This article was originally published in the Spring 2022 edition of Insights: A Professional Journal by the CPCU Society and is shared with permission from The Institutes CPCU Society.  All rights reserved.  www.CPCUSociety.org.

Flood was a common factor among the major global loss events of 2021, and a peril risk managers and the industry should pay close attention to going forward, according to the latest sigma report from the Swiss Re Institute.

Overall, natural and man-made disasters in 2021 resulted in global economic losses of USD $280 billion, the sixth highest on sigma records. Insurance covered USD $119 billion, the fourth highest on record.

The last two years has seen the insurance industry forced down a digital path as physical disruption to operational norms has forced change onto market participants. It becomes clear that some aspects of change are here to stay, and as “back-to-normal” means permanent adjustment to digital ways of working.

On top of that, the Financial Services industry’s wholesale recognition that a comprehensive response to sustainability is now essential has placed this overarching issue at the forefront of corporate activity.

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IIS Executive Insights Regulation Expert: William Marcoux, WCM Advisory LLC
 

A long-standing debate within the insurance regulatory world has been to what extent should regulators be responsible for market development, meaning closing protection gaps and increasing insurance penetrations rates.  In light of evolving markets, insurers withdrawing from some coverages and persistent (and in some cases growing) protection gaps, this is receiving new attention— and it should!

In this informational webinar senior AM Best analytical and research staff and Aon MGA practice leader, Cory Schilling, will walk through the growing role of Delegated Underwriting Authorities in the market place.

Key topics include:

* Recent growth of Delegated Underwriting and AM Best's views on the DUAE market
* Launch of the new DUAE methodology, reasons for and process review

The war in Ukraine is having a dramatic effect on the global insurance industry: the aviation insurance market is facing very serious challenges.  Cyber insurance rates and coverage limitations are unrecognizable.  Insurance, reinsurance, and brokerage transactions involving Russia are unwelcome and impossible to complete.