Industry News

Industry News: Insurers Raise Cyber Rates Significantly Amid Costly Losses; A New Generation of Independent Agents Calls for New Hiring Tactics; U.S. Traffic Deaths Jump 10.5% in 2021 to Highest Number Since 2005

​Is That 18-Year-Old Driving Your Commercial Truck?Driver shortages have led to trucking companies exploring options to recruit new drivers, but is lowering the age requirement the best option?Tesla Bets It Can Bring Down Insurance Costs, Make Driving SaferTesla Insurance is offering comprehensive coverage and claim management for Tesla owners in select U.S. states, with additional states coming in the future and says they can do it cheaper.New York Accuses Amazon of Discriminating Against Pregnant and Disabled WorkersThe New York State Division of Human Rights has filed a complaint against Amazon.com Inc. accusing the online retailer of discriminating against pregnant and disabled workers.Insurers Raise Cyber Rates…

Continue ReadingIndustry News: Insurers Raise Cyber Rates Significantly Amid Costly Losses; A New Generation of Independent Agents Calls for New Hiring Tactics; U.S. Traffic Deaths Jump 10.5% in 2021 to Highest Number Since 2005

Industry Roundup: Claims Frequency Up for 2021, but Workers’ Comp Profitability ‘Unprecedented’; Munich Re Writes Down $740M Bonds Over War in Ukraine; How Many Americans Lie on Auto Insurance Applications?; What Drove Auto Insurance Shopping Trends in Q1

​Court Says Federal Law Preempts, Tosses New York Suit Over Amazon Worker SafetyA New York state appeals court on Tuesday dismissed state Attorney General Letitia James' lawsuit accusing Amazon.com Inc. of failing to adequately protect thousands of workers at two New York City facilities against COVID-19.Munich Re Writes Down $740M Bonds Over War in UkraineMunich Re incurred steep losses on Russian and Ukrainian bonds in its investment portfolio and warned of risks to its outlook from the conflict between the two countries, along with volatile markets and the pandemic.Claims Frequency Up for 2021, but Workers' Comp Profitability 'Unprecedented'For the first time in more than a…

Continue ReadingIndustry Roundup: Claims Frequency Up for 2021, but Workers’ Comp Profitability ‘Unprecedented’; Munich Re Writes Down $740M Bonds Over War in Ukraine; How Many Americans Lie on Auto Insurance Applications?; What Drove Auto Insurance Shopping Trends in Q1

Industry Roundup: ​Help Wanted as New York City Implements Law Requiring Salary Ranges in Job Ads; Live Event Insurance Changes Call on Agents to Review Coverages; The Average Length of Time for Collision-Related Rentals Grows

​​Connecticut Legislators Pass Consumer Data Privacy 'Bill of Rights'Consumers in Connecticut will be able to know when their personal information is being tracked and how it's being used under a wide-ranging data privacy bill that's headed to Gov. Ned Lamont's desk.Help Wanted as New York City Implements Law Requiring Salary Ranges in Job AdsJust four months ago, city lawmakers voted to require many ads for jobs in the nation's most populous city to include salary ranges, but lawmakers will likely vote to postpone it for five months after employers waved red flags.Live Event Insurance Changes Call on Agents to Review CoveragesCarriers are introducing new targeted…

Continue ReadingIndustry Roundup: ​Help Wanted as New York City Implements Law Requiring Salary Ranges in Job Ads; Live Event Insurance Changes Call on Agents to Review Coverages; The Average Length of Time for Collision-Related Rentals Grows