Insurance Advisory Committee Update – 4th Qtr. 2017
Summary of discussion items:
- EIM Policyholders’ Surplus grew to $1.155 billion through October, 2017.
- With a current membership count of 156, EIM’s membership retention remains at 99%.
- Energy School is scheduled for the fall of 2018 at Florida State University in Tallahassee, Florida.
- New business opportunities include GL- 8 submissions, D&O – 3 submissions; Property – 11 submissions and Cyber – 8 submissions.
- The Mutual Advantage Meetings continue with the following topics being discussed; Commitment to Energy Industry, Capacity, Profit Sharing and many more.
- The IAC task forces discussed the following topics:
- Cyber Liability: As 2017 comes to a close, over 1,202 incidents have been reported through November 29. Forbes Magazine released the 60 Cyber Predictions for 2018 a few being the growing cyber skills shortage, increasing attacks on US Government and infrastructure and determining authenticity in the ear of “fake news”.
- 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 battery energy storage and what it is and how it works and what are the concerns. A few downsides to battery energy storage are overheating and catching fire, overcharging and short circuits.
The next IAC meeting is scheduled for February 27, 2018.