Risk Management Magazine (7/14/2022)
With severe catastrophe events increasing in both frequency and severity as global temperatures and sea levels rise, climate change is having a serious impact on the insurance market. Increasing exposure to severe catastrophe losses affects industry participants from primary insurance all the way to insurance-linked securities (ILS) and retrocessional reinsurance.

Insurance Journal (7/13/2022)
Participating in the effort to achieve net zero greenhouse gas emissions does not come without challenges for insurers and reinsurers, but there are many ways for the industry to contribute to this goal. Even companies that continue to insure the oil and gas industry can push the global transition to net zero by helping facilitate the growth of essential carbon removal technologies.

PropertyCasualty360 (7/15/2022)
“Insurance remains a growing industry, and reaching the $7 trillion mark for global premiums shows is a major milestone,” says Jerome Jean Haegeli, group chief economist, Swiss Re. “However, these are not easy times and the insurers will need to keep a close eye on inflation and economic growth.”

Reuters (7/14/2022)
This first-of-its-kind measure would require gun owners to obtain liability insurance, but the National Association for Gun Rights claims it violates Second Amendment right to bear arms. In a video-conference hearing, U.S. District Judge Beth Labson Freeman said she did not believe the ordinance implicated the Second Amendment because it did not allow the city to enforce it by seizing guns.

Insurance Journal (7/12/2022)
In one of the first court filings of its kind, insurer Travelers is asking a district court for a ruling to rescind a policy because the insured allegedly misrepresented its use of multifactor authentication (MFA) – a condition to obtain cyber coverage from them. Travelers wants the court to declare the insurance contract null and void, rescind the policy, and declare it has no duty to indemnify or defend the insured for any claim.

Reuters (7/14/2022)
According to the U.S. Treasury Department, there are no sanctions on Russia's production, manufacturing, sale, or transport of agricultural commodities, and providing insurance or reinsurance for the transportation or shipping of those products is not prohibited.

Reinsurance News (7/15/2022)
Last year UK motor insurer Sabre Insurance Group factored in claims inflation of approximately 8%, but now believes levels have reached approximately 12%, putting it at the highest level since the early 1990s. So far in 2022, this “exceptional inflation event” has weighed heavily on its results for the first half of the year.

PropertyCasualty360 (7/14/2022)
Cyber and ransomware attacks are only increasing, and as attackers cause damages that go beyond the theft of information, cyber insurance claims can spill into property-casualty claims.

Canadian Underwriter (7/11/2022)
According to a survey from Travelers Canada, 77% of respondents said distracted driving is “very risky and they take every step possible to avoid being distracted,” but half of those surveys admitted to talking on or using a phone for other things while driving.  Additionally, 20% of surveyed drivers admitted to having a crash, collision or near miss because they were distracted.

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