Industry News

​Auto Insurers Face Mounting Claims Costs Post-PandemicSurging vehicle repair and replacement costs will significantly slash underwriting margins of the country's car and truck insurance providers as claims rebound to pre-pandemic levels, a new report by market intelligence firm S&P Global has revealed.Ban On 'Surprise' Medical Bills Remains on TrackThe Biden administration on Thursday put final touches on consumer protections against so-called “surprise" medical bills. The ban on charges that hit insured patients at some of life's most vulnerable moments is on track to take effect Jan. 1.Employees May Not Be Working Inside Office Buildings, But Cyber Criminals AreThe normal bustle inside of many office buildings…

​<a title="Michael M Stokes, CC BY 2.0 , via Wikimedia Commons" href="https://commons.wikimedia.org/wiki/File:Ida_Flooding_%2824%29.jpg"> ​Congress yesterday approved an emergency measure to keep the National Flood Insurance Program (NFIP) from shutting down. Those of you who write flood insurance policies through the Big "I"'s Flood Program should be able to continue to do so at least until Dec. 3. ​The program, which Congress authorizes on a temporary basis, was scheduled to run out of authority on Sept. 30, 2021. The NFIP's extension was included in a larger bill to fund the federal government, which also would have shut down in the absence of congressional action. President Biden signed it into law…

​Appetite for Flood Risk Among Private Insurers Still SmallThe U.S flood insurance market is slowly transitioning toward private insurers playing a much needed and more prominent role by providing additional competitive market options for those seeking coverage, according to a new AM Best report.Reinsurers Could Be Underestimating Nat Cat Exposure by 33-50%Analysts at S&P Global Ratings believe that reinsurers could be underestimating their exposure to natural catastrophe risks by between 33% and 50%, despite recent efforts to better incorporate climate change considerations into their business models.Staying Innovative and Agile Post-PandemicLeveraging the right technology such as video conferencing and enhancing risk management platforms, has helped both…