Insurance Advisory Committee Update – 3rd Qtr. 2017

September 18, 2017

Summary of discussion items:

  • EIM Policyholders’ Surplus grew to $1.129 billion through August, 2017.
  • With a current membership count of 158, EIM’s membership retention remains at 100%.
  • The two major hurricanes, Harvey and Irma, should not be a major loss event for EIM.
  • New business opportunities include GL 3 submissions, D&O 2 submissions; Property 11 submissions and Cyber 4 submissions.
  • The IAC task forces discussed the following topics:
    • Cyber Liability – task force reported on the Equifax privacy breach impacting an estimated 50% or more of all the consumer credit records they maintain, and the Dragonfly attack on energy infrastructure, which is a significant exposure for the utility industry.
    • Pollution – task force discussed updating a survey addressing policy wording for the Membership and possibly conducting at the Risk Managers Information Meeting.
    • Emerging Risk – task force discussed self-driving vehicles and the evolution of insurance coverage.  Also discussed the legalization of medicinal and recreational marijuana and its impact on workplace safety, along with battery storage and its impact on utilities.

The next IAC meeting is scheduled for October 5, 2017.