital Auto Insurer Root Will Add Independent Agents to Its Distribution

Digital auto insurer Root saw its loss ratio spike in the 2021 second quarter as higher costs for repairs, used vehicles and miles driven rose above pre-pandemic levels. Looking ahead, the online-focused seller announced that it plans to add independent insurance agents to its distribution team.


State, Federal Regulatory Enforcement a Focus as Cyber Crime Grows

As ransomware attacks are on the rise and cyber risks continue to mount, experts say there has been “a paradigm shift in cybersecurity enforcement." New York led the charge as the first state to apply GDPR-like cybersecurity regulations for its financial services industry with DFS' cyber rules – often referred to as Part 500 – implemented under a phased two-year timeline beginning in March 2017.


Talent Crisis Will Drive Change in Insurance

Some carriers are evolving to meet today's myriad challenges with a workforce that's shifted to online, a talent market that favors “cool" factors and startup culture, and new sources of competition.


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