USA Focus

News

Storms threaten US P&C sector's positive underwriting trend

Market held up well in 2020 despite significant cat losses

California and Washington push for TCFD climate reporting for US

Insurance associations remain lukewarm on "resource intensive" standard

Hippo appoints Rich Primerano as CRO

He is among raft of hires as company builds out insurance venture

Fed wants extension to the ICS monitoring period following Covid delays

International insurance rules still top of mind for US regulators, says Randal Quarles

NAIC's CEO says climate change is top priority for the body

The US authority will work with FIO on climate, but no quick fix to the problem

US insurers unfailingly poor on ESG, report finds

Lobby group report lays bare disparity between US and rest of world on climate

NFIP reform bills brought before US Congress

Republican congressman Blaine Luetkemeyer said the NFIP has been "mismanaged for decades"

US insurer paid $40m in cyber ransom after malware attack

CNA's is biggest ever disclosed cyber payment, says Bloomberg

Pushback expected for upcoming US flood risk model

The Risk Rating 2.0 system could mean significantly higher flood rates

US actuarial body reinstates consumer rate protection principles

CAS's earlier move seen as fuelling discriminatory rate practices in the P&C business

Analysis

No room for complacency in 2021 Atlantic hurricane season

Forecasters have predicted another "above-normal" hurricane season, although not as bad as 2020. But as the season gets underway, insurers and catastrophe modellers have stressed there is no place for complacency. Paul Walsh reports

Climate change could radically reshape US insurance losses

Re/insurers in the US could face a 20% increase in hurricane-related property losses because of climate change. But that's just the average. In certain regions, the losses might be several times higher by 2050, as AIR Worldwide's Peter Sousounis explains to Christopher Cundy

Lawyer says he has "smoking gun" in US business interruption case

John Houghtaling, who is handling $3bn in claims on behalf of small businesses forced to close by Covid-19, believes his case will be a watershed for the US BI saga. Sarfraz Thind reports

CROs pinpoint climate change as key issue for 2021

InsuranceERM's year-end poll of risk management experts found widespread agreement that climate change would be a key risk and opportunity for the insurance sector in 2021. Paul Walsh reports