Strategic Risk (10/3/2022)
In the wake of Hurricane Ian, RIMS has welcomed the extension of the National Flood Insurance Program (NFIP) until Dec. 16. The extension allows coastal properties to remain financially protected. “RIMS is encouraged by this bi-partisan effort and will continue to work with our partners on Capitol Hill to support the development of a longer-term extension in December,” said RIMS President Patrick Sterling.

Risk Management Magazine (10/3/2022)
The Securities and Exchange Commission (SEC) recently issued a proposal calling for U.S. companies to provide significantly more extensive disclosures on climate change risks within their regulatory filings. If and when formally adopted, risk management professionals may need to stretch into new directions as they help their organizations comply with the new rules.

PropertyCasualty360 (9/30/2022)
Last week, Florida Insurance Commissioner David Altmaier issued an emergency order temporarily banning property insurers from dropping customers in the wake of Hurricane Ian. The order came amid concerns about how the storm will affect Florida’s troubled insurance market. Cancellations or non-renewals of policies will be suspended for the next two months.

Reuters (10/3/2022)
A federal judge has ruled that a gun rights group’s legal challenge to a San Jose, California, city ordinance can go forward. The ordinance requires gun owners to purchase liability insurance covering losses and damages stemming from negligent or accidental use of their weapons, as well as pay an annual fee to an anti-gun violence non-profit.

Continuity Central (10/5/2022)
The Federal Reserve Board has announced that six of the US's largest banks will participate in a pilot climate risk scenario analysis exercise in which the resilience of financial institutions is assessed under different hypothetical climate scenarios. The pilot exercise will be launched in early 2023 and is expected to conclude around the end of the year.

Insurance Journal (10/5/2022)
Insured losses resulting from Hurricane Ian are currently estimate at $50 billion. Some analysts predict this will be manageable for the property insurance industry, while others warn losses from the storm could significantly erode the Florida Hurricane Catastrophe Fund’s surplus, which could spell trouble for carriers facing rising reinsurance costs next year.

Canadian Uunderwriter (9/28/2022)
Business may be able to circumvent supply chain disruptions by engaging in a strategy called ‘friendshoring,’ which is “a polite way of saying the only people you can have in your supply chains are companies in countries that you trust,” said Janice Gross Stein, founding director of the University of Toronto’s Munk School of Global Affairs.

PropertyCasualty360 (10/4/2022)
As the next evolution of the Internet, the metaverse presents a range of possibilities for the insurance industry and will elevate expectations for how carriers interact with customers, what products and experiences they design and distribute, and how they operate their organizations.

Insurance Business (9/28/2022)
Climate experts are criticizing Canada’s first National Adaption Strategy (NAS) for focusing on long-term objectives from 2030 onwards without including short-term ones. This criticism comes in the wake of Hurricane Fiona, with experts suggesting the NAS is still in dire need of improvement as it goes through Phase II.

RIMS Webinar
Companies are increasingly using machine learning and artificial intelligence to source, screen, and hire talent. Tools such as chat bots, resume aggregators, video interview and testing software can save time and money. But using these tools is not without legal risk. Learn how to reap the benefits of using AI in the recruiting process while mitigating against these risks.

RIMS Virtual Workshop
Which alternative risk financing arrangements are you analyzing for your organization? Attend our Captives as an Alternate Risk Financing Technique virtual workshop on November 2 – 3 to learn more about the opportunities and risks associated with captive formation.