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PropertyCasualty360.com is the comprehensive online destination for P&C insurance sellers and buyers providing insurance news, analysis and market trends.

http://www.propertycasualty360.com 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.

Operating as usual

On catastrophe losses, with the record number of named storms during the 2020 Atlantic hurricane season and a record-bre...

01/08/2021

How catastrophes and COVID-19 are changing business trends for P&C | PropertyCasualty360

On catastrophe losses, with the record number of named storms during the 2020 Atlantic hurricane season and a record-breaking wildfire season, AM Best expects claims costs to maintain pressure on pricing and continue to drive average premium costs upward. https://www.propertycasualty360.com/2021/01/08/how-catastrophes-and-covid-19-are-changing-business-trends-for-pc/

For most lines, premium volume had been rising through the end of 2019. 2020 abruptly changed that.

"While AI and machine learning are reaching nearly every category of insurance, I suspect it’s the property & casualty i...

01/08/2021

Rise of the machines — and the humans they'll learn from | PropertyCasualty360

"While AI and machine learning are reaching nearly every category of insurance, I suspect it’s the property & casualty industry, and especially the personal lines — homeowners and automobile insurance — that are feeling the greatest impact first." https://www.propertycasualty360.com/2021/01/08/rise-of-the-machines-and-the-humans-theyll-learn-from/

The rise of data science, and the increasing application of AI and machine learning, are driving the skills needed by today's insurance pros.

"Incluso antes de la pandemia global de COVID-19, solíamos oír que los gerentes de riesgos estaban pensando en trasladar...

01/08/2021

Aceptando la novedad en cautivas | PropertyCasualty360

"Incluso antes de la pandemia global de COVID-19, solíamos oír que los gerentes de riesgos estaban pensando en trasladar una mayor cantidad de riesgo ... Y en este entorno nuevo y sin precedentes, estas consideraciones se han vuelto aún más pertinentes." https://www.propertycasualty360.com/2021/01/07/aceptando-la-novedad-en-cautivas/

Los cautivos han ganado popularidad en los últimos años y muchos están pasando a nuevas fases de su desarrollo.

A Lackawanna County Court of Common Pleas judge has rejected an insurance agent’s dismissal motion in a suit in which th...

01/08/2021

Judge denies agent's request to dismiss gym's COVID coverage suit | PropertyCasualty360

A Lackawanna County Court of Common Pleas judge has rejected an insurance agent’s dismissal motion in a suit in which the agent has been sued for negligence by a gym that has been denied COVID-19-caused loss coverage. https://www.propertycasualty360.com/2021/01/07/pa-judges-refusal-to-dismiss-gyms-covid-coverage-suit-may-be-sign-of-rulings-to-come-414-194340/

The judge ruled it is still unclear whether the 'reasonable expectations' doctrine can be applied to a commercial insured, including the gym.

2020 was a historic year for more reasons than just coronavirus. The year’s Atlantic hurricane season broke the record f...

01/07/2021

Insurance shoppers' top concerns in 2021 | PropertyCasualty360

2020 was a historic year for more reasons than just coronavirus. The year’s Atlantic hurricane season broke the record for most named storms, topping out at 30. https://www.propertycasualty360.com/2021/01/06/insurance-shoppers-top-concerns-in-2021/

Many of the top concerns held by policyholders in 2020 will carry over into this new year.

Looking at full-year results, the composite rate increase for commercial insurance was 5.6%, while personal lines saw 4....

01/07/2021

Rates grew across personal, commercial insurance lines in Q4 | PropertyCasualty360

Looking at full-year results, the composite rate increase for commercial insurance was 5.6%, while personal lines saw 4.5% year-on-year gains during 2020. https://www.propertycasualty360.com/2021/01/07/rates-grew-across-personal-commercial-insurance-lines-in-q4/

Coverage of homes valued at more than $1M saw the biggest rate gains on the personal side, while a few commercial insurance lines jumped double...

As employers evaluate their needs for a mandatory or voluntary program, they will need to consider several questions. ht...

01/07/2021

Can employers require workers to get a COVID-19 vaccine? | PropertyCasualty360

As employers evaluate their needs for a mandatory or voluntary program, they will need to consider several questions. https://www.propertycasualty360.com/2021/01/06/can-employers-require-workers-to-get-a-covid-19-vaccine/

Here's what legal experts are saying along with tips to help employers evaluate whether to implement a mandatory vaccination program.

"[H]ere is a look at two different concerns — one of which, if correct, can significantly impact the industry. The secon...

01/07/2021

An uncertain look forward: weather threats, InsurTech growth | PropertyCasualty360

"[H]ere is a look at two different concerns — one of which, if correct, can significantly impact the industry. The second, while seen as a disrupting threat by some, may make the industry more efficient and effective." https://www.propertycasualty360.com/2021/01/07/an-uncertain-look-forward-weather-threats-insurtech-growth/

A greater aggregate number of flood-related catastrophes may compel Congress to drastically amend the National Flood Insurance Program.

"Even before the global COVID-19 pandemic, we were frequently hearing that risk managers were thinking about putting mor...

01/07/2021

Embracing the changes in captive insurance | PropertyCasualty360

"Even before the global COVID-19 pandemic, we were frequently hearing that risk managers were thinking about putting more risk ... And in this new and unprecedented environment, these considerations have become even more pertinent." https://www.propertycasualty360.com/2021/01/07/embracing-the-changes-in-captive-insurance/

Captives have gained popularity in recent years, and many are now moving into new and exciting phases of their development.

"A hard market may also be referred to as market tightening. This is because insurance availability, usually of a partic...

01/07/2021

Insurance to see hard market conditions across lines in 2021 | PropertyCasualty360

"A hard market may also be referred to as market tightening. This is because insurance availability, usually of a particular line, becomes more difficult to obtain and often may be more expensive." https://www.propertycasualty360.com/2021/01/07/hard-market-conditions-expected-in-2021-414-194297/

Many lines of business are expected to reap the consequences of the unprecedented catastrophic losses experienced in recent years.

BI losses require a more forensic examination because their cause (or causes) are not so readily identifiable. Hence the...

01/06/2021

Applying the ‘but for’ test to wide-area damage (part 3) | PropertyCasualty360

BI losses require a more forensic examination because their cause (or causes) are not so readily identifiable. Hence the requirement of a counterfactual and the application of the but for test. https://www.propertycasualty360.com/2021/01/06/applying-the-but-for-test-to-wide-area-damage-part-3/

Part three of this series examines concurrent causations and how to apply them to business interruption claims.

01/06/2021

Wildfires and wine don't mix | PropertyCasualty360

In the latest Insurance Speak podcast, Larry Chasin, president of PAK Programs, which creates and offers specialty insurance programs for the craft beverage industry, shares some of the challenges for growers and insurers. https://www.propertycasualty360.com/2021/01/06/wildfires-and-wine-dont-mix/

The latest Insurance Speak podcast features Larry Chasin’s insights on the impact of an unusual wildfire season on California’s vineyards.

One of the most confusing coverages is Additional Living Expenses. This week’s question deals with the use of ALE for co...

01/06/2021

Can ALE be triggered when policy limits are exhausted? | PropertyCasualty360

One of the most confusing coverages is Additional Living Expenses. This week’s question deals with the use of ALE for coverage for removal and storage of contents when the limits for the dwelling have been exhausted. https://www.propertycasualty360.com/2021/01/06/can-ale-be-triggered-when-policy-limits-are-exhausted/

Coverage Q&A: This week's Q&A asks if Additional Living Expenses covers cleaning and restoration costs after dwelling coverage is exceeded.

As with everything in the cannabis industry, the appetite among insurers to write policies is in constant evolution. How...

01/06/2021

Is cannabis the next insurance opportunity? | PropertyCasualty360

As with everything in the cannabis industry, the appetite among insurers to write policies is in constant evolution. However, many more clarity on legalization at the federal level will ease apprehensions. https://www.propertycasualty360.com/2021/01/06/is-cannabis-the-next-insurance-opportunity/

The still-emerging cannabis industry presents equal amounts of opportunity and uncertainty, with many watching the federal government to see where...

The coming year will usher in a wave of transformation for cyber insurance. Here are three predictions on where the cybe...

01/05/2021

Cyber insurance trends to look for in 2021 | PropertyCasualty360

The coming year will usher in a wave of transformation for cyber insurance. Here are three predictions on where the cyber insurance industry is heading. https://www.propertycasualty360.com/2021/01/05/cyber-insurance-trends-to-look-for-in-2021/

The cyber insurance industry is rapidly evolving, opening doors for stronger relationships between insurers and policyholders.

When determining business interruption and property damage losses in the wake of a hurricane and wide-area damage, the b...

01/05/2021

Applying the 'but for' test to wide-area damage (part 2) | PropertyCasualty360

When determining business interruption and property damage losses in the wake of a hurricane and wide-area damage, the but for test can become quite complex. https://www.propertycasualty360.com/2021/01/05/applying-the-but-for-test-to-wide-area-damage-part-2/

Better understand how attorneys and forensic accountants view these types of incidents with the second installment in this three-part series.

It is a ruling that demonstrates the burden federal maritime law places on policyholders as the appellate panel found ev...

01/05/2021

Boater's misleading statement results in claim denial | PropertyCasualty360

It is a ruling that demonstrates the burden federal maritime law places on policyholders as the appellate panel found even if it were to “dubiously” assume the policyholder didn’t know his boat was gone, that was something he should have known. https://www.propertycasualty360.com/2021/01/05/youre-going-to-lose-me-geico-prevails-against-client-who-renewed-after-theft-414-194132/

The ruling hinged on the maritime doctrine of uberrimae fidei, which says boat owners have a duty to fully and voluntarily disclose all material...

Most common law bad faith claims are asserted in underinsured, not uninsured motorist cases, reflecting the dearth of un...

01/05/2021

One state is seeing increasing bad faith claims in UM/UIM complaints | PropertyCasualty360

Most common law bad faith claims are asserted in underinsured, not uninsured motorist cases, reflecting the dearth of uninsured motorist claim cases generally, likely due to Connecticut’s compulsory motor vehicle insurance laws. https://www.propertycasualty360.com/2021/01/05/bad-faith-claims-increasing-in-connecticut-for-umuim-complaints-414-194016/

Some Connecticut courts have begun applying a less stringent standard for pleading bad faith in insurance cases.

Contrary to what many consumers believe, a car’s age is not enough to qualify for specialty classic car insurance. https...

01/05/2021

11 cars, trucks and motorcycles poised to rise in value in 2021 | PropertyCasualty360

Contrary to what many consumers believe, a car’s age is not enough to qualify for specialty classic car insurance. https://www.propertycasualty360.com/2021/01/05/11-cars-trucks-and-motorcycles-poised-to-rise-in-value-in-2021/

Many of the dream cars on Hagerty's annual list may have surprising price tags but can also be shockingly affordable to insure.

The average American spends 3.6 hours a day on a mobile device, accounting for over half their daily digital media usage...

01/05/2021

How to win clients and influence leads in 2021 | PropertyCasualty360

The average American spends 3.6 hours a day on a mobile device, accounting for over half their daily digital media usage. If marketing plans ignore these devices, insurance agencies are missing a huge opportunity. https://www.propertycasualty360.com/2021/01/05/how-to-win-clients-and-influence-leads-in-2021/

Here are four predictions that all insurance agents should consider to grow their book of business this year.

Expect a hardening environment in the year ahead with fewer policies, higher premiums, restrictive coverage, and more st...

01/05/2021

Insurance in 2021: A tale of the ant and the grasshopper | PropertyCasualty360

Expect a hardening environment in the year ahead with fewer policies, higher premiums, restrictive coverage, and more stringent underwriting standards in line with insurers’ shrinking risk appetites. https://www.propertycasualty360.com/2021/01/04/insurance-in-2021-a-tale-of-the-ant-and-the-grasshopper/

Expect a hardening environment in the year ahead with fewer policies, higher premiums and restrictive coverage.

Heading into 2021, lawyers expect to see a continuation of the largest group of pandemic lawsuits: those brought against...

01/05/2021

A look back at 2020's COVID-19 insurance coverage lawsuits | PropertyCasualty360

Heading into 2021, lawyers expect to see a continuation of the largest group of pandemic lawsuits: those brought against insurance carriers over business interruption claims. https://www.propertycasualty360.com/2021/01/04/lawsuits-filed-in-2020-over-covid-19-were-diverse-but-limited-414-194049/

Lawsuits alleging that COVID-19 caused economic and physical harm did not reach the stratospheric proportions once predicted.

The COVID-19 outbreak and resulting economic fallout radically shifted consumer and employee needs, habits and expectati...

01/04/2021

Insurers update investment priorities to accelerate pandemic recovery | PropertyCasualty360

The COVID-19 outbreak and resulting economic fallout radically shifted consumer and employee needs, habits and expectations. While insurers were generally quick to adapt, it wasn’t easy, and most believe they still have their work cut out for them. https://www.propertycasualty360.com/2021/01/04/insurers-shifting-investment-priorities-to-accelerate-pandemic-recovery/

Although insurers are investing in resources to help traditional agents, many also are increasing funding in direct online sales.

"It seems only a matter of time before plaintiffs’ attorneys start pursuing claims seeking damages on behalf of those wh...

01/04/2021

New year, new claims: Preparing for surge in COVID-19 liability litigation | PropertyCasualty360

"It seems only a matter of time before plaintiffs’ attorneys start pursuing claims seeking damages on behalf of those who have experienced severe illness (or alleged wrongful death) because of the virus, in particular from business and premises owners." https://www.propertycasualty360.com/2021/01/04/new-year-new-claims-preparing-for-surge-in-covid-19-liability-litigation/

Here are a few potential coverage issues that could arise under CGL policies that are called upon to respond to pandemic-related lawsuits.

"The successful use of technology has increasingly become one of the primary enablers of agency success. And while tech ...

01/04/2021

Reflections on 2020 from a longtime insurance agency owner | PropertyCasualty360

"The successful use of technology has increasingly become one of the primary enablers of agency success. And while tech must be used in every aspect of our business, from prospecting to customer service, today’s landscape can be a bit overwhelming." https://www.propertycasualty360.com/2021/01/04/reflections-on-2020-from-a-longtime-insurance-agency-owner/

Many insurance agency owners exhibited tremendous creativity to adapt to the changing nature of their business.

Working women often encounter hurdles when climbing the career ladder, but a study commissioned by N26, a global mobile ...

01/04/2021

Best U.S. cities for women to break the glass ceiling | PropertyCasualty360

Working women often encounter hurdles when climbing the career ladder, but a study commissioned by N26, a global mobile banking platform, identified where women have the most economic opportunity in the U.S. https://www.propertycasualty360.com/2021/01/04/12-best-us-cities-for-women-looking-climb-the-career-ladder-414-193475/

Many women have struggled to climb the career ladder in the insurance industry. These cities are trailblazing change.

For adjusters working in claims stemming from a wide-area damage event, here are the questions that need to be asked ear...

01/04/2021

Applying the 'but for' test to wide-area damage (part 1) | PropertyCasualty360

For adjusters working in claims stemming from a wide-area damage event, here are the questions that need to be asked early in the fact-finding stage. https://www.propertycasualty360.com/2021/01/04/applying-the-but-for-test-to-wide-area-damage-part-1/

For adjusters working in claims stemming from a wide-area damage event, here are the questions that need to be asked early in the fact-finding stage.

No one could have predicted the effect the coronavirus pandemic would have on the world. It has highlighted the importan...

01/04/2021

2021: How to foster employee well-being in the new year | PropertyCasualty360

No one could have predicted the effect the coronavirus pandemic would have on the world. It has highlighted the importance of accessible financial, mental, emotional, and physical wellness services. https://www.propertycasualty360.com/2020/12/31/2021-the-year-of-financial-well-being-414-192907/

Here is how insurance leaders can increase productivity and improve employees' personal and financial wellness in 2021.

Sometimes just a slight difference in the way wording is structured in a form can have a huge impact on coverage. A pers...

12/30/2020

The 'other insurance' condition | PropertyCasualty360

Sometimes just a slight difference in the way wording is structured in a form can have a huge impact on coverage. A person can never be too careful when reading a policy form or endorsement. https://www.propertycasualty360.com/2020/12/30/the-other-insurance-condition/

Coverage Q&A: What is the difference between 'other insurance' and the primary and non-contributory provision?

Thanks to the accelerated technology adoption in insurance spurred by the COVID-19 pandemic, digital startups may now un...

12/30/2020

InsurTech startups: Consider these underrated tech towns | PropertyCasualty360

Thanks to the accelerated technology adoption in insurance spurred by the COVID-19 pandemic, digital startups may now uncover fresh opportunities to enhance customer experiences and develop modern products in the insurance space. https://www.propertycasualty360.com/2020/12/30/insurtech-startups-consider-these-underrated-tech-towns/

InsurTechs may find their startup capital goes further in one of 'underrated tech cities.'

While new players in the market are expected to increase supply, hampering price increases, Marsh reported it will take ...

12/30/2020

D&O insurance priorities to keep in mind during 2021 | PropertyCasualty360

While new players in the market are expected to increase supply, hampering price increases, Marsh reported it will take some time before their impact is truly felt. This will help difficulties felt today persist into 2021. https://www.propertycasualty360.com/2020/12/30/5-do-insurance-priorities-to-keep-in-mind-during-2021/

Discover what Marsh sees coming up for the currently volatile D&O insurance market, which saw prices leap more than 50% in Q3.

"Businesses should consider taking the opportunity to carry out a desktop exercise with their insurer and broker, and in...

12/29/2020

Managing increasing interconnectivity's impact on businesses | PropertyCasualty360

"Businesses should consider taking the opportunity to carry out a desktop exercise with their insurer and broker, and include key internal and external stakeholders. This builds trust and can take the sting out of any crisis." https://www.propertycasualty360.com/2020/12/29/managing-increasing-interconnectivitys-impact-on-businesses/

Allianz reveals the biggest threats to corporate security today and offers tips to help prevent a cyberattack.

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Videos

#InsuranceSpeak podcast: In this clip author Troy Korsgaden shares his insight on what today’s insurance customers are really looking for from their carrier, and how agents can – or must – evolve to better serve their clients. Listen to full episode » https://www.propertycasualty360.com/2020/12/09/how-agents-must-evolve-to-better-serve-their-customers-in-the-digital-age-podcast/

#InsuranceSpeak podcast: In this clip author Troy Korsgaden discusses some of the most common challenges agents today wrestle with in the face of rapid digitalization and automation. Listen to full episode » https://www.propertycasualty360.com/2020/12/09/how-agents-must-evolve-to-better-serve-their-customers-in-the-digital-age-podcast/

#InsuranceSpeak podcast: In this clip Brian Kabateck, founding & managing partner of Kabateck, LLP, talks about trends he's seeing in the wake of the coronavirus virus. Listen to full episode » https://www.propertycasualty360.com/2020/12/02/insurance-speak-bad-faith-and-bi-claims-the-view-from-the-plaintiffs-side/ | @BKabateck @KBKLLP

#InsuranceSpeak podcast: In this clip Seth Preus, CEO of Mivation, explains what gamification is. Listen to full episode » https://www.propertycasualty360.com/2020/11/12/gamification-for-agencies-drive-results-in-a-remote-work-world/ | @MivationSoftware

#InsuranceSpeak podcast: In this clip @joshuamotta, CEO & founder of Coalition, discusses the rise of ransomware, who’s being targeted & how hackers are executing their attacks. Listen to full episode » http://ow.ly/axzE50CbsGB | @SolveCyberRisk

#InsuranceSpeak podcast: In this clip Carey Bond, the new U.S. head of claims for @LloydsofLondon talks about areas where the industry can improve the experience for claimants and policy holders. Listen to full episode » http://ow.ly/1FoI50Cbnwn

#InsuranceSpeak podcast: In this clip Hank Watkins, the regional director & president of Lloyd’s Americas, discusses how the coronavirus pandemic has affected Lloyd’s various lines of business. Listen to full episode » http://ow.ly/Gd3a50C5sQ4 | @LloydsofLondon