Industry News

​Rating Upgrades Increase for U.S. P/C Insurers in 2021Ratings for the U.S. property/casualty industry returned to pre-pandemic levels with some companies strengthening balance sheets and improving operating results, said financial strength rating agency AM Best.Insurer Sues Real Estate Firm for Workers' Comp FraudAn insurance company is suing a New York real estate firm for allegedly ducking nearly $1.5 million in workers' compensation premiums.Allstate Auto Lines Suffer as Inflation Boosts 'All the Costs'Allstate Corp. results missed estimates for the second quarter in a row as the highest inflation in 40 years drives up the costs of insuring and repairing automobiles.How Champlain Towers Could Impact Condo Insurance…

​​Cyberattacks Increasingly Hobble Pandemic-Weary U.S. SchoolsCyberattacks have become a growing threat to schools in the United States, with several high-profile incidents reported in the last year.Toxic Culture Top Reason for TurnoverFor companies who are seeing an inordinate number of employees exit the organization, the biggest reason might be a toxic culture.Breaking Down COVID's Impact on Workers' CompCOVID-19 claims accounted for 11% of all workers' comp claims reported in 2020, but were only associated with 3.5% of total workers' comp incurred losses, according to a recent report that examined data from 45 states.Few Employers Plan to Drop Vaccine MandatesMore than one-third of U.S. employers still plan to…

​A new law​ taking effect in New York on January 28 puts new restrictions on homeowners insurance carriers. They cannot:Refuse to issue or renewCancel, orSurcharge a rate or premiumbased solely on the breed of a dog in the household. Carriers may still:​Exclude coverage for liability losses caused by a dogImpose a sub-limit of liability for dog-related liability lossesTake any of the prohibited actions if a court has declared the specific dog in the household to be dangerous. We have been told that this is a rare occurrence. The law applies to homeowners and renters insurance policies. It also applies to commercial policies insuring one- to four-family dwellings…