Industry News

Industry Roundup: Competition Is ‘Fierce’ To Insure Established Cannabis Businesses; Offices Reopen with Safety Plans, but Big-City Commutes Rattle Workers; Biden’s Vaccine Plan Puts OSHA in Spotlight

​Large Insurers Embrace Digital Exchanges, Selling Their Own and Other PoliciesMajor U.S. insurers are joining new digital exchanges to sell not only their own policies but also those of rivals, a fresh twist in an industry known for fierce competition.Competition Is 'Fierce' To Insure Established Cannabis BusinessesThe battle is heating up to write property lines for well-run cannabis businesses with clean loss histories, which are seeing capacity increase, according to a report by Amwins, Inc.Small Business Cyber Insurance Premiums Up 7% In 2021Since the start of the year, cyber insurance rates have increased 7% for small businesses, according to AdvisorSmith Solutions, Inc., which estimated organizations…

Continue ReadingIndustry Roundup: Competition Is ‘Fierce’ To Insure Established Cannabis Businesses; Offices Reopen with Safety Plans, but Big-City Commutes Rattle Workers; Biden’s Vaccine Plan Puts OSHA in Spotlight

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

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