Risk Management Magazine (8/1/2022)
According to a Beazley report, the number of business leaders that ranked war and terror as their top risk increased by 46% over last year, while 31% more businesses cited economic uncertainty as their primary concern. At the same time, 10% fewer business say they are “very prepared” for war and terror, and 8% fewer for economic uncertainty.

Bloomberg Law (9/15/2022)
In an effort to generate business with competitive pricing, large insurance brokers are beginning to measure corporate policyholders’ environmental, social and governance performance. Some have begun assigning their own ESG scores to corporate seeking to lower their directors & officers (D&O) insurance premiums, but whether this will affect premiums remains to be seen.

Insurance Journal (9/21/2022)
Due to increases in auto insurance premiums, consumers have begun separating home and auto insurance policies. “Sky-high auto loss costs and resultant auto premium increases are creating ripple effects throughout the insurance industry and, as a result, one area that is being severely disrupted is the home and auto insurance bundle,” says Robert M. Lajdziak, director, global insurance intelligence at J.D. Power. 

Reinsurance News (9/20/2022)
While reinsurer Swiss Re has opted to stay underweight in the cyber class, industry experts expect this to change, creating a new pool of risk for the industry when cyber becomes a prominent line of business. Swiss Re anticipates that cyber premiums could be on a level footing with property by 2040.

PropertyCasualty360 (9/20/2022)
Cutting budgets and laying off employees to save money, can bring a company unintended risks. Data shows that cyber crimes increase during periods of high unemployment. During the COVID-19 pandemic, reports made to the FBI's Internet Crime Complaints Center increased by 69.4% from 2019 to 2020.

Canadian Underwriter (9/15/2022)
As executives retire and workers continue to explore other industries during the Great Resignation, the P&C insurance is struggling to backfill employees. According to industry experts from a panel at the RIMS Canada Conference, possible solutions include utilizing students through apprenticeships, recruiting in high schools, and considering “under-hires” or those with 70% of the required experience.

Reuters (9/15/2022)
According to Zurich Insurance chairman Michel Lies, the European energy crisis following Russia's war in Ukraine is not surprising and is a reminder that governments and companies should have already switched to renewable energy. "There is nothing massively surprising in what is happening now in matters of the price of energy, of geopolitical tension," Lies says.

Canadian Underwriter (9/14/202)
Amid climate change, labor shortages, war, economic challenges and supply chain disruptions, commercial clients of the Canadian P&C industry are pragmatically accepting higher costs of goods. “Some of our customers…are being quick to adapt, change their investment strategies, and re-jig their priorities,” Zurich Canada CEO Saad Mered said at the RIMS Canada Conference.

Think Advisor (9/21/2022)
In an effort to increase diversity in employment at U.S. insurers, members of the House Financial Services Committee have suggested that insurers put pay ranges in job descriptions to promote transparency and pay equity. The House Financial Services diversity and inclusion subcommittee discussed the report Tuesday at a Washington hearing with 27 large insurers.

RIMScast
Listen to this new RIMScast episode with Susan Gillies-Hipp, the Executive Director of NETS® (the Network of Employers for Traffic Safety) as she discusses fleets and traffic safety in 2022. Susan shares how supply chain disruptions are impacting risk-based decision-making when it comes to fleets and fleet safety, important trends regarding fleet traffic, and how electric vehicles are changing the dialogue around fleet safety.

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