Articles

Restaurants and Their Insurance Agents Strive for Stability as Costs Continue to Rise

This year restaurants and bars continue to grapple with many of the same challenges they faced in 2024. The rising cost of labor and food, along with the ongoing struggle to recruit and retain employees, remain among the top concerns for restaurant operators nationwide. The good news: the restaurant industry is expected to reach new sales heights again in 2025, according to the National Restaurant...

Insuring 'Red Zone' High-Value Homes: A Look at California's Wildfires and the Luxury Home Insurance Market

When the calendar flipped to 2025, Lacey Garrison Strom was optimistic. As the executive vice president of private client services at California-based Heffernan Insurance Brokers, Garrison Strom secures insurance coverage for affluent clients across the Golden State. Her renewals were flat--some even went down. "I was so excited," she reflected in a February interview. "This is going to be our yea...

3 Emerging Risks to Watch: Social Inflation, Electric Trucks, Virtual Currencies

The business environment is constantly evolving, with each new development and innovation offering a unique variety of potential risks and rewards. Broad, systemic challenges may sometimes create unexpected obstacles, while technological transitions and advancements can often create as many hurdles as they do opportunities. The systemic implications of social inflation, in addition to the potentia...

Strategies for Brokers as M&A Slows and Insurance Rates Soften

The brokerage industry is adapting to a changing landscape as macroeconomic conditions temper the tailwinds that have driven growth in recent years. High interest rates, historical valuations, and tighter access to capital have slowed M&A activity, with deal flow declining nearly 20% in the first nine months of 2024 compared to the same period in 2023. Meanwhile, moderating renewal rate increa...

Flood Adaptation Preferable to Post-Disaster Rebuilding - And It Helps With Insurability

Economic losses caused by natural catastrophes reached an estimated US$280 billion in 2023, with US$51.6 billion of that total due to floods, according to Swiss Re Institute. As climate change intensifies extreme weather events and rapid urban sprawl increased asset values in high-risk areas, these flood losses are likely to keep rising, said Swiss Re in a report titled "Resilience or rebuild? The...

Verisk: A Shift to More EVs on The Road Could Have Far-Reaching Impacts

What emerging risks could electric vehicles present as they become more widespread? Experts at Verisk recently explored the current EV landscape and hypothesized what insurance concerns the vehicles could prompt in the future. During a webinar presentation, Greg Scoblete, a principal on Verisk's Emerging Issues team, said a shift to more EVs on the road could have far-reaching impacts. "Without be...