Insurance
Top stories summarized by our editors
12/5/2019

Lawmakers need to pass a long-term extension of the National Flood Insurance Program, as the short-term extensions are negatively impacting homeowners, said Aon Edge CEO John Dickson. Without a long-term solution, many homeowners may have to delay property loans and major life decisions.

12/5/2019

PG&E and wildfire victims are close to completing a deal that would have the utility pay $13.5 billion to victims, sources said. The utility has already made a $1 billion settlement with public entities and an $11 billion agreement with insurance carriers.

12/5/2019

Judge Robert Drain said that bonuses totaling $35 million for 682 Purdue Pharma employees could be paid out next year. However, a $1.3 million bonus for CEO Craig Landau will need further review.

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The Associated Press
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Purdue Pharma
12/5/2019

Lawmakers in Massachusetts are mulling statewide rules regulating the use of electric scooters. The proposals include requiring companies that own the scooters to purchase liability insurance.

12/5/2019

Researchers from the University of Washington and Michigan Technological University have created an extensive database of vegetation in North America that burns during wildfires. The database can provide a detailed view of the types and amount of wildfire fuel for a particular location, allowing smoke modelers and fire managers to better predict fire severity and smoke emissions.

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University of Washington
12/5/2019

As experts await a blowup in the cyberinsurance market, some cyberinsurers are thinking about introducing sub-limits for ransomware and malware, said Richard Fernandez, executive vice president, professional lines, at AmWINS Brokerage of Georgia. Although cyber insurance prices continue to fall, payouts for ransomware and similar attacks are on the rise, he said.

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AmWINS Brokerage
12/4/2019

The Atlanta Police Department will use a $332,970 grant toward efforts against distracted and impaired driving, speeding, and seat-belt offenses. The grant will fund a three-person task force and the purchase of three vehicles for patrolling areas where high numbers of deaths and serious injuries have occurred.

12/4/2019

A House bill that would extend the Terrorism Risk Insurance Act for 10 years has bipartisan support along lawmakers as well as the backing of APCIA and industry regulators. An expiration of the program might prompt regulators and rating firms to "require exposed insurers with less than $300 million in surplus (most, if not all, captive insurers) to purchase additional reinsurance from the private reinsurance market to protect capital," writes John Talley of the Missouri Department of Insurance.

12/4/2019

The three major insurtech distribution models are brokers, carriers and managing general agents, and each has its positive aspects and drawbacks, writes Alex Lazarow, a venture capitalist with Cathay Innovation. Brokers have the easiest setup process, carriers have the broadest latitude for innovation, and MGAs "sit at the intersection of these distribution models," he writes.

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Forbes
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Cathay Innovation
12/4/2019

A storm that hit much of the US this week generated at least 4 inches of snow in 30 states, leading to reports of weather-related deaths and vehicular accidents. The storm had an unusually long duration and went through cycles of intensity, causing variations in snowfall amounts across the US, said National Weather Service meteorologist Bob Oravec.