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Oct 29
Industry Roundup: ​Auto Insurers Face Mounting Claims Costs Post-Pandemic; More Organizations Are Saying 'No' To Ransomware Demands; U.S. Infrastructure Bill Offers the Groundwork for Personalized Insurance

Auto Insurers Face Mounting Claims Costs Post-Pandemic

Surging vehicle repair and replacement costs will significantly slash underwriting margins of the country's car and truck insurance providers as claims rebound to pre-pandemic levels.

 

Judge Stands by Decision to Deny Dismissal of Bi Suit

The case involves the important issue of whether the COVID-19 virus causes “physical loss or physical damage." In the motion for reconsideration, Continental Casualty cited several decisions from New York and Illinois asserting that courts in both jurisdictions overwhelmingly found that the presence of the virus does not trigger coverage under a policy requiring “direct physical loss or damage to property."

 

More Organizations Are Saying 'No' To Ransomware Demands

Ransomware claims that resulted in the demands being paid shrank from 44% in Q3 2020 to 12% during the most recently closed quarter.

 

Chubb Sees Profit Jump on Premium Growth, Underwriting Income

Global insurer Chubb's third quarter net income soared more than 58 percent year-over-year, as premium gains continued their double-digit climb.

 

Connecticut Seeks Disaster Declaration for Flooding Caused by Ida

Connecticut Governor Ned Lamont has submitted a request for a major disaster declaration to the Biden administration, seeking federal funds to help Connecticut recover from damage caused by the remnants of Hurricane Ida.

 

Cyber Risk: How Strong Have You Built Your Agency Defense?

Insurance firms are prime targets for cybercriminals. no agency is immune to cyber risk, from global carrier to small independent agency.

 

U.S. Infrastructure Bill Offers the Groundwork for Personalized Insurance

In its current form, the proposed infrastructure bill helps insurance companies reduce risk while potentially increasing prices as it evolves toward a more tailored approach.

 

Agency Partnerships: The Breakthrough Force in Distribution

Agency partnerships and networks continue to grow in strength and numbers as independent agencies, large and small, look to these groups for greater market access, valuable services and the sharing of ideas that can take their agencies to the next level of growth.

 

Global Average Annual Losses from Extreme Events Revealed

Catastrophes around the world are expected to cause about $106 billion in insured losses on an annual average basis this year, according to extreme event modeling firm AIR Worldwide.

 

Bigger Ships Are Causing Greater Supply Chain Risks

Severely disruptive events often expose previously unseen or underappreciated vulnerabilities. Add to the list how the trend toward increasingly mammoth vessels is making global supply chains even more fragile.​​


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