Industry News

​Auto Insurers Face Mounting Claims Costs Post-PandemicSurging vehicle repair and replacement costs will significantly slash underwriting margins of the country's car and truck insurance providers as claims rebound to pre-pandemic levels.Judge Stands by Decision to Deny Dismissal of Bi SuitThe case involves the important issue of whether the COVID-19 virus causes “physical loss or physical damage." In the motion for reconsideration, Continental Casualty cited several decisions from New York and Illinois asserting that courts in both jurisdictions overwhelmingly found that the presence of the virus does not trigger coverage under a policy requiring “direct physical loss or damage to property."More Organizations Are Saying 'No' To…

​Many private employers in New York State must permit their employees to form workplace safety committees starting next Monday. The requirement is part of the New York State HERO Act​, which became law last May and was amended in June. If you have 10 or more employees, you must permit them to form a committee if they so choose. Section 2​ of the HERO Act, which takes effect on Nov. 1, states, "Employers shall permit employees to establish and administer a joint labor-management workplace safety committee, but not more than one committee per worksite, provided however that an employer that already has a workplace safety committee…

​Bigger Ships are Causing Greater Supply Chain RisksSeverely disruptive events often expose previously unseen or underappreciated vulnerabilities. Add to the list how the trend toward increasingly mammoth vessels is making global supply chains even more fragile.Insurance Agency M&As Up 13% Thus Far in 2021There were 553 announced insurance agency mergers and acquisitions during the first three quarters of 2021, up from 490 in 2020, According to an OPTIS Partners' M&A report, that was the highest recorded total for this period.Lessons from the Pandemic for Event Cancellation CoveragesEvent cancellation insurance has been one of the most impacted by the pandemic — and the event insurance market…