Articles

Majority of Underwriters Predict Cyber Risks Grow 'Greatly' in 2024: Survey

Underwriters who thought the growing cyber risk landscape of the past several years would level off soon might want to think again. Woodruff Sawyer's annual survey of cyber insurance carriers found all underwriters surveyed believe cyber risk will increase in 2024. The survey, included as part of Woodruff Sawyer's 2024 Looking Ahead Guide, sought underwriter perspectives on the current risk enviro...

What's to Come in 2024: AI Expansion, More Catastrophes, Network Consolidation

No one can predict the future, but insurance professionals are likely the best qualified when it comes to predicting risk. For this special report, Insurance Journal magazine asked industry thought leaders their predictions for the property/casualty world in 2024 and what they'd wish for if they could have what they wanted. Here's what they had to say. 'Only a Matter of Time' A look back at the se...

South Carolina Liquor Liability Market 'Extremely Unprofitable,' DOI Report Says

A report from the South Carolina Department of Insurance confirms what insurers and bars and restaurants have said for the past few years: Liquor liability coverage in the state is "extremely unprofitable" for carriers - and costs are far out of line with surrounding states. "Combined ratios for the industry make it clear that this sub-line of insurance is being writen at massive underwriting loss...

NCCI: Wage Growth Likely to Continue Workers Comp Payroll Growth

Despite a "significant slowdown" in job growth in 2023, a new National Council on Compensation Insurance briefing shared that "wage growth will likely continue to drive workers compensation payroll growth throughout 2024." "Employment gains slowed in 2023 from 2022; however overall payroll gains, a key metric for workers compensation, remained robust," the quarterly economics briefing said. "Addit...

Do Regulators, Insureds and Agents Understand How Reciprocal Carriers and Some New MGAs Work?

I recently read an article regarding how the U.S. Senate wants to investigate how well reserved Florida Citizens is because of their expressed concern that if a large hurricane destroys enough property insured by Florida Citizens, will Florida Citizens have the wherewithal to pay claims? That seems like a pretty reasonable question to ask and because the state is the insurer, a reasonable person m...

A Woman's Place Is in the Construction Insurance Space

As workplace barriers for minority groups have been challenged, diversity has improved in traditionally male-dominated professions. While it's encouraging to see the work being done to attract and promote women in the construction profession, there is still a very long way to go. A recent report from the Equal Opportunity Employment Commission says, "Women and people of color are underrepresented...

Trucking in Transition: Sector Faces Decline in Demand, Rising Costs and Changing Insurance Markets

The transportation market is experiencing lower freight rates and excess capacity as fewer loads are shipped with demand for goods down from its pandemic-era peak. The trucking sector in particular is encountering challenges, including ongoing driver shortages, the high price of diesel and increased operational costs. As trucking firms face tighter profit margins, they're shopping hard for lower i...