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Industry Roundup: What Actions Can Employers Take if Staff Avoid Covid-19 Vaccines?; Civilian Space Tourism: There’s Coverage for That; Hurricane Ida: Estimated Insured Losses Revealed

​Newer Contractors, Laborers Account for Most WC ClaimsBuilding and construction firms that have been in business for four years or less account for three-quarters of workers' comp claims in the contractor sector, according to AmTrust Financial.Flood Risk Drivers: Rising Sea Levels, Extreme Weather & The MoonBy the mid-2030s, every U.S. coastal region will experience rapidly increasing high-tide floods, or so-called sunny day floods, according to the National Aeronautics and Space Administration (NASA), which explains a lunar cycle will exacerbate rising tides and usher in a decade of increasing flood risks in the U.S.The Rise of Insurtech Does Not Mean The Fall Of Insurance AgentsAgents must…

Continue ReadingIndustry Roundup: What Actions Can Employers Take if Staff Avoid Covid-19 Vaccines?; Civilian Space Tourism: There’s Coverage for That; Hurricane Ida: Estimated Insured Losses Revealed

Big ‘I’ Opposes Tax Increases Cleared by Ways and Means Committee

​Legislation from U.S. House committee would raise taxes on independent agencies.​WASHINGTON, D.C., Sept. 15, 2021 — The Independent Insurance Agents & Brokers of America (the Big “I") today voiced opposition to the U.S. House of Representatives Ways and Means Committee's passage of legislation that would raise roughly $2 trillion of new revenue through tax increases on businesses and individuals.  “The Big 'I' was disappointed to see House Democrats on the Ways and Means Committee vote to move forward with a number of substantial tax increases on our nation's small businesses," says Charles Symington, Big “I" senior vice president of external, industry and government affairs. “The last…

Continue ReadingBig ‘I’ Opposes Tax Increases Cleared by Ways and Means Committee

Industry Roundup: ​Retail And Hospitality Sectors Face Rising Terrorist Threats; Pandemic Staffing Crunch Creates Commercial Insurance Hurdles; Insured Losses for First-Half 2021 Natural Disasters Total $42B

​Retail And Hospitality Sectors Face Rising Terrorist ThreatsThe retail and hospitality sector has been a major target for terrorist actors for several years. As the COVID-19 vaccination process progresses, more businesses will reopen fully, which means a busy retail and hospitality sector.Pandemic Staffing Crunch Creates Commercial Insurance HurdlesAccording to former U.S. Bureau of Labor Statistics Commissioner Erica Groshen, the current environment is less a labor shortage than a structural change in our economy. The pandemic has accelerated key sectors and simultaneously shifted the labor market. E-commerce and telemedicine, for example, took giant leaps forward, while other segments rapidly receded.Things to Consider When Placing Coverage Through…

Continue ReadingIndustry Roundup: ​Retail And Hospitality Sectors Face Rising Terrorist Threats; Pandemic Staffing Crunch Creates Commercial Insurance Hurdles; Insured Losses for First-Half 2021 Natural Disasters Total $42B