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May 7, 2020 Edition

Headlines


 
A best-case optimistic scenario might bump those losses down to $11 billion, according to a report from Willis Towers Watson. A more “moderate” scenario would still hurt, with insured losses potentially costing as much as $32 billion, said the report.
 
 
Seattle's fire chiefs share what they encountered early in the COVID-19 pandemic and what they learned in the days and weeks after.
 

Business


 
With markets hardening, more companies are turning to risk retention strategies, such as alternative risk transfer and captives, to keep their coverage more affordable.
 

Education


 
In a case where no insurance company or insurance claim was involved, the Pennsylvania Supreme Court issued a ruling that could potentially negate one of the insurance industry’s standard bases for denial of coverage of business income claims — that COVID-19 did not result in “direct physical loss to insured property.”
 
Business interruption insurance has been a much-debated topic during the coronavirus crisis, with some businesses already pushing back against virus-related claim denials.
Businesses seeking coverage for interruptions caused by the COVID-19 pandemic should check their policies carefully, as there could be paths to recovery despite what may be a concerted campaign by insurers to indicate the opposite, lawyers say.
WSRB is constantly updating our data sources and improving our products. Learn more about how we deliver you accurate, updated, valuable information.

Environment


 
Expanding buyout programs would be more cost-effective than other measures, such as elevating houses or flood-proofing basements.
 
 
If the Denman glacier in East Antarctica keeps thawing, scientists warn it could raise sea levels almost five feet. This risk alert covers that topic and more.
 
 
The preliminary count of 351 tornadoes last month is the second most for any April on record, according to the National Weather Service Storm Prediction Center. 
 

Innovation


 
Self-driving cars, trucks, sidewalk robots and shuttles are rolling out of the labs and parking garages and onto American streets to help deliver groceries, meals and medical supplies.
 

About InsuranceEDGE

This week’s essential stories from the world of property insurance, curated by WSRB’s industry veterans.

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