Articles

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...

The Connectivity Challenge and the Future of Insurance Agents

Connecting the insurance ecosystem through the power of technology could answer the decades-old problem of duplicate entry for agents. Agents still must navigate through multiple carrier portals to complete a single quote, despite the promise of integrated solutions. Or agents hit barriers trying to utilize agency data when one technology platform simply can't "speak to" or connect to another plat...

3 Construction Innovations Changing Builders Risk Insurance Exposures

Construction is like insurance. The basics don’t change much, but when there are new developments, they can alter the trajectory of the industry. Building innovations — namely 3D construction, solar panels and cross-laminated timber — are changing builders risk insurance exposures, leaving a gap in knowledge for agents. As these construction techniques grow in consumer interest, it’s important for...

Hotel, Motel Markets ‘Dropping Like Flies’ As Outlook Remains Challenging

The hospitality industry has entered a new chapter. For those who weathered the recent near collapse of the sector, the American Hotel & Lodging Association entered 2023 with optimism that hotel room demand would surpass pre-pandemic levels and occupancy rates would continue trending upward. This confidence continued in May, when the AHLA forecasted a strong summer travel season for both business...

Turnover, Inflation, Operating Costs Add to Insurance Woes for Senior Living Industry

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...

Private Clients Need More Than the Standard Coverage – From Baseball Cards, Sneakers, Jewelry, Cyber and More

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...

Challenges of Insuring Rentals and Multi-Unit Housing

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,...