Articles

Specialization is critical in the cattle business and increased consumer demand for protein is driving new trends, including niche farms that offer direct-to-consumer strategies. In today’s evolving and growing livestock landscape, deep knowledge of market conditions and specialization is key to success, according to Erin Cumings, a senior consultant with Nationwide’s sponsor relation team who has...

For many, the “metaverse” sounds like some obscure sci-fi fantasyland. You may be asking, where is it? How does one get there? Well, if you’re reading this article on a screen, you are already scratching the surface of what could be characterized as the metaverse. That’s right. Generally speaking, the metaverse is just a new way of talking about cyberspace. And you know cyberspace. Think about tha...

Insurance Journal examined industries experiencing changes and a few challenges due to economic forces, tough insurance market conditions, and societal pressure. Here are 10 industry sectors that could see new and emerging risks in 2023 and beyond. Cyber Complexities It may be a long time before cyber risk finds itself off a list of emerging risks. Though firmly established as a well-known concern...

Last month, insurance educator Chris Kendall, CPCU, ARM, et al., posted some results of a survey of 2,000 U.S. homeowners on LinkedIn. Conducted or commissioned by Goosehead Insurance Inc., one of the most revealing statistics was that 65% of policyholders agreed that they “have no idea what my home insurance fully covers.” This tracks with a similar survey conducted by Plymouth Rock Home Assuranc...

Artificial intelligence (AI) has been a popular topic of year-end prediction articles in recent years. Looking ahead in 2023, I offer a viewpoint that goes beyond the marketing buzz with my forecasts of the value insurers could realize from AI and the potential impacts these AI implementations will have on their customers. Trusting AI This time last year, I made the case for insurers to begin taki...

The national labor shortage is disrupting businesses across the country, and the brewery industry is no exception. There are three million fewer Americans in the labor force today compared to February 2020, According to the U.S. Chamber of Commerce. For agents and brokers, this presents an opportunity to help brewery clients navigate the labor shortage safely and avoid new risk exposures by helpin...

A convergence of global events has led to the hardest property-catastrophe reinsurance market in a generation and a “complex,” “grueling” and “late” January renewal season, which went down to the wire, according to reports issued by brokers Gallagher and Howden Re. The geopolitical and macroeconomic shocks that occurred during 2022 included the war in Ukraine, fractured energy markets, 40-year hig...

Insurance brokerage USI is forecasting that half of 32 commercial insurance product lines analyzed will experience softer pricing in the first half of 2023—including a predicted “buyer’s market” for directors and officers liability with some caveats. Comparing USI’s forecasts for the first half of 2023 from the firm’s recently published “2023 Commercial P&C Market Outlook” with midyear 2022 foreca...

The dark days of the pandemic are finally easing for the healthcare industry, bringing much needed insurance capacity back for directors and officers (D&O) and employment practices liability insurance (EPLI) coverage after underwriters effectively shut down to new business or for renewals, significantly restricted their terms, conditions and limit capacity two years ago. Healthcare entities ha...

If the insurance industry hasn’t noticed, the sport known as pickleball is exploding across the country, especially in Florida, where more than 15 indoor clubs, replete with air conditioning, cafes, locker rooms, video training and other amenities are planned or are under construction. The growth has brought new opportunities but some tricky challenges for carriers, insurance agents and property d...

Errors and omissions (E&O) coverage is one of those topics that people have a love/hate relationship with. For the most part, professionals who need E&O cover like to know what coverage they have, when it covers them, and how they can get it as cheaply as possible. On the other hand, this is one of those topics where the information can be contradictory, depending on to whom you’re listeni...

Historically, wholesale insurance brokers have been viewed through the limited perspective of being solely a transactional facilitator of submissions or an avenue to access additional markets, especially in the excess and surplus (E&S) marketplace. But now more than ever, the complex nature and specific needs of clients indicate this is an outdated view. Retail insurance agents must decide if...

It’s a great time to work in surplus lines, say specialists working in today’s busier than ever market. The excess and surplus lines (E&S) sector is experiencing record growth — again. In the first six months of 2022, premiums topped $31 billion, and premium bearing transactions pushed 2.8 million. According to the 2022 Midyear Report of the U.S. Surplus Lines Service and Stamping Offices rele...

The insurance market for senior care and housing facilities has emerged from the volatile period of the pandemic and is again responsive and competitive. Premiums that were going up considerably are moderating in some subclasses and carriers that pulled away are returning and competing with new entrants. At the same time, the sector is witnessing a technology explosion that promises to address som...

So far in 2022, the U.S. has experienced multiple tragic mass shootings. One only needs to see the images on the news following the shooting at Robb Elementary School in Uvalde, Tex., or the attack during the Fourth of July parade in Highland Park, Ill., to be reminded of the heart-breaking, human impact these incidents have. There are varying ways to define an active assailant shooting incident....