Articles

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...

The Rise of Parametric Insurance: A Breakdown of Emerging Coverage Options

Although parametric solutions have been generally available since the late 1990s, they have more recently found their way into corporate insurance. Parametric insurance solutions offer a means to guarantee direct payout after a qualifying event and protect against unpredictable but potentially devastating risks in ways traditional insurance packages cannot. These insurance solutions may offer alte...

The Importance of Advancing Liability Insurance Into the Digital Age

Liability insurance as we know it no longer suits a large fraction of today's and tomorrow's small-business owners. Brokers and insurers are at a crossroads on how to serve small businesses' changing needs in the on-demand economy. The industry's one-size-fits-all approach to liability coverage has largely ignored the generational change at hand, the rise of the gig economy and evolving demands of...

Underwriters and Insureds Adjust Sails in Stormy Commercial Property Market

Commercial property underwriters are adjusting to a market defined by rising catastrophe losses and dwindling profits. From increasing rates and higher deductibles to fewer classes of business and stricter underwriting, even the best in class properties are feeling the heat. Overall, commercial property rates have risen several percentage points even for buyers not facing catastrophe risks, accord...

Program Admins Target New Risks, Report Record Growth Despite Market Challenges

Fueled by investments from insurtechs and interest in niche classes, the program business market has experienced record growth over the last couple years. But the heavy competition is also forcing program administrators to think outside the box in order to stay competitive. According to the Target Markets Program Administrators Association (TMPAA) biannual study for 2019, there was a 131% increase...