Articles

Small business owners are optimistic about their future with 71% expecting revenue increases in 2024, according to Q3 2023 MetLife & U.S. Chamber of Commerce Small Business Index. The survey found that 42% of small businesses say they plan to increase investment in the next year and two in five (40%) small businesses say they anticipate increasing staff in the next year. While small businesses...

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...

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...

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...

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...

Small business accounts are the bread and butter for most agencies. The good news: small businesses are increasingly satisfied with the insurance products and services they receive from their providers. Thats according to the 11th annual JD Power 2023 U.S. Small Commercial Insurance Study, which showed overall customer satisfaction reached an all-time high of 847 (on a 1,000-point scale) as custom...

The private flood insurance market has been growing but 2023 may provide a real test following Tropical Storm Hilary in California, as well as future storms that may come during the remainder of the Atlantic hurricane season. According to AM Best, the federal National Flood Insurance Program’s (NFIP) use of new data, models and technology incorporated within its Risk Rating 2.0 underwriting method...

The U.S. homeowners insurance segment has been hit with three consecutive years of net underwriting losses as a result of above-average numbers of natural catastrophes, inflationary pressures and elevated reinsurance costs. These market headwinds have led AM Best to revise its outlook on the segment to negative from stable. Segment carriers are being challenged “by more frequent secondary weather...

When you hear or read the term, “artisan contractor,” what do you think of? Don’t search it, and if you deal with artisan contractors, don’t shout out the answer. I can tell you that I thought of custom cabinet makers and carpenters who do intricate woodwork that reminds you of the artists of generations past. It turns out that artisan contractor is a term for any contractor that does specific con...

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...