Industry News
Insurance
Top stories summarized by our editors
7/23/2021

A growing number of clients are curious about bitcoin, and advisors need to have answers ready, according to Ric Edelman, founder of the Digital Assets Council of Financial Professionals. Even if an advisor isn't fond of bitcoin, they still need the knowledge to educate clients about cryptocurrencies, Edelman writes.

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Ric Edelman
7/23/2021

The government's pandemic-related restrictions have contributed to business interruption losses, but general commercial property insurance does not typically cover things that do not cause physical property damage, said APCIA's Robert Gordon. Some insurers have called for public-private partnerships to curtail damage from future pandemics.

7/23/2021

Secondary perils, including flash floods and wildfires, have been surging, and insurers are responding by incorporating secondary peril models to address the risk. Other insurers are dropping coverage altogether.

7/23/2021

A flash flood and mudslides have resulted in one fatality and three missing people in a section of northern Colorado where a wildfire burned last year. The event damaged a private bridge and destroyed at least five homes.

7/23/2021

Florida Gov. Ron DeSantis' veto of Senate Bill 54, which would replace auto insurance personal injury protection coverage with bodily injury coverage limits, will save drivers money on auto and health insurance, writes Drew Wilson. "Gov. DeSantis' strong dedication to the state's insurance reform efforts is continuing to reduce the burden of property and automobile insurance for all Floridians," said the Associated Industries of Florida's Brewster Bevis.

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Florida Politics
7/23/2021

Commercial insurance pricing climbed 19% in the second quarter of the year, according to Marsh, registering the largest increase since the introduction of the quarterly Global Insurance Market Index. The index shows that property insurance rates were up 19% globally, while casualty pricing climbed 7% and financial and professional lines grew 37%.

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Reinsurance News
7/23/2021

The pandemic did not have a significant impact on wait times for medical treatment for injured workers with claims unrelated to COVID-19, a Workers Compensation Research Institute report found. The average wait time, measured in days, varied less than 1.5% for almost all kinds of treatment when comparing the second quarter of 2020 with the same period in 2019.

7/23/2021

South Carolina is looking to address insurance fraud with a task force that includes participation from the attorney general's office, the state's Department of Insurance and the South Carolina Law Enforcement Division. Assistant Attorney General LaRone Washington noted that many fraudulent claims are related to automobile accidents and that eliminating fraud could have a significant impact on premiums.

7/23/2021

Remote and hybrid work arrangements have highlighted cybersecurity vulnerabilities related to video conferencing and virtual private networks, writes Yakir Golan, CEO of Kovrr. Use of multifactor authentication has increased, but in certain cases this security technique might be vulnerable to brute-force attacks or social engineering, Golan writes.

7/23/2021

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