Articles

How 2020 Challenged, Strengthened the Flood Insurance Industry

Last year was a year unlike any other – from fighting a global pandemic to facing a record-shattering hurricane season with 31 named storms forming in the Atlantic alone. However, despite these unforeseen difficulties, the flood insurance industry made major headway in protecting individuals and properties from a growing flood risk. Here’s a look at the accomplishments that made the greatest impac...

How the Emerging Gig Economy is Changing Auto Insurance, Surplus Lines

Automobile insurance looks very different today than it did a generation ago. The means by which people (and goods) travel via motor vehicles continue to expand and evolve, as do businesses and their automobile insurance needs, especially in the gig economy and now with the current COVID-19 pandemic disruptions. No longer do individuals exclusively rely on traditional car rental companies for thei...

Workers' Comp Expansion for COVID-19 Led to Narrow Benefit in 6 States

While at least 17 states have passed laws or issued orders that expanded access to workers' compensation benefits for employees who contract COVID-19, many of those directives are creating new exposure for only a sliver of the workforce, new research by the Workers' Compensation Research Institute shows. WCRI studied policies adopted by Alaska, Arkansas, Indiana, Kentucky, Minnesota and Missouri i...

Lloyd's Perspective on the U.S. Property Insurance Environment

While the COVID-19 pandemic has slowed business activity around the globe, for underwriters in the Lloyd's market who were in the process of increasing property insurance rates when the pandemic hit, the timing may be auspicious. Had the outbreak struck earlier than it did, the London insurance market would not be where it is in its campaign to re-establish rate adequacy and profitability, suggest...

Frequency of Cyber Events Targeting Businesses Increasing: Travelers

Nearly one in four respondents (22%) out of more than 1,200 business leaders surveyed in 2020 Travelers' Cyber Risk Index said their firm was the victim of a cyber event -- the highest percentage since the annual survey began in 2014. Still, only a little more than half of those surveyed said they have purchased a cyber insurance policy. What's more, many surveyed business leaders admitted to not...

3 Ps to Consider When Managing the Risks of Assisted Living Facilities

Assisted living facilities provide a necessary service to our aging population, but operating them comes with risks. When you consider that they are designed to provide care for our loved ones in ways that many of us are not able to, you understand just how important these facilities can be. An assisted living facility is not a hospital, nor is it a nursing home. An assisted living facility provid...

What Will the Senior Living Market Look Like for Insurers Post-Pandemic?

Property/casualty insurance for senior living facilities has taken a hit this year. The insurance market has been hardening for the last year or two, and the COVID-19 pandemic brought on a wave of new challenges that has only compounded the problem. Brokers who are working with these health care organizations should be particularly wary of increased liability and more stringent underwriting as we...