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Evolving PFAS Regulations Heighten Environmental Risks

Evolving PFAS Regulations Heighten Environmental Risks

In June 2023, multinational industrial conglomerate 3M, reached a historic settlement with public water suppliers over the presence of polyfluoroalkyl and perfluoroalkyl substances (PFAS) in drinking water. The settlement concludes multiple class-action suits against the company. Under the settlement, 3M will pay $10.3 billion to plaintiffs over a 13-year period (source 1).

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SEC Update: New Cybersecurity Disclosure Rules

SEC Update: New Cybersecurity Disclosure Rules

Cyber risks are skyrocketing. A recent IBM breach report revealed that 83% of organizations experienced more than one data breach in 2022. The severity of the situation continues to be evident in 2023 with the public disclosure of at least 310 cyber incidents in the first quarter of the year alone.

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Opportunities Rising in the Private Flood Insurance Market

Opportunities Rising in the Private Flood Insurance Market

Flooding continues to be one of the most significant risks property owners face. According to the National Flood Insurance Program (NFIP), 90% of all U.S. natural disasters involve flooding (source 1). Many people assume that only those who live in coastal areas or near bodies of water are vulnerable to flooding, but that’s not actually the case. In fact, 98% of counties in the United States have been impacted by flooding at some point (source 2).

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Liquor Liability Market Challenging for Many in 2023

Liquor Liability Market Challenging for Many in 2023

You might assume owning a bar would be all fun and games, but bars, concert venues, and other businesses in various locations across the U.S. are finding that’s not the case. Many have been forced to close their doors as the cost of liquor liability coverage rises. The price of liability insurance, including liquor liability, has been rising steadily across the country. A recent Council of Insurance Agents & Brokers survey found that in the fourth quarter of 2021 alone, medium-size businesses saw an average insurance premium increase of 10.6%; small businesses saw an average 6.3% percent rise with increases attributed to economic inflation, social inflation of jury awards, and other factors (source 2). The liquor liability market likely would have hit rocky ground sooner, but the pandemic slowed most businesses down and court cases ground to a halt. Now that courtrooms have returned to normal operations, drunk driving lawsuits are hitting with increased frequency and severity, which drives up insurance costs.

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The Water Crisis Presents Risks Beyond Drought

The Water Crisis Presents Risks Beyond Drought

While the summer sun is shining, only remnants of California’s three-year drought remain after a winter of massive storms. As of early April, the U.S. Drought Monitor reported that areas of drought covered less than 9% of the Golden State, a sharp fall from more than 99% as of October 1, 2022. Into May, the state remained roughly 92% drought-free after months of rain and snow. California’s winter was marked by multiple atmospheric rivers that dumped vast amounts of rain and blanketed mountains with an extraordinary level of snowpack. According to the National Oceanic and Atmospheric Administration (NOAA), there is a 50% - 60% chance weather in central and Northern California will be wetter than usual.

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Evolving PFAS Regulations Heighten Environmental Risks
Evolving PFAS Regulations Heighten Environmental Risks
SEC Update: New Cybersecurity Disclosure Rules
SEC Update: New Cybersecurity Disclosure Rules
Opportunities Rising in the Private Flood Insurance Market
Opportunities Rising in the Private Flood Insurance Market
Liquor Liability Market Challenging for Many in 2023
Liquor Liability Market Challenging for Many in 2023
The Water Crisis Presents Risks Beyond Drought
The Water Crisis Presents Risks Beyond Drought
Law Firms: Considerations When Utilizing Generative AI
Law Firms: Considerations When Utilizing Generative AI
Public Works Projects Face a Challenging Casualty Insurance Market
Public Works Projects Face a Challenging Casualty Insurance Market
Cyber REDY® Index July 2023
Cyber REDY® Index July 2023
Excess & Umbrella REDY® Index July 2023
Excess & Umbrella REDY® Index July 2023
Private D&O REDY® Index July 2023
Private D&O REDY® Index July 2023
Property REDY® Index July 2023
Property REDY® Index July 2023
Hard Property Market, Slowing Economy Complicate Builder’s Risk
Hard Property Market, Slowing Economy Complicate Builder’s Risk