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.
ICYMI: Individual firms, companies and nonprofits have developed solutions that can benefit the entire IA channel. But partners who bring a commitment to industry-wide collaboration are a critical component. https://news.alm.com/WwNYjQ5
How three emerging realities for the independent agent channel hold the prospect of boosting growth for 2019.
ICYMI: According to the survey’s findings, 49% of millennial e-scooter riders are concerned about harming themselves or others when riding, but 53% have never thought about purchasing insurance coverage. https://news.alm.com/mZKK83K
According to a survey by VOOM, 53% of e-scooter riders have never thought about purchasing insurance coverage despite safety concerns.
ICYMI: Prior to entering a catastrophe zone, there are a number of issues companies should anticipate to keep everyone safe and ensure repairs and mitigation can occur as needed. https://news.alm.com/m060W0X
It only takes one major storm making landfall to create chaos.
ICYMI: To help mitigate the risks, companies opening their office floors to pets should first create a written policy setting some ground rules and setting the parameters in advance. https://news.alm.com/6o37dAT
Who is liable if a dog bites a co-worker or destroys any furniture? The answer is tricky.
ICYMI: Variations in dram shop laws will prove tricky for existing business owners and newcomers. This presents a ripe opportunity for agents and brokers to demonstrate their value as a knowledgeable resource in this industry niche. https://news.alm.com/DWJB3kU
As the brewery and winery space continues to innovate, new risks and exposures will enter the market.
ICYMI: On average, most areas experienced 4–6 inches of rain. Still, that was enough to breach some levees in Myrtle Grove, Louisiana, and cause flash flooding in affected neighborhoods across the state that led to road closures and power outages. https://news.alm.com/Z0I38D5
Early estimates price Hurricane Barry insured losses at $300 million.
ICYMI: “Know that storms are considered ‘Acts of God’ or ‘Acts of Nature’ and an insurance company cannot cancel, refuse to renew or increase the amount of a premium on a homeowners policy based solely on this type of incident.” https://news.alm.com/NR6qX91 #HurricaneBarry2019
ICYMI: Data revealed that the introduction of ridesharing services accounts for an approximate 3% annual increase in traffic-related fatalities, or 987 people each year, with the most significant increases occurring in larger cities. https://news.alm.com/CGUSPZj
Recent research from the University of Chicago says ride-hailing is associated with a 3% increase in fatal accidents.
Joshila Tailor has joined Everest Insurance International as the global head of fine art and specie. Plus more in this week's moves. https://news.alm.com/jSJlOuv
News from American International Group Inc., Everest Insurance International, ClarionDoor Inc. and more.
The company recently announced that its Giveback program’s 2019 donations amount to $631,540, impacting 25 charities worldwide — a 1,000% growth from when the program started in 2017. https://news.alm.com/gbm2vnJ
Growing more than 1,000% since 2017, the impact of this year’s Giveback includes supporting Teach for America, UNICEF, The Trevor Project and more.
The composite rate for U.S. personal lines was up 3.5% in the second quarter of 2019, an increase of 2% in the first quarter, according to MarketScout. Rates in some catastrophe areas are up as much as 50%. https://news.alm.com/CoByt3e
Rates in some catastrophe areas are up as much as 50%.
“Argo’s partnership with Formula E and our support of STEM education is a reflection of our commitment to innovation, teamwork and sustainability,” said Gary Grose, head of producer management and marketing at Argo Group. https://news.alm.com/Pizopwh
Formula E drivers were in attendance — and raced against students — at the event where Argo Group donated $15,000 to robotics and step teams.
“A large number of those equipment breakdown losses last year could have been prevented. However, in a booming economy, many companies aren’t necessarily taking their facilities offline for preventive maintenance, often choosing instead an expensive roll of the dice rather than a more conservative bet,” said Brion Callori, FM Global senior vice president of engineering and research. https://news.alm.com/eH3cq7j
According to an analysis from FM Global, equipment breakdown was responsible for nearly one-third of property-related losses in 2018.
Lockton has accused Alliant in court filings of purposely violating restrictive covenants in the workers’ contracts, which prevent the employees from soliciting Lockton’s customers and personnel for two years after leaving the companies. https://news.alm.com/cmPiE2q
A Delaware judge issued a preliminary injunction barring Alliant from servicing 55 customers it had allegedly gained after raiding Lockton's staff.
The company, which was owned by Berkshire Hathaway until last month, was accused by the state regulator of including separate agreements in their insurance products that weren’t approved by the agency. https://news.alm.com/izjQUzO
The workers' comp insurer reportedly bundled side agreements with its products that forced small businesses to pay higher plan fees.
Craig: I’m smack dab in middle of Generation X from a label standpoint. What I see really as the biggest positive change that this generation has delivered is the transition to the use of technology in the industry.
The insurance industry is very conservative by design. Many times it is slow to embrace progress. But we’ve seen drastic changes, whether it was the electric typewriter to then a computer system. But more important than the technology that has come on board is the agents and agencies in my generation who have helped embrace that. Whether it’s management systems, raters, just embracing the Internet — now you’re embracing the web for all of the opportunities.
Jennie: I can piggyback on that. The biggest positive change our generation has already delivered is the digital technology that allows us to enhance our personal relationships with our clients.
The way we go about insurance today is much different that it was 20 years ago. With today’s technology, the practicality of face-to-face customer service isn’t quite as common anymore. With smart phones and tablets, clients can use instant message or email from the start of requesting for a quote to completing an application. There are also capabilities to access policies from phone apps and to request changes on your policy.
https://news.alm.com/grSf0of
Two rising professionals talk about their generation in insurance.
Many organizations could do much more in terms of adding efficiencies, growing their business and competing in the marketplace. https://news.alm.com/tN3m7gs
Your clients don’t want to jump ship, but some business and industry trends may leave them with little choice.
According to the survey’s findings, 49% of millennial e-scooter riders are concerned about harming themselves or others when riding, but 53% have never thought about purchasing insurance coverage. https://news.alm.com/G3L13A0
According to a survey by VOOM, 53% of e-scooter riders have never thought about purchasing insurance coverage despite safety concerns.
Prior to entering a catastrophe zone, there are a number of issues companies should anticipate to keep everyone safe and ensure repairs and mitigation can occur as needed. https://news.alm.com/2vyGBPV
It only takes one major storm making landfall to create chaos.
When working with insureds in this area, we recommend they have a solid Recreational Water Illness Plan in place. https://news.alm.com/mDgGTii
Water-borne illnesses like cryptosporidium are a major risk management concern for clubs. Here's how to manage it.
Individual firms, companies and nonprofits have developed solutions that can benefit the entire IA channel. But partners who bring a commitment to industry-wide collaboration are a critical component. https://news.alm.com/vLFthFr
How three emerging realities for the independent agent channel hold the prospect of boosting growth for 2019.
By flipping data use on its head, insurance companies can now add directly to their own bottom-line revenue by monetizing their own data assets. https://news.alm.com/aZR20Ee
Insurance companies have always used a mix of internal and external data sources to make underwriting decisions.
To help mitigate the risks, companies opening their office floors to pets should first create a written policy setting some ground rules about what kinds of animals are allowed and establish any owner responsibilities, setting the parameters in advance. https://news.alm.com/FY62hak
Who is liable if a dog bites a co-worker or destroys any furniture? The answer is tricky.
The judge found that punitive damages of $75 million against Monsanto were 15 times the compensatory damages, which he called “constitutionally impermissible,” forcing him to reduce the award. https://news.alm.com/aQPoyBz
A California judge found that Monsanto Co.’s conduct was sufficient to warrant punitive damages of $20 million —four times the compensatory damages.
From crowded venues to dangers lurking in the water, a trip to a water park this summer may end up being a regretful decision. https://news.alm.com/eeT1Lxa
While it's easy to see water parks simply as a fun getaway, there are plenty of risks to be aware of before your next visit.
With many of today’s yachts customized down to the littlest details and built to clients’ specific desires, it makes sense that a one-size-fits-all policy won’t be sufficient to protect your clients’ investment. https://news.alm.com/n65DsX5
Hiring and maintaining a qualified and certified crew is crucial to ensuring a safe sailing experience throughout the voyage.
Data revealed that the introduction of ridesharing services accounts for an approximate 3% annual increase in traffic-related fatalities, or 987 people each year, with the most significant increases occurring in larger cities. https://news.alm.com/7npK6XJ
Recent research from the University of Chicago says ride-hailing is associated with a 3% increase in fatal accidents.
Having an emergency preparedness plan in place can help reduce a disaster’s impact on a municipality’s essential services and financial stability. https://news.alm.com/odPLioe #HurricaneBarry2019
Proactive measures and rapid response are influencing how insurers prepare policyholders for catastrophes.
Composting facilities serving robust legalized #marijuana programs are well positioned to dive into the market, develop expertise and dominate market share. https://news.alm.com/ou8uTHy
Cannabis' unique qualities and strict regulations are expected to make waste handling a complex regulatory matter.
Around the P&C insurance industry: News from Crawford, Financial Risk Solutions, Alera Group and more. https://news.alm.com/B2Wdko5
News from Crawford, Financial Risk Solutions, Alera Group and more.
Jim Donelon: “Know that storms are considered ‘Acts of God’ or ‘Acts of Nature’ and an insurance company cannot cancel, refuse to renew or increase the amount of a premium on a homeowners policy based solely on this type of incident.” https://news.alm.com/cDFglYL #HurricaneBarry2019
This advice from Louisiana Insurance Commissioner Jim Donelon is relevant for anyone facing the insurance claims process after a severe storm.
“Cannabis is a sleeping giant.” https://news.alm.com/mcRO1UY
While some carriers worry about marijuana's legal status, others are concerned about their competitors getting ahead.
Perhaps no issue is as litigated and disputed within the CGL context as whether faulty construction work comes within a typical CGL policy’s initial grant of coverage. https://news.alm.com/ejAKiii
A look at the changing scope of construction defect coverage under a commercial general liability policy.
The experts at FC&S fill in the knowledge gaps about how vacancy exclusions are addressed during the construction of insured properties. https://news.alm.com/F3cRVZr
Coverage Q&A: How are common vacancy exclusions addressed during the construction of insured properties?
Emily Hartridge, a television presenter who made videos about fitness and mental health, died after her scooter was hit by a truck in London, apparently making her the first such fatality in Britain. https://news.alm.com/NPh3dbG
The death comes amid scores of complaints about safety as scooter use rises by the millions in North America, Asia Pacific and Europe.
While a number of commercial lines segments’ profits improved in 2018, property segments, due to reduced catastrophe-related losses, and workers’ compensation touted the lowest combined ratio of any major segment at 86.4%. https://news.alm.com/y4dW39k
The industry's statutory combined ratio fell to 86% in 2018 and has averaged 93% annually since 2015.
On average, most areas experienced 4–6 inches of rain. Still, that was enough to breach some levees in Myrtle Grove, Louisiana, and cause flash flooding in affected neighborhoods across the state that led to road closures and power outages. https://news.alm.com/AbX5CiD
Early estimates price Hurricane Barry insured losses at $300 million.
AI is poised to be a major insurance-industry disruptor. https://news.alm.com/zRojQ0E
This graphic breakdown is based on research from the recent Cognizant report The Insurance AI Imperative.
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