COVID-19, Civil Unrest, Ransomware, and the Hard Market: The last 12 month in Front Page News
Advisen
COVID-19, Civil Unrest, Ransomware, and the Hard Market: The last 12 month in Front Page News
By Josh Bradford, Advisen
The one-year anniversary of the COVID lockdown last week had the editors at Front Page News reflecting on why the past 12 months were so historic.
As noted by our Managing Editor Chad Hemenway in his blog last Thursday, COVID may have been the constant during this period but was not the only factor. Other significant events included protests over racial injustice, rioting and civil unrest, a historic hurricane season, a presidential election, and an attack on the Capitol.
Many of the most read stories in Front Page News over the past 12 months were either directly or indirectly related to these events. Overshadowing it all for the P&C industry, was one of the most persistent hard markets in decades – impacting just about every line of business.
Below are some of the most popular Front Page News stories during this historic year.
COVID-19 business interruption claims would cost insurers up to $383 billion per month: As pressure builds for the industry to shoulder some of the economic burden from the coronavirus pandemic, property-casualty insurers outlined just how much business interruption losses from shuttered businesses would cost: up to $383 billion per month, according to the American Property Casualty Insurance Association.
Northeastern faces $50M class action suit over sudden coronavirus shutdown: A group of students is taking aim at Northeastern University, charging in a $50 million class action lawsuit that the school has unjustly enriched itself and breached its contract with students paying tuition during the coronavirus-related shutdown of the campus.
First glimpse at COVID-19 losses: Advisen Data Spotlight: The coronavirus (COVID-19) pandemic has caused havoc to the economy and swung open doors to new risks as stay-at-home orders took hold across the world. In an effort to understand the widespread impact COVID-19 will have on businesses worldwide, Advisen has increased data-collection efforts and added more than 150 COVID-19 related losses over the last several weeks.
Reducing the risk of police misconduct: How can insurance help?: As protests over police brutality have continued in the United States and beyond, they have been accompanied by calls to either reform or dismantle the police system, as well as support for requirements for police officers to carry individual professional liability insurance.
Insurance policies likely to respond to civil unrest, riots in US cities: As nationwide protests against police brutality and systemic racism gave way to nights of violence, questions quickly arose over whether damage to businesses, vehicles, and property would be covered by insurance - and the answer in most cases is yes.
Reported ransomware cases 'only the tip of the iceberg': CyberCube: The ransomware attack that shut down Travelex on New Year's Eve offers just a glimpse at the costly and far-reaching effects that such cyber threats will have in the future, as according to a report from CyberCube.
Ransomware claims drive US cyber insurers' loss ratio up 10%: Cyber insurers in the United States saw a 10% uptick in loss ratio due to ransomware in 2019, ushering in a period of tougher underwriting, higher prices, and a renewed focus on risk control, according to a new report from Aon plc.
P/C pricing increases seen in all lines, with 'crisis in capacity' for umbrella cover :The property/casualty market saw continued hardening in the third quarter of 2020, with an average premium rise of 11.7% and "moderate to significant" increases across all commercial lines and account sizes, according to The Council of Insurance Agents & Brokers' quarterly index.
Spitzer Scores Win In 7-Year Legal Fight: A New York judge threw out a defamation lawsuit filed by former American International Group Inc. chief Maurice "Hank" Greenberg against former state Attorney General Eliot Spitzer, ending a seven-year court battle.
'Most challenging and sustained' hard market since 1980s to persist well into 2021: USI: Commercial insurance buyers will continue to face premium increases, reduced capacity, and heightened underwriting scrutiny well into 2021, with the impact of the COVID-19 pandemic exacerbating some market dynamics, according to the latest market update from USI Insurance Services.