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May 14, 2020 Edition

Headlines


 
Global average commercial insurance prices increased 14% in the first quarter of 2020, but the rate hikes were not due to the COVID-19 pandemic, according to insurance broker Marsh.
 

Business


 
The impact of the novel coronavirus pandemic will largely depend on how quickly the spread of the disease is controlled.
 
 
Fitch Ratings Inc. predicts commercial insurers will be hard hit by pandemic-related losses, delaying their profits recovery to the second half of 2021.
 
 
Industry maintains that even if driving activity has dropped, risks like hail, hurricanes, tornadoes and even theft remain. 
 
 

Senate Democrats are pushing back against Republicans' drive to protect employers from coronavirus-related lawsuits. 

 

Education


If only 10 percent of health care workers contract COVID-19 and all of their claims are deemed compensable, workers' compensation loss costs for that sector could double or even triple in some states.

The plans, which will be submitted to the governor, show how an industry built on face-to-face contact and crowded tables is seeking ways to prevent the spread of the novel coronavirus.

The government must “tell the employers what they need to do to protect the workers and hold them accountable if they don’t,” said Senator Lindsey Graham, the chairman of the Judiciary Committee.
Soil density and sediment thickness can play important roles in determining the amount of damage a property sustains during an earthquake.

Environment


 
Tornadoes killed 50 people and caused billions of dollars in damage last month. Outside the U.S., Canada, Spain and parts of Africa and the Middle East saw flooding.  
 
 
Global warming turned what would have been a moderate drought into one of most severe 'megadroughts' of the last 1200 years.
 
 
These soon-to-be common temperatures threaten ecosystems, human health, food security, water supplies and economic growth.
 

Innovation


 
Despite their effectiveness, leak sensors are among the least popular Internet-of-Things devices with consumers.
 

 

About InsuranceEDGE

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

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