Industry News

Industry Roundup: Insurance Industry Calls for NFIP Extension, Risk Rating 2.0 Delay; Cost of Insuring Expensive Waterfront Homes is About to Skyrocket; Reinsurers Could Be Underestimating Nat Cat Exposure by 33-50%

​Appetite for Flood Risk Among Private Insurers Still SmallThe U.S flood insurance market is slowly transitioning toward private insurers playing a much needed and more prominent role by providing additional competitive market options for those seeking coverage, according to a new AM Best report.Reinsurers Could Be Underestimating Nat Cat Exposure by 33-50%Analysts at S&P Global Ratings believe that reinsurers could be underestimating their exposure to natural catastrophe risks by between 33% and 50%, despite recent efforts to better incorporate climate change considerations into their business models.Staying Innovative and Agile Post-PandemicLeveraging the right technology such as video conferencing and enhancing risk management platforms, has helped both…

Continue ReadingIndustry Roundup: Insurance Industry Calls for NFIP Extension, Risk Rating 2.0 Delay; Cost of Insuring Expensive Waterfront Homes is About to Skyrocket; Reinsurers Could Be Underestimating Nat Cat Exposure by 33-50%

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