Risk Management Magazine (9/9/2022)
As recent storm seasons have demonstrated, it is critical to ensure your business has adequate coverage and that you know what steps to take if your business suffers damage as a result of a hurricane. This article outlines helpful tips for risk managers to ensure their organization is ready to act quickly to both mitigate storm damage and maximize insurance recovery when filing claims.

InsuranceNewsNet (9/9/2022)
Thousands of first responders and workers who have suffered from health issues in the aftermath of the Sept. 11, 2001, terrorist attacks are still fighting for health benefits. In 2015, Congress approved the World Trade Center Health Program that pays the medical costs of first responders, but the bill did not account for the cost of rising cost of health care due to inflation.

Insurance Business (9/9/2022)
Her Majesty Queen Elizabeth II, who ruled for longer than any other monarch in British history, passed away on Sept. 8 at age 96. Insurance marketplace Lloyd’s cited “profound sadness and sorrow” over the loss while offering condolences. “We were lucky to call her a friend and a regular visitor to Lloyd’s, and all at Lloyd’s will cherish the memories we had together, from her role in dedicating our last two buildings, to her visit to celebrate our 325th anniversary,” said Lloyd’s.

Insurance Journal (9/8/2022)
Insurance professionals in the alternative energies sector should be aware of discussion supply chain and supply chain risks due to rising energy costs. Climate change is making extreme weather “increasingly normal,” states a recent New York Times article. California Gov. Gavin Newsom recently stated that “all of our models have been thrown out” when it comes to climate change. This continues to have an effect on the supply chain.

PropertyCasualty360 (9/9/2022)
The 2022 mid-year report from the U.S. Surplus Lines Services and Stamping Offices shows the segment’s premiums have already surpassed $31 billion, compared with $24 billion in the same period year prior. The 15 stamping offices have all reported premium increases the first half of this year. In 2021, direct premiums written in U.S. surplus lines grew 25% year-on-year to reach a record $82 billion, according to AM Best.

Reuters (9/6/2022)
According to ratings agency analysts, reinsurers are likely to raise premium rates in the next few months, given pressures from inflation, war in Ukraine, climate change and capital market volatility. “We do expect rate rises to continue. Depending on the segments that you are looking at, the rate rises will vary, but on average, I’d say mid-single digit (percent),” says S&P Global lead analyst for insurance Ali Karakuyu.

Asia Insurance Review (9/8/2022)
After a challenging 2020, Munich Re, Swiss Re, Hannover Re and SCOR have shown improved financial performance. A new Best’s Market Segment Report, “Global Reinsurance – The European Big Four”, notes that the absence of significant adverse development from non-life COVID-19 losses contributed to an improved combined ratio for the Big Four in 2021.

PropertyCasualty360 (9/9/2022)
Incumbent specialty insurance carriers are at a disadvantage for the first time in years. According to the Associated Builders and Contractors association, it’s estimated that the industry will need to hire about 650,000 more employees just to keep pace with the demand for new construction.

ContinuityCentral (9/8/2022)
It is predicted that by 2026, a quarter of people will spend at least one hour a day in the Metaverse for work and entertainment. More and more businesses are starting to explore how they can leverage this virtual world, but are they thinking about the risks as well as the opportunities? In this article, Deryck Mitchelson Field CISO EMEA at Check Point, explores the repercussions.

Asia Insurance Review (9/9/2022)
The Competitions Appeal Tribunal (CAT) has allowed an appeal by the General Insurance Association Of Malaysia (PIAM) against the Malaysian Competition Commission's (MyCC) decision two years ago which deemed an agreement on the application of trade discounts on automotive parts prices and hourly labour rates for motor vehicle repairs by workshops under the PIAM Approved Repairers Scheme (PARS) as a breach of the Competition Act 2010.

Electrical hazards lead to property damage, business interruption, and worker injuries. Mitigating electrical risks and getting compliant with NFPA 70 standards is essential. Attend this webinar on September 15th to hear about hidden fire risks that may be lurking in your electrical systems that can lead to short circuits, arc flashes, or other dangers.

There was an increase in both risk velocity and risk complexity over the first half of 2022. Download this mid-year report, sponsored by Origami Risk, to learn how these two trends affect risk practitioners.