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August 13, 2020 Edition

Headlines


 
The increase is the largest since at least 2012, and there is a “trend toward higher retentions and reduced limits,” according to the Global Insurance Market Index, released by Marsh LLC.
 
 
Fourteen firefighters with the Washington State Department of Natural Resources are now in quarantine after a fellow firefighter tested positive for coronavirus.
 

Business


The insurance industry has notched another victory in its defense of its commercial insurance policies against claims for business interruption due to the coronavirus.
Nearly 10 years since its inception, insurtech has evolved to focus on partnerships between insurance industry leaders and tech solution providers. 
Factors prompted by the pandemic could result in a decline of 3.5% for commercial auto insurance premiums written in 2020, estimates Deloitte.
The coronavirus pandemic dealt a relatively modest $2.5 billion blow to five insurers with large U.S. operations in the second quarter, a cost that was far less than feared and which the industry has absorbed without touching capital, analysts said.
The owner of a plant nursery in Washington state has been fined $4,200 for failing to ensure a safe workplace and potentially exposing employees to the coronavirus after preventing them from wearing masks.

Education


 
As insurance customers rethink their finances, new research suggests insurance agents are not always on the same page. There are gaps between what agents and their customers think, and agents may not be giving customers everything they want.
 

Environment


 
The U.S. National Oceanic and Atmospheric Administration (NOAA) predicted up to 16 more named tropical storms this year, forecasting a potential total of 25, the highest in the agency's history.
 
 
The probability of a major hurricane making
landfall in the United States this year is 74%
compared with the full-season average of 52% for the past century, a new report from Colorado State University said.
 

Innovation


 
Some robots have flaws that could make them vulnerable to advanced hackers, who could steal data or alter a robot’s movements remotely, like a scene out of science fiction.
 
 
Android phones began detecting earthquakes around the world to provide data that could eventually give billions of users precious seconds of warning of a tremor nearby, with an alerting feature first rolling out in California.
 
 
Root Insurance pledged to eliminate the use of credit scoring from its car insurance pricing model by 2025, a move the insurtech said will help remove bias and discrimination from the process.
 

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Curated weekly by WSRB experts, InsuranceEDGE helps you work smarter. You don't want to miss an issue. Get InsuranceEDGE delivered to your inbox every Thursday. 
 
 
 
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