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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.

Operating as usual

“Health care organizations and federal agencies have already taken a big step toward requiring protection from COVID-19,...
01/04/2022
2022 Underwriting trends for houses of worship | PropertyCasualty360

“Health care organizations and federal agencies have already taken a big step toward requiring protection from COVID-19, and other groups are sure to follow. This will spark lawsuits and other backlash, and organizations should be planning for those possibilities when they develop employment policies.” http://ow.ly/ErpU50HmqB9

Here are six major underwriting trends the insurance industry is likely to see in the coming year.

The Wholesale Specialty Insurance Association reported that in Utah, Arizona and other western states, the surplus lines...
12/31/2021
Top 10 U.S. surplus line groups of 2020 | PropertyCasualty360

The Wholesale Specialty Insurance Association reported that in Utah, Arizona and other western states, the surplus lines market is benefiting from rapid growth in construction projects, while casualty coverage lines are propelling gains in other states. http://ow.ly/7Zw750HevYQ

Surplus lines premiums reached new highs for the past two consecutive years, according to stamping office data.

Since something like your business never existed before, underwriters don’t know the business, can’t accurately ascertai...
12/30/2021
How to insure new and unusual businesses | PropertyCasualty360

Since something like your business never existed before, underwriters don’t know the business, can’t accurately ascertain the risk, and don’t know how to insure it. This scenario may prompt new businesses to either give up before they start, take risks they may not be able to afford, or bullhead their way into forcing underwriters to reconsider their first “no” stance. http://ow.ly/8vAw50Hevla

Unicorn Insurance: It might not be easy to navigate insurance coverage for new or unusual enterprises, but where there's a will, there's a way.

While all of the states who made the top ten have clean driving record percentages over 82%, the average number of licen...
12/29/2021
10 states with the safest drivers | PropertyCasualty360

While all of the states who made the top ten have clean driving record percentages over 82%, the average number of licensed drivers across the U.S. who can boast a clear record is 78.71%.

http://ow.ly/orI150HkzP6

We’ve already taken a look at the states with the most dangerous drivers, but now it’s time to examine the ten states with the best driving records…

"It has been very difficult to have renewal conversations with insureds, some still recovering financially from the pand...
12/29/2021
Florida personal lines coverage reaches crisis levels — Part 2 | PropertyCasualty360

"It has been very difficult to have renewal conversations with insureds, some still recovering financially from the pandemic, and explain to them why they are seeing double-digit increases across the board — even for the best of clients." http://ow.ly/Ptjs50HkzMU

After years of abusive lawsuits and fraud, homeowners insurance rates in Florida are through the roof – and both agents and policyholders are...

"Among the insurers who still write business here, in 2020 — even without a hurricane making landfall — Florida’s proper...
12/28/2021
Florida personal lines coverage reaches crisis levels - Part 1 | PropertyCasualty360

"Among the insurers who still write business here, in 2020 — even without a hurricane making landfall — Florida’s property insurance market posted one of its worst financial performances to date ... That not only marks the industry’s fifth consecutive year of losses in the state, but is also more than two-and-a-half times what those companies lost in 2019." http://ow.ly/N5n050Hk2BU

After years of abusive lawsuits and fraud, homeowners insurance rates in Florida are through the roof – and both agents and policyholders are...

"[D]on’t expect 2022 to be a year of reverting to older pre-pandemic insurance processes, but instead, anticipate a year...
12/28/2021
5 predictions for digital media in insurance in 2022 | PropertyCasualty360

"[D]on’t expect 2022 to be a year of reverting to older pre-pandemic insurance processes, but instead, anticipate a year of legitimizing, enhancing and protecting investments in digital processes that will benefit insurance carriers and customers for years to come." https://www.propertycasualty360.com/2021/12/28/5-predictions-for-digital-media-in-insurance-in-2022/

From self-service experience to deepfakes, these trends will shape the P&C industry in the year ahead.

Being the first in your field can be exciting. You’ve found a consumer need that hasn’t been met. You don’t just create ...
12/23/2021
How to insure new and unusual businesses | PropertyCasualty360

Being the first in your field can be exciting. You’ve found a consumer need that hasn’t been met. You don’t just create a new kind of company but an entire business category that didn’t exist before. But how the heck do you get insurance? http://ow.ly/PIR450HevfH

Unicorn Insurance: It might not be easy to navigate insurance coverage for new or unusual enterprises, but where there's a will, there's a way.

From the hazardous toys to the chance of a Douglas fir combusting into a Yule log smoldering in a dried-out but seasonal...
12/23/2021
P&C insurance risks to avoid this Christmas season | PropertyCasualty360

From the hazardous toys to the chance of a Douglas fir combusting into a Yule log smoldering in a dried-out but seasonally colored stand, the holidays throw a lot of risks in an insured’s way.

A large majority of Americans admit to regularly partaking in an activity that tempts fire risks every season.

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Not only are global laws on the offense when it comes to environmental responsibility, but they’re also beginning to crack down on false nutritional claims and negligent marketing in the food and beverage industry. http://ow.ly/JHjH50HmO1X
The panel found that the holdings of Bellefonte and Unigard Security Insurance Co. v. North River Insurance Co. have been “undermined” by the New York Court of Appeals’ response to a certified question on the matter. http://ow.ly/kCtS50HmOgh
One of the most common pitfalls in a claim organization is having the same person fill the role of claim specialist and subrogation specialist. Separating duties makes all the difference. http://ow.ly/AL9050HmNSB
The court was not swayed by Goodwill’s claims that the virus exclusion was invalid, finding that Philadelphia included an advisory to policyholders, alerting Goodwill to the virus exclusion in the 2019-20 policy renewal. http://ow.ly/Z59i50HmNyf
The industries most likely to pay relatively high premiums for cyber insurance, according to a recent AdvisorSmith survey of cyber insurers and costs, are those that run on transactional information. http://ow.ly/6Q6o50HmNos
“There are right ways and wrong ways to gather feedback from your employees about their experiences in their jobs. And in trying to decide what employees want and how they are spending their time, some companies are making problems worse.” http://ow.ly/xewW50HmqCA
“Health care organizations and federal agencies have already taken a big step toward requiring protection from COVID-19, and other groups are sure to follow. This will spark lawsuits and other backlash, and organizations should be planning for those possibilities when they develop employment policies.” http://ow.ly/ErpU50HmqB9
“[W]e expect global insurance industry revenues to grow to $7.5 trillion by the end of 2025. Here are five scenarios insurers looking to capture a share of that revenue in 2022 will need to consider.” http://ow.ly/9Hbh50HmqyN
A survey from earlier this year found more than 80% of Colorado residents were concerned or very concerned about wildfire risks, with 44% saying risks from widespread fires are only growing worse. http://ow.ly/zCG150Hmqx5
While Texas sees a large number of annual DUIs, more recently the citizens of Canton, Ohio, have apparently been saying “don’t hold my beer” more often. http://ow.ly/wKsG50Hmqwi
The Wholesale Specialty Insurance Association reported that in Utah, Arizona and other western states, the surplus lines market is benefiting from rapid growth in construction projects, while casualty coverage lines are propelling gains in other states. http://ow.ly/7Zw750HevYQ
Since something like your business never existed before, underwriters don’t know the business, can’t accurately ascertain the risk, and don’t know how to insure it. This scenario may prompt new businesses to either give up before they start, take risks they may not be able to afford, or bullhead their way into forcing underwriters to reconsider their first “no” stance. http://ow.ly/8vAw50Hevla