08/25/2023
A (truncated) history of no-fault auto insurance
At its peak, 26 states had adopted no-fault insurance laws in some form. Today that number stands at 12.
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08/25/2023
How to better prepare insureds for climate change losses
Environmental Impairment Liability (EIL) coverage is becoming integral to a risk manager’s insurance strategy.
08/25/2023
A risk management perspective on s*x, fighting & other space tourism issues
Discover liability issues associated with long term space tourism flights as the once unthinkable industry comes online.
08/25/2023
People on the move in the P&C insurance industry: August 25, 2023
The latest insurance industry personnel news from Ryan Specialty, Pie Insurance, Socotra and more.
08/24/2023
Supplemental spouse coverage is now included in all N.Y. auto policies
As of Aug. 1, 2023, insurers must include the supplemental liability coverage, but policyholders can opt out.
08/24/2023
Carrier, client property insurance concerns for late 2023
Carriers are doing what they need to do this year to put themselves in a healthy position.
08/24/2023
Teen driver deaths saw grew 14% in 2020, biggest increase in past decade
While teen roadway deaths were up in 2020, the past decade saw an overall decline, ValuePenguin reports.
08/24/2023
As lawsuits mount over Maui wildfires, Hawaiian Electric hints at defenses
Although lawsuits are being filed, no wrong doing by Hawaii Electric has been found at this time.
08/24/2023
J.D. Power: Small business insurance customer satisfaction hits all-time high
The exception to this bump in satisfaction were businesses with fewer than five employees – also referred to as micro businesses.
08/23/2023
Tips for avoiding shady contractors following a wildfire & other disasters
The NICB reports that as much as $10 billion in disaster insurance payments was lost to contractor fraud in 2022.
08/23/2023
Expect higher insurance rates in these low-credit locales
WalletHub looked at the U.S. cities and towns with the highest and lowest median credit scores.
08/23/2023
FTC & DOJ propose major overhaul of merger guidelines
The proposed guidelines reflect the larger trend of increased antitrust scrutiny under the Biden Administration.
08/23/2023
Around the P&C insurance industry: August 23, 2023
Insurance industry news from NFP, New Hampshire Insurance Department, Liberty Company Insurance Brokers and more.
08/23/2023
Changing perceptions: A four-pronged approach to worker risk
Part 3 of 3: Fairfax County risk managers achieved award-winning workers’ comp outcomes by fine-tuning listening skills.
08/22/2023
Online Click-Through Contracts: Clickwrap, Browsewrap, Everywhere a Wrap-Wrap
In this article we address the perils in online contracting and how to protect against them.
08/22/2023
Insurance concerns arise from Hilary's wind, water and mud damage
The tropical storm was the first to reach Southern California in more than 80 years.
08/22/2023
Private carriers make headway in growing flood insurance market
More than 32% of the flood market is written by 77 private companies, Triple-I reports.
08/22/2023
23 people charged after authorities bust auto insurance fraud ring
The group of fraudsters, comprised of family and friends, filed at least 33 fraudulent auto insurance claims.
08/22/2023
Agents: Avoid these common social media missteps
The increasing number of social media users puts the pressure on agents to carefully cultivate their digital content.
08/22/2023
The City of Beverly Hills takes a mindful approach to risk management
Part 2 of 3: This 2023 Workers Comp Risk Management Award winner underscores the impact of proactive mental health care.
08/21/2023
Majority of Gen Z Workers Integrating Data to Improve Daily Performance, Report Finds
Some employers don’t make enough productivity-related data and other metrics available to employees.
08/21/2023
The top 10 U.S. commercial line insurers, according to S&P Global
Specialty insurers loom large on the list, driven by capacity demands for property coverage.
08/21/2023
How American Airlines prioritizes employee wellness
Part 1 of 3: This airline is one of three winners of 2023 Workers Comp Risk Management Award for Excellence.
08/21/2023
Public Notices and the Courts Miami-Dade
08/21/2023
Marsh in talks to buy Australian broker Honan
The deal, valued at $448 million, could still fall apart despite being near the final stage.
08/18/2023
Automation and AI drive better, more empathetic experiences
While it might sound counterintuitive, technology can actually help insurance organizations foster a culture of empathy.
08/18/2023
Holding water (part 4): Cases involving backup & overflow
This article, the last in the series water losses, looks at how courts have determined coverage for various water-related claims.
08/17/2023
EV repair costs continue to outpace those of ICE vehicles
EVs tend to be designated ‘non-drivable’ less often than ICE vehicles, Mitchell reports.
08/17/2023
Insurance customer signals that drive marketing, sales
Behavioral cues help insurance professionals and sales teams stay ahead in a competitive landscape.
08/17/2023
Holding water (part 3): Water terms used within the homeowners policy
Review how the terms such as plumbing, sewer, drain, overflow, or discharge are applied in the homeowners policy.
08/17/2023
Supply chain disruptions and indemnity periods
Supply chain breakdowns are increasing costs, causing extended delays and creating a host of headaches for insurers and policyholders alike.
08/17/2023
HUB International closes initial data breach investigation
The information that was compromised in the data breach includes but is not limited to Social Security numbers, ID and passport numbers, bank account information, and more.
08/16/2023
More insurers exiting California's insurance market
Berkshire Hathaway’s AmGUARD as well as Falls Lake Fire & Casualty are pulling out of the state’s beleaguered home insurance sector.
08/16/2023
Roadmap to results: 4 tips to drive agency success through accountability
Top-flight athletes work with personal coaches to unlock their best selves. Why isn’t that true for agency owners?
08/16/2023
Holding water (part 2): Water terms used within the commercial property policy
The second part in this series reviews how certain involving terms involving water losses are applied in commercial property policies.
08/16/2023
AXA XL's Danielle Roth focuses on cyber risks
Greater access and use of data offers insurers an opportunity to proactively work with clients to create the best risk mitigation approaches.
08/16/2023
Around the P&C insurance industry: August 16, 2023
Insurance industry news from One Inc, Kin, Ascend and more.
08/16/2023
Forbes Advisor: Summer 2023's best small commercial insurers
'“The most common mistake that many business owners make is to blindly renew their insurance,' says the U.S. Chamber of Commerce.
08/15/2023
Anti-DEI Suit Against Starbucks Goes Down Drain, But Other Suits Likely
The use of shareholder lawsuits in this space is a real stretch. But I expect they will keep coming, Jason Schwartz, a partner at Gibson, Dunn & Crutcher, said.
08/15/2023
Blockchain: A backend solution to insurance fraud, waste
The property-insurance industry could leverage blockchain's attributes to enhance efficiency and customer experience.
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Videos
"Allianz recently released its 2022 global claims review, and in this review they mention that natural catastrophes, such as hurricanes, floods, and wildfires, are ranked number two based on the value of the claims between 2017 and 2021. That’s 15 percent, globally. If you look at it just within the U.S., it’s around 24%." - Steve Tagert, Allianz http://ow.ly/e8An50L4GbY #InsuranceSpeak
"Some of the positives from Hurricane Sandy are a lot of these companies moved their heating oil tanks and backup generators to higher levels or the rooftops. But that also brings new risks, right?" - Steve Tagert, Allianz http://ow.ly/e8An50L4GbY #InsuranceSpeak
"I wanted to just mention that it’s been 17 years since Hurricane Katrina, and in my opinion, this was the first event that really put #climatechange and pollution front and center." - Steve Tagert, Allianz http://ow.ly/e8An50L4GbY #InsuranceSpeak
"Maybe there’s an artist who’s very well known for their landscapes. Nobody’s particularly interested in his nudes. So that can really impact value." - Cindy Charleston-Rosenberg, The Art Appraisal Firm http://ow.ly/gPM850L4FoJ #InsuranceSpeak
"Appraisers are not qualified necessarily to authenticate, but we should be consulting with the recognized authority to make that decision." - Cindy Charleston-Rosenberg, The Art Appraisal Firm http://ow.ly/gPM850L4FoJ #InsuranceSpeak
"Appraisers look at what we call a variety of what we call market driving characteristics within a particular market. And so by far and away, across all markets, authorship authenticity, that’s the queen." - Cindy Charleston-Rosenberg, The Art Appraisal Firm http://ow.ly/gPM850L4FoJ #InsuranceSpeak
New Corvus Insurance CEO Madhu Tadikonda says "to underwrite effectively in cyber and have a good portfolio, you need to use all kinds of different data and underwriting that aren’t traditionally part of the process," like what hardware and software assets a company has. http://ow.ly/LiJ150KHrmb #InsuranceSpeak
Newly named Corvus Insurance CEO Madhu Tadikonda says when it comes to cyber insurance, "you need to be in constant contact and engagement with your policyholders" about software they need to update and threats looming on the horizon. http://ow.ly/LiJ150KHrmb #InsuranceSpeak
Cathy Ellwood on signs of burnout: People who are "critical of everything ... you’re cynical, you’re criticizing this, criticizing that, finding fault in everything, that’s a sign of burnout." http://ow.ly/LEVS50Kw2Nb
"Being tired, exhausted, it’s the number one factor that drives burnout." - Cathy Ellwood, Ellwood Enterprises https://www.propertycasualty360.com/2022/08/17/keys-to-recognizing-burnout-in-your-teams/ #InsuranceSpeak
"If you’re looking for burnout in others, I've got to suggest that you look at it in yourself first." - Cathy Ellwood, Ellwood Enterprises. http://ow.ly/6mUP50Kw2As
"I always say, 'If you’re not hiring diverse candidates, how boring! If everybody’s rowing the same way and thinking the same thoughts, how boring!' ! I do think that cultivating that diverse thinking is number one." - Courtney Townsend, Duck Creek http://ow.ly/etC950KicWC
"We do so much hiring throughout the year and it’s one of the number one things the candidates say to us: “Are you flexible? If we start later or end earlier or can I work from home, can I work from here or there?” I think that employers really need to get behind that." - Courtney Townsend, Duck Creek http://ow.ly/etC950KicWC
"Being that we’re in the beginning of the hurricane season, what happens is you have a massive catastrophe in a concentrated area, and getting labor and materials to that area is going to be very challenging," QBE's Charles Greer warns. http://ow.ly/zuV850K6OMs
"What we’re finding sometimes some of our real world circumstances is that the contractors can’t get the needed labor to do the work on the project. This ends up delaying or extending the time it takes to do the repairs." - QBE's Charles Greer http://ow.ly/zuV850K6OMs
"What used to cost $20 last year is now costing $50 or $60 for the same material. A lot of this is exacerbated by the supply chain issues that have disrupted the economy over the last 18 months ..." - QBE's Charles Greer on rising construction costs http://ow.ly/zuV850K6OMs
Hemant Sarma of Chubb North America sees the adoption of IoT "growing more and more both on the commercial side as well as the industrial side with sensors. And then on top of that, there are several other technologies that come along with it – drones, for example, camera-based AI – all these are IoT in a form ..." http://ow.ly/b3Ao50JKXQr
"If you have auto braking or lane changing indications, all these have been reducing losses and saving lives." - Hemant Sarma, Chubb North America, on the IoT use case for automobiles http://ow.ly/b3Ao50JKXQr
"COVID-19 has made it clear the essential role of IoT in our lives. We talk about connected thermal cameras, for example, or contact tracing device, health monitoring wearables. These are providing critical data to fight the pandemic." - Hemant Sarma, Chubb North America http://ow.ly/b3Ao50JKXQr
Danielle Hernandez on the question of buying vs. renting real estate for #cannabis businesses: "[W]e don’t have traditional lending available, so it’s all dependent on how and where the money is raised ... [I]t’s very much a cash flow consideration." http://ow.ly/Vs7Y50JAFhw
Danielle Hernandez: "Cannabis entities are not just allowed to go find any space that’s available and plunk down their business. They have to go through an extremely complicated application process for zoning and for the state or the municipality to allow that cannabis entity to conduct business there." http://ow.ly/Anay50JAF7j
"[W]e know that #cannabis is not federally legal, so that creates barriers in several different aspects, and each state is running its own program, essentially ... what I like to call 'rules of engagement' for the cannabis industry." - Danielle Hernandez http://ow.ly/V95850JAF2S
"Some people liked being at home, some didn’t. We had to reach everyone. We had to help them to the extent they needed it to remain connected and know they were part of something bigger and important." - Jim DiVirglio, AXA XL http://ow.ly/2q4n50JoGPU
"It’s a close-knit firm at AXA XL, not only within claim but with our business partners and in many cases with our clients, and the claim team’s feedback during this time that we all felt connected." - AXA XL's Jim DiVirglio on adapting during the pandemic. http://ow.ly/G9ZH50JoGE6
"So much of how we did our jobs was impacted by the pandemic – the way we worked, the way we utilize technology, the way we kept our talent together, the way we resolved claims, the interactions with our customers and our brokers and vendors. It was really a new way of delivering service." - Jim DiVirglio, AXA XL http://ow.ly/CQ7050JoGlm
Elina Goykhmani, a student at St. John's, says a career in insurance "doesn’t have to be underwriting, doesn’t have to be claims, doesn’t have to be actuarial. It can be marketing. It can be finance. It can be accounting." https://t.co/NL5VeN1APF
ICYMI: Andrew Schwartz of Celent says a study revealed that only 33 percent of organizations were using touchless claims, but 97 percent of respondents believed them to be "valuable and impactful." Full #InsuranceSpeak episode here: http://ow.ly/8zgW50J5EvW
ICYMI: "Initially I had thought that the results would basically state that touchless claims was slowly and steadily gaining steam and had spiked after COVID, but the results indicated otherwise." - Andrew Schwartz, Celent. Full #InsuranceSpeak episode here: http://ow.ly/gTln50J5Ec5
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Comments
Among victims of ID theft in the past 12 months, 46% said they would have liked more assistance in handling the problem but didn’t get it, ITRC reports. One way they could have accessed this additional help is with an identity theft endorsement on a home or renters policy.
Drivers in Michigan are again expected to pay the most for car insurance in the coming year, with Florida and Rhode Island following.
"As we dive into 2023, auto insurance leaders are tasked with choosing how to respond to the challenges that are following us into the new year, and that’s not an easy job." http://ow.ly/VXJo50Moaiw
The Hanover reported its campaign has one of the highest participation rates among companies in the United Way’s Global Corporate Leadership Program. The campaign’s participation rate is five times higher than the national average too. http://ow.ly/Blc750Moabs
“This ruling will not please the members of the plaintiffs bar, but will provide comfort to those concerned about what they perceive to be ‘runaway’ jury verdicts,” said John Meagher of Shutts & Bowen. http://ow.ly/4fVr50Mo8Ru
Guy Goldstein, CEO of Next Insurance, examines some of the factors affecting the industry such as the role of technology, the importance of new product development, and what he sees ahead for 2023. http://ow.ly/q1Mb50Mo80j
Here are the most common perils that lead to homeowners insurance claims, according to Experian. http://ow.ly/hyQE50Mo77H
"If a defendant properly raises the argument, it will place the burden on the plaintiff to come forward with competent proof. The plaintiff would then have to show that the product’s risks outweighed its utilitarian features and that the product, therefore, was not reasonably safe. Ultimately, while we will certainly see more of these cases, manufacturers have a host of defenses available to them to combat these allegations." http://ow.ly/SuYl50Mn5ZT
Specialty firm deals are expected to continue an upward trend, with these deals increasing by a compound average growth rate of 21.9% since 2018. http://ow.ly/v7iT50Mn5W3
Michael A. Sirignano of Rivkin Radler surveys a variety of Southern District of New York cases from the past 12 months, highlighting the key features of these demonstrated (or alleged) insurance frauds. http://ow.ly/FOT250Mn5T9
Until Feb. 7, 2023, Duck Creek will have a “go-shop” period, during which the company can actively initiate, solicit and consider alternative offers. Duck Creek’s board can terminate the merger agreement with Vista should a superior offer materialize. http://ow.ly/p1bk50Mn5OF
There were 5,978 domestic U.S. insurers in 2021. Revenues collected increased 2.7% to $29.8 billion in 2021. State insurance departments received over 259,345 official complaints and 1.5 million inquiries. http://ow.ly/xS2850Mn5Lg
“California is experiencing coincidentally a drought emergency and a flood emergency,” said Department of Water Resources Director Karla Nemeth during a media briefing Monday. http://ow.ly/qkBM50Mn5IE
Online Payments in 2023: Trends, Changes & What You Need to Know
Join this complimentary webcast to discover how the latest developments can take your organization to the next level!
https://www.propertycasualty360.com/2022/12/13/online-payments-in-2023-trends-changes-what-you-need-to-know/
Join this complimentary webcast to discover how the latest developments can take your organization to the next level!
https://www.propertycasualty360.com/2022/12/13/online-payments-in-2023-trends-changes-what-you-need-to-know/
"Agents who want to go after the builders risk market would do well to follow the demographic, interest rates, and construction and economic factors that drive the market. You don’t need to be the expert; just maintain a high-level understanding of where the market sits.
"Here are four ways to do that."
http://ow.ly/c7Xo50MlUZB
"Here are four ways to do that."
http://ow.ly/c7Xo50MlUZB
"The elimination of the one-way fee-shifting statute will impact many first-party claims brought by homeowners that involve amounts less than $50,000." http://ow.ly/7cNA50MlUSR
#}