Articles

Transparency Is Key for Insurance Agents Handling Coronavirus Claims

Business interruption insurance has been a much-debated topic during the coronavirus crisis, with some businesses already pushing back against virus-related claim denials. Chris Boggs In several cities, groups of businesses have filed lawsuits challenging virus exclusions in their business interruption policies, such as recent claimants in Philadelphia and Chicago. Additionally, legislators in var...

Cybersecurity Expert Tells Industry to 'Better Prepare' Clients for Evolving Ransomware Attacks

The insurance industry has been working to educate policyholders about the cyber risks their businesses face for many years, but the increasing frequency of ransomware attacks on businesses and municipalities is elevating this ever-changing risk to a new level that experts, including insurers, are unsure how to handle. Cybercrime is nothing new to cyber experts, but the sophistication of cyber att...

P/C Insurer Losses for Event Cancellation Business Could be Substantial: A.M. Best

Although event cancellation insurance represents a very small percentage of overall property/casualty premium, the losses for carriers that write this line of business amid the COVID-19 outbreak still could be significant, according to a new AM Best commentary. Losses on this line of business could have a compounding effect as carriers navigate other lines of business exposed in the pandemic such...

Coronavirus Impact on Workers' Comp Limited, Some Workers May Be Covered

The outbreak of coronavirus has already resulted in some workers' compensation claims and more are expected. But whether those claims are going to succeed depends on the individual circumstances and the state where the infection occurred. While compensability issues will play out case-by-case, workers' compensation insurers in at least two states have decided that they will guarantee workers' comp...

Take a 'Deep Dive' Into the Nonprofit Sector: Nonprofits Treading Water as Market Hardens

The task of insuring nonprofit organizations is a complex one and agents, brokers, underwriters and carrier representatives say that in order to fully serve those entities that serve our communities in myriad ways, it's vital to take the time to understand what they do and how they do it. Specialists in this segment are more important than ever as the commercial market has tightened and property a...

Entering and Exiting Digital: What's Up with Multi-Brand Strategies of P/C Insurers?

Two of the largest property/casualty insurers in the U.S., Allstate and Nationwide, made headlines recently when they announced shifts in their respective multi-brand portfolios. Faced with the prospect of staying relevant in an environment that has seen minimal organic growth and a steady stream of digital newcomers entering the market, these types of rapid brand strategy changes are becoming dow...

Technology Deployed by Insurers Seeking to Reverse Commercial Auto Losses

The future cannot come too soon for commercial auto. Despite growing premiums, the commercial auto line hasn't turned an underwriting profit for the past nine years as both the number and cost of claims exceeded expectations. Tech companies are pitching self-driving trucks to vastly improve safety. But while the industry awaits a robot revolution, a more subtle technical revolution has already tak...

Partnership Between Independent Agents, Carriers More Important Than Ever

Agencies and carriers need to align now more than ever. I will add a condition to this statement: Quality independent agencies and quality carriers need to align now more than ever if they are to thrive. Unfortunately, I don't have a solution for agencies and carriers of inadequate quality. The failure of quality carriers and agencies to truly align their interests to achieve reduced expenses for...