Risk Management Magazine (10/13/2022)
Inflation was running hot even before Russia’s invasion of Ukraine, driven by higher commodity prices, supply-chain interruptions, and high energy prices, and the war in Ukraine has only caused further price shocks. Some inflationary trends are particularly alarming because they have an immediate impact on businesses and on potential insurance claims.

Financial Regulation News (10/12/2022)
The U.S. Treasury Departmentʻs Federal Insurance Office (FIO) has issued its annual report on the insurance industry, which examines the industry’s performance and condition in 2021 as well as its outlook for 2022. The report evaluated the expanded cyber insurance data that was gathered in accordance with the TRIP data call revisions for 2022.

Insurance Journal (10/12/2022)
In 2021 the commercial auto insurance segment enjoyed a combined ratio below 100, but increased claim frequency and severity in 2022 suggest a reversal in financial performance. According to AM Best, costs related to social inflation, nuclear verdicts, higher repair costs and distracted driving are likely outpacing recent rate increases.

Reuters (10/13/2022)
The last few years have witnessed notable public incidents, including the events in Washington D.C. on Jan. 6, 2021, the Ukraine war, COVID-19 protests, and the MeToo and Black Lives Matter movements. While these incidents are typically discussed in a political context, the labels applied to these events can also have significant insurance implications.

Insurance Business (10/12/2022)
Thanks to the Biden administration’s landmark new climate law, major investments in low-emission technologies could soon reshape the energy sector. The insurance industry must be ready to support this innovation boom by underwriting the risks that accompany them and by generating risk transfer solutions.

Insurance Journal (10/13/2022)
With rising inflation and the prospects of a recession on the horizon, the present macroeconomic environment is forcing property/casualty underwriters to adapt to new technologies and sources of data. Policyholders are also putting additional pressure on underwriters, whether it is for more transparency or access to dynamic pricing.

Insurance Business (10/13/2022)
The shift to remote work has been one of the most extreme changes the insurance industry has ever experienced. Despite concerns about negative impacts to productivity and collaboration, enabling employees to work from home and utilizing new tools and technologies ensured successful operation amidst challenges.

Canadian Underwriter (10/13/2022)
The General Insurance OmbudService (GIO), an independent organization that helps Canadian consumers resolve insurance disputes, received 4,370 contacts from insurance consumers across the country in 2022, which is lower than previous years. Public inquiries and complaints increased with the hard market in 2019 and remained elevated during the COVID-19 pandemic.

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