PropertyCasualty360.com provides highly relevant content, data assets from Summit Professional Networks, a Division of ALM Media LLC, and elsewhere via syndication, data aggregation, content curation and community interaction.
Mission: Helping P&C Insurance professionals solve their biggest problems.
If an InsurTech project is to have any real value, it will go way beyond simply tinkering with business as usual. https://news.alm.com/vGmCfqc
Insurance carriers, agencies and executives should be wary of the 'rip and replace' approach to digitization.
How can insurers establish agile working practices to keep business running as usual during the crisis, as well as the adaptability and resilience they need to better cope with future ones? https://news.alm.com/TNky2Ru
The quantum leap toward virtual collaboration that occurred in recent weeks may permanently change the way we work.
Costs incurred by a taxpayer in order to prevent a potential casualty loss are not deductible under IRC Section 165 as casualty losses. According to the courts, such preventative steps are not sudden and unexpected in nature, and thus do not qualify as events giving rise to casualty loss treatment. https://news.alm.com/NNYCLok
When businesses face new threats like COVID-19, there are always questions about the tax treatments of business losses.
The more occupations people can do, the more likely they were to say they would work past 65; workers over 60 with a higher capacity to work said they would be more likely to remain employed even after hitting age 70; and a quarter of the retirees with a very high capacity for work would consider “unretiring” and returning to the labor force.”
Even among the disabled, the ability to handle jobs increases the chance that they too will return to the workforce.
https://news.alm.com/viVtYLv
Researchers found that the more occupations people can do, the more likely they were to say they would work past 65.
According to a recent survey by Next Insurance, nearly 60% of small-business owners say they are experiencing losses related to the coronavirus and more than 50% say they are expecting layoffs or plan to close. https://news.alm.com/mABCBXx
Here are some of the latest coronavirus-related news developments from around the world on April 6, 2020.
The coronavirus pandemic has forced societies and governments to navigate a new normal they manage domestic outbreaks. While previous geopolitical issues may be on the back burner, for now, new tensions may eventually arise. https://news.alm.com/4hW0dmN
How the coronavirus impacts these threats will shape the international political risk landscape of 2020.
Business income losses are not the only concern. As states expand the workers’ compensation coverage for COVID-19-related claims, employers will experience increasing workers’ compensation costs. And no business will be immune from third-party liability claims. https://news.alm.com/XxSW0bm
Recovering business income losses will depend on whether contamination due to COVID-19 constitutes the physical loss of or damage to property.
"If the event is canceled and going digital, the biggest thing is to make the experience look/feel as much like the live event as possible. Make the branding similar. Offer e-gifts during coffee/food breaks to replicate meals, send a pre-show kit ahead of the event with the event swag they would have received, and make sure the content is as close to what it would have been like if it was being presented live and in person." - Dan Frohnen, CMO of Sendoso https://news.alm.com/SuYN105
As many insurance events face cancellations or postponements, here's how hosts can make the changes as seamless as possible.
"Courts should not let the insurance industry have its cake and eat it, too. Having falsely claimed that virus and contamination exclusions were already in effect, that they were requesting regulatory approval for a mere clarification in the form, and that therefore no premium reduction was warranted, the insurance industry should now be prevented from relying on these exclusions to bar coverage for COVID 19 claims." - Richard Lewis, John Ellison and Luke Debevec, Reed Smith LLP
https://news.alm.com/R0HTl1p
Should insurers be able to avoid coverage for the coronavirus through the use of the virus exclusion?
You can drive yourself crazy trying to fill your home workspace with every bell or whistle imaginable. The most important thing to remember is to keep it simple and consistent. https://news.alm.com/ByfsLLt
Here are the essentials you’re going to need to stay productive during the COVID-19 pandemic.
NAU Country Insurance Company expanded the use of Iteris, Inc.‘s ClearAg for crop risk management. Under the terms of the software-as-a-service agreement, which has been extended for an additional three years, ClearAg will provide location-specific environmental intelligence to help growers plan for preventative actions as part of future cold weather events. Plus more in this week's roundup. https://news.alm.com/E2OVYdh
News from Ageas, EIS Group, Sapiens, Hippo, Levitate, PPM, NAU Country, Duck Creek Technologies and more.
Three trends that will impact almost everyone include cloud computing, investigational tools and processes, and mergers and acquisitions. https://news.alm.com/6nVrCqR
An increased focus on technology is changing how claims are examined and resolved, allowing insurers to provide expedited service to policyholders.
Much remains to be seen as to how COVID-19 will continue to impact workers’ compensation and the larger P&C insurance industry. Certain scenarios, however, are already happening in real-time.
https://news.alm.com/wWyvYXX
Workers' compensation insurers may soon experience a torrent of claims and lawsuits related to the coronavirus.
Preparing a disaster preparedness plan can seem overwhelming. To simplify things and get it started, you could break it down into two simple steps: Identifying your internal stakeholders, and locating a trusted equipment recovery expert. https://news.alm.com/WWSxbfx
Developing a disaster preparedness plan is key for manufacturers to reduce equipment and business losses.
ICYMI: Austin, Texas, once again tops the list of metro areas with more than 1 million people, coasting on its reputation as a college town and a tech hub — the latter fueled by continued investment from Apple. https://news.alm.com/1T5CAnU
Austin, Texas, once again tops the list, but what metro area jumped five spots to come in second?
ICYMI: One potential liability scenario involves allegations of negligent failure to disinfect, resulting in bodily injury to the claimant in the form of infection. https://news.alm.com/9K4URDz
Determining coverage for a loss will depend on the policy language and its interpretation.
ICYMI: Businesses across the U.S. have been forced to limit operations as cities and states try to fight the spread of the coronavirus, fueling a record number of jobless claims and led small business groups to urge the government to act. https://news.alm.com/plYcBwt
The battle over business-interruption losses is heating up.
ICYMI: Supporters of the measure say A-3844 would save thousands of small business owners throughout the state from going out of business, and save thousands of their employees from losing their jobs and going on unemployment. https://news.alm.com/PiHobPb
Proposed legislative would support small business owners who have lost income due to the novel coronavirus.
“As so many are facing a significant financial burden due to the COVID-19 pandemic, we want to show our agent and broker partners, many of whom are small business owners, our support at this challenging time,” Travelers Insurance Chairman and Chief Executive Officer said in a press release Alan Schnitzer. “Independent agents and brokers not only provide invaluable counsel and care to our customers but also play a critical role in the U.S. economy, and we are committed to standing by them.”
https://news.alm.com/IeUwFOU
The company intends to accelerate more than $100 million in commission payments to eligible agents and brokers.
Becoming specialized in a niche industry does not mean that you’re no longer a generalist. https://news.alm.com/4AbHLty
Go niche and go big: Independent insurance agents must differentiate themselves from the pack.
Our own Denny Jacob was interviewed by SutherlandGold Group's blog for their “Tackling Trade Media” series. Check out their conversation outlining three key mistakes to avoid when sharing story ideas with trade media as you work to drive engagement with a targeted audience. https://news.alm.com/7R7wAA2
The Wall Street Journal covers cybersecurity as well as insurance, but it is rare to see coverage of the two sectors overlapping.
Of all the responsibilities that Moore now oversees, he says “we’re highly focused on making sure our large-scale technology and infrastructure projects go well, because those are what will position us for the future and enable our underwriters, claims professionals and other market-facing staff to spend more time with customers and respond to customers more effectively.”
https://news.alm.com/Cax0vCv
Reporting to QBE North America CEO Todd Jones, Moore will also serve as a member of the company's executive committee.
MarketScout announced that Bobbie Perrigo has joined the firm as professional liability broker. Plus more in this week's roundup. https://news.alm.com/gTbe0bX
News from NCRMA, Allianz, Nationwide, Starr Insurance Companies, MarketScout and more.
Think of the typical SMB’s budget and what it goes toward. After the mostly locked-in expenses of salaries and benefits, some of the larger line items will usually include travel and real estate.
Telecommuting helps curb these expenditures.
https://news.alm.com/nfe0i3l
Modern tools and technology make it much easier for employees to stay in the loop no matter where they are.
"Whether you are an agent, broker, executive, risk manager, claims agent or technologist, you all have plenty of skills to help society. And there’s no better time to do that than now." https://news.alm.com/t19QZwE
Staying busy and helping others are keys to maintaining a positive outlook during these challenging times.
Establishing sound safety procedures and requiring accredited safety training courses that meet requirements set forth by OSHA, the API and other regulatory agencies are proven methods for employers to protect their workforce, reduce workers’ compensation claims, and decrease personal injury lawsuits. https://news.alm.com/JBZiEY9
Hydrogen sulfide, or H2S, is a colorless, flammable, potentially hazardous and toxic gas.
How will the Family First Coronavirus Response Act impact U.S. employers? https://news.alm.com/yAvAUVB
The Act went into effect on April 1. How will it impact insurance employers?
"Our world — employees, customers, partners, and everyone in our ecosystem and beyond — need our strength and resilience — right now, tomorrow, and every day moving forward." https://www.propertycasualty360.com/2020/04/03/in-the-moment-of-truth-insurance-is-standing-strong/
Amidst the spread of COVID-19, insurance is in a unique place to serve as a safety net for society.
Insurance people who service the energy sector have two things going for them: Energy is an essential product, and the sector is ripe for innovation. https://news.alm.com/qiF3yVT
Insurance pros who cater to alternative and traditional energy clients must be smart, curious and savvy.
Texas metro areas boast two spots among this year’s top 10, as does California, despite high costs of living and housing shortages. Among smaller metro areas, cities in Colorado and Texas continue to offer ample opportunities for jobs and wage growth.
https://news.alm.com/UKP17jk
Austin, Texas, once again tops the list, but what metro area jumped five spots to come in second?
Courts tend to interpret ambiguous language more broadly in favor of the insured and exclusions and limitations more narrowly. https://news.alm.com/8uKg2JX
Determining coverage for a loss will depend on the policy language and its interpretation.
"You might say I had a passion for dismantling things and putting them back together from an early age. Whether it was a watch, a toy, or something a little more complicated. I always liked to know how things worked and what lay beneath the shiny surface." - Gary Moore, American Technologies, Inc. https://news.alm.com/h4leIs1
CEO Gary Moore knows first-hand how the restoration industry presents numerous career opportunities.
The problems that arise here are: are these people roomers or boarders; are maids or caregivers paid employees or is their compensation room and board; and how does the policy provide coverage for their personal belongings if something happens to the house — if it provides coverage at all? https://news.alm.com/wQtefez
Coverage Q&A: How does homeowners insurance cover the property of household members who are outside the insured's family.
“Tapping into employees’ desire to be seen and appreciated — and to express that gratitude toward colleagues — is perhaps the most underutilized management strategy and biggest area of opportunity for companies in the future of work,” the authors write in the 2020 Workhuman Analytics and Research Institute report, “The State of Humanity at Work.” https://news.alm.com/pT82h6D
Insurance companies seeking to retain skilled workers would do well to take steps to ensure a more inclusive and inviting workplace.
You have several powerful tools in your arsenal. The phone. Mail. Texting. Skype. Email. Social media. https://news.alm.com/C5WwAin
This is a good time to think of others first and do some outreach.
When you do go out, follow these driving safety tips from Laura Adams of Aceable Driving to stay safe on the roads and minimize your risk of picking up the virus. https://news.alm.com/0v5ZATh
Follow these safety tips to stay safe on the roads during the pandemic and minimize your risk of picking up the virus.
150 East 42nd Street, Mezzanine Level
New York, NY
10017
Be the first to know and let us send you an email when PropertyCasualty360 posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.
And we are live!
Wicked Witch of the West Village
148 W 10th St
