Articles

Professional liability and property insurance are top of mind for senior living operators, who are experiencing a challenging market driven by high staff turnover, inflation and heighted operating costs. The cost of labor and staffing shortages are the primary drivers impacting senior care and housing facilities, insurance experts specializing in senior living say. “Turnover has been a historic is...

When it comes to helping high net worth (HNW) clients get optimal coverage, there’s more to it than just adding a couple of zeroes to premiums and payouts. HNW clients have different interests and concerns that require customized insurance programs. Whether it’s real estate, cyber threats, or protecting the collections that fire their passions, insurers and their agent partners must take extra car...

The COVID-19 pandemic reshaped industries across the globe, and the disability insurance sector was no exception. As the world grappled with unprecedented challenges, carriers in this space were compelled to revolutionize their underwriting procedures and embrace unique work arrangements and digital solutions at a pace not seen before in this industry. Historically, working from home has been a ch...

The age-old question in insuring rentals and multi-unit housing is, “Who covers what?” Whether it’s owner-occupied housing or a landlord-tenant relationship, the changing landscape — from higher costs to the rise of short-term rentals — has demanded the market change along with it. In the Insurance Journal Academy of Insurance course, “Challenges in New and Old Multi-Unit Housing,” Joe Harrington,...

Those in the insurance industry tend to view everything through a lens of risk and responsibility. Sure, that game/sport/amusement/party looks like a good time, but what horrible thing could happen? And who is going to pay for it when it does? Especially when that fun is hanging out in a room full of flying axes. Or speeding down a busy, bumpy sidewalk on a tiny scooter. Or jamming a dozen kids in...

Insurers have come a long way on climate change, but they have a long way to get where they need to be to deal with a more hazardous planet. That was the assessment from Washington Insurance Commissioner Mike Kreidler, a regulator who has spent three decades pushing insurers to disclose more about their investments and activities surrounding fossil fuels and to do more to address climate change. K...

Crop insurance is more than just a risk management tool for farmers — it is a vital component of the American agricultural sector, supporting price stability, promoting food security, strengthening rural economies, and reducing reliance on government aid. It’s also part of the Farm Bill, the federal government’s primary agriculture and food policy legislation, which is up for renewal this year. Da...

American workers are struggling. Employee stress has reached record highs. Symptoms and formal diagnoses of mental illnesses like anxiety, depression and PTSD are rising. Substance abuse disorders are up, too — as are suicide rates in some demographics. Understanding how employee well-being impacts workers and employer workers’ compensation programs has become increasingly important. During a rece...

After learning about green buildings, after examining their structural characteristics that may not be covered by traditional insurance policies, and after studying green rating guides and the commissioning process, Stephen Bushnell came to a notable conclusion. “It seems that green buildings would be better risks for us to write than a traditional building,” he thought. Bushnell researched green...

Years ago, it may have been hard to imagine a time when robots could have nine-to-five jobs and handle household chores, drivers could subscribe to luxury vehicle features like heated seats and big infrastructure projects would become common across the country. Remarkably, these aren’t future endeavors — they’re happening today. And they represent three emerging risks insurers should keep track of...

The U.S. construction sector continues to see strong growth in various sectors and geographies but higher interest rates, higher building costs, and a decades-long shortage of skilled labor are contributing to a “cautiously optimistic” outlook for the rest of 2023 into 2024. Insurance costs are among those that are rising, which insurance professionals say means that they must find creative ways t...

Public entities have unique challenges when it comes to mitigating risks and insuring exposures. They serve their communities through education, public utilities and first responder services, and must do so often with limited resources. Today that effort is even more challenging, insurance experts say. It’s normal for public entities like schools and other government organizations to be asked to d...

As musicians prepare for a star-studded summer of live events, the demand for performances is huge. At the same time, entertainment carriers are adjusting their appetites and underwriting parameters. Catastrophic losses at music festivals and concerts have led to more thorough and stringent underwriting reviews. Because of restricted underwriting and overall capacity, umbrella/excess coverage has...

Spectator Safety, Natural Catastrophes, Rising Costs Top Concerns Today As theater shows and live events return to full force this year coming off pent-up demand, underwriters are placing extra scrutiny on safety, resulting in increased rates and tightly worded policies. Specialists in the entertainment insurance industry say that coverage for venues, performers and promoters is attainable, but pa...

Young consumers don’t always trust the insurance industry, but most do, according to a new study from the Society of Actuaries (SOA) Research Institute, which found that on average, younger consumers rated insurance companies a six out of 10 in terms of trust. The study analyzed how younger consumers understand, evaluate and purchase insurance plans. The study also investigated younger consumers’...