Articles

Top Insurtech Predictions for 2018

by Ted Devine

Insurtech is often framed as a force of disruption in the insurance industry. But technology doesn’t disrupt the industry – it enhances the way carriers and customers interact. In 2018, I predict we will continue to see more carriers and agents embrace technology and partner with insurtech companies, not compete with them. More carriers will…

7 Major Pitfalls of High Net Worth Insurance Programs

by Kurt Thoennessen

Imagine designing a program of insurance that covers multiple homes in different states and countries, incorporates estate planning strategies, covers automobiles in multiple states, valuable global collections and personal liability lawsuits that may arise. Insurance programs designed for individuals with these needs are fraught with pitfalls that could result in financial loss if the insurance…

How Commercial Insurance Customers Rate Large Carriers, Brokers

Overall customer satisfaction with large commercial insurers increased in 2017, driven primarily by insurers’ focus on more tailored and diversified products for their customers. That’s according to the J.D. Power 2017 Large Commercial Insurance Study that measures customer satisfaction with commercial insurers and insurance brokers based on the opinions of 2,500 risk professionals. Also, demonstrating…

Why Insurers, Security Professionals Should Work Together on Active Shooter Risks

by James Cameron

With today’s mounting tragic events, it’s more important than ever for businesses to protect themselves, their employees and their customers. According to the Fatal Occupational Injuries report conducted by the Bureau of Labor Statistics, there has been a reported 43 percent increase in homicides in the workplace. On average, about 46 percent of all homicides…

Program Business Sector Revenue Jumps 11.7% from 2014 to 2016: TMPAA

The financial performance of commercial property/casualty insurance program administrators continued to outpace the performance of the overall property/casualty insurance markets, according to a recent study. Program business premium jumped 11.7 percent in 2016 reaching $36.1 billion for the sector, up from $32.3 billion in 2014, according to the study “The State of the Program Business,”…

Cyber Insurer and Cybersecurity Firm Coalition Makes Its Debut

Coalition is making its formal debut into the cyber insurance space, but with a twist. The San Francisco-based startup is also a cybersecurity firm. Founded in March 2017, Coalition is co-founded by technology entrepreneurs John Hering and Joshua Motta, and Motta is also CEO. The company is venture financed, though it declined to disclose specific…

How Surety Bonds Impact Contractor and Agent Relationships

Even though the surety industry is only a fraction of the total property/casualty marketplace, the importance of surety bonds to contractors and their impact on their relationship with insurance brokers is significant. A surety bond line can be a critical component of a commercial contractor’s business plan. From the contractor’s perspective, the bond program is…

Liability Costs Continue to Rise for Long Term Care Industry

The cost of liability continues to increase for the long term care profession, according to the 2017 Long Term Care General Liability and Professional Liability Actuarial Analysis by Aon Risk Consulting and the American Health Care Association (AHCA). The overall loss rate is expected to increase by 6 percent, with claim frequency driving the increase…

Top 10 Technical Fouls to Avoid When Filing Environmental Claims

Claims are where the rubber meets the road for an insurance policy. For some lines of coverage, like workers’ compensation, the protocol for filing claims is routine and automated, with incidents emailed or faxed into a central insurance company location. For others, like environmental policies, claims are infrequent and usually severe. This can present a…

Cyber Insurance Trends With Small Businesses

by Christiaan Durdaller

Cyber insurance is now a hot topic and is increasingly being purchased by businesses of all sizes. Gone are the days when company executives could claim ignorance of cyber threats. On the flip side, agents can no longer avoid having a conversation with their insureds about cyber threats either. Unless, of course, their agency E&O…

Agency E&O Before and After the Storm

For independent agents, errors and omissions (E&O) allegations can surface any day or week but the risk is heightened in the days following natural catastrophes. “After the storm passes over and the claims start to come in, the risk for the insurance agent rises,” according Insurance Journal’s Academy of Insurance Director Patrick Wraight. After the…

Beazley, Munich Re: Demand for Cyber Cover with BI, Supply Chain Protection Increasing

Beazley and Munich Re, through their Vector partnership, have reported strong demand for “holistic cover” to protect against cyber attacks and resulting business interruption and supply chain risks. Vector was established in 2015 to offer tailor-made expertise and capacity for the world’s largest and most complex cyber risks, the companies explained. At that time, most…

The Effects of Recent Catastrophes on the Property Market

The catastrophe exposed property and habitational markets could be in for some changes following this year’s active hurricane season. Joe Morrello, head of excess and surplus (E&S) property for specialty insurer Beazley spoke to Insurance Journal at the recent Wholesale & Specialty Insurance annual meeting in San Diego about current market conditions and what to…

New Association Aims to Strengthen Insurance Agency Networks

by Andrea Wells

An insurance industry lender is among those touting a new association for insurance agency networks. The lender, Live Oak Bancshares Inc., says it will not have ownership in the new group, Insurance Networks Alliance (INA), but will be an ongoing sponsor. Live Oak said the association is meant to represent and strengthen insurance agency networks…

Why Restaurants Are Underinsured

Restaurants are probably one of the most underinsured classes of business in the industry. Competition, inadequate pricing, and owners refusing to buy needed coverages are some of the reasons cited by specialty brokers in this segment. Most restaurant and bar owners purchase property and liability coverage but there are often important coverages they forgo on…