Risk Management Magazine (6/30/2022)
On June 24, 2021, a beachfront condominium in Surfside, Florida, collapsed, killing 98 and injuring 11. Less than a year later, a $1 billion settlement, consisting largely of a comprehensive insurance recovery, has been achieved for the victims, their survivors, and the unit owners left without their homes. What can we learn from this tragedy and the resulting insurance recovery?

The Wall Street Journal (7/10/2022)
U.S. businesses are paying more for insurance, but unlike other increasing costs tied to inflation this is not a new trend. While premiums have risen significantly in the past few years, the pace of increases is now slowing.

Insurance Journal (7/11/2022)
“We’re working harder now than at any time I can remember,” said Alexander, vice president of Thompson Baker Agency in St. Augustine, one of Florida’s oldest agencies. “Anytime you have all that’s going on in Florida now, it creates a workload on staff that’s unbelievable.”

PropertyCasualty360 (7/8/2022)
The inflation rate started to grow in late 2021, continued in early 2022 and is projected to moderate by mid-2023. Inflation and other macroeconomic factors continue to impact the insurance industry, especially the workers’ compensation market. While workers’ comp isn’t immune to these inflationary pressures, the system does have guardrails in place to protect it.

Continuity Central.com (7/8/2022)
Future energy resources are one of many considerations on the agenda of enterprise risk managers as they seek to set and reach environmental, social, and governance (ESG) goals. Many businesses are introducing and using newer technologies to mitigate their contribution to the changing climate. However, this essential part of sustainability does not come without risks.

Insurance Business (7/8/2022)
The insurance industry has become more conscious about diversity and inclusion (D&I), brought about by changes in social attitudes. One goal that insurance companies are working towards is achieving gender parity, with adequate representation of women and other gender minorities in leadership roles.

Reuters (7/8/2022)
Reform of insurance capital rules should not be a "free lunch" that puts pensioners and policyholders at risk, Bank of England Deputy Governor Sam Woods said on Friday, as the industry debates rule changes potentially delayed by political turmoil.

PropertyCasualty360 (7/8/2022)
While cyber insurance has become more expensive and difficult to obtain, it is more necessary than ever. With increasing attacks, cyber claims are exploding. As companies scramble for coverage, insurers are experiencing significant losses and rethinking their underwriting decisions.

ERM Q&A Interview
Melissa Reynard, Director of ERM at the Internal Revenue Service, recalls winning the RIMS 2021 ERM Global Award of Distinction for anticipating emerging risks, the steps it took to create a more risk-aware culture, and ultimately developing a structure to enhance risk sharing and strategic decision-making.