Industry Roundup: Cyber Incidents Up Since Invasion of Ukraine; How Does the Labor Shortage Impact Workers’ Comp?; Russia-Ukraine Cyberwarfare May Propel Claims in Global Insurance Markets; Metal Thieves Swiping Tailpipes Create 1,000% Spike in Claims

​NY Fines Two Insurers $4.2M for Alleged Reporting FailuresNY Superintendent of Financial Services Adrienne A. Harris today announced that Zurich American Insurance Company and Progressive Direct Insurance Company have entered into separate Consent Orders with the Department of Financial Services resolving DFS's investigations into the companies' failure to timely report certain insured vehicle information to the Department of Motor Vehicles.Experts Confirm Cyber Incidents Up Since Invasion of Ukraine; Insurance Underwriters AdaptingSince the start of the war in Ukraine, the number of cyber incidents in the U.S. has increased, and underwriters will need to adapt, according to a panel of experts at the PLUS Cyber Symposium.How…

Continue ReadingIndustry Roundup: Cyber Incidents Up Since Invasion of Ukraine; How Does the Labor Shortage Impact Workers’ Comp?; Russia-Ukraine Cyberwarfare May Propel Claims in Global Insurance Markets; Metal Thieves Swiping Tailpipes Create 1,000% Spike in Claims

Industry Roundup: ​”Unprecedented” Rise in Auto Thefts; Women Are Underrepresented in Independent Agency Leadership; Consumers of All Generations Prefer Insurance Agents; Lemonade Execs Expect ‘Peak Losses’ in 2022

​"Unprecedented" Rise in Auto Thefts – Insurance Crime Bureau Issues WarningMajor cities across the US have seen an “unprecedented" surge in auto thefts and carjackings in recent years, the National Insurance Crime Bureau (NICB) has warned.Roof Inspection Tech Could Speed Claims Process, Prevent LossRoof inspections after storms are often costly and inconvenient. New technology could streamline the process for insurance companies and customers.Small Businesses Are Big Targets for Fund Transfer FraudThe 'low-tech' cybercrime saw big increases in losses and frequency among operations with less than $25M in annual revenue.Women Are Underrepresented in Independent Agency LeadershipA new study from Safeco Insurance and Liberty Mutual Insurance shows…

Continue ReadingIndustry Roundup: ​”Unprecedented” Rise in Auto Thefts; Women Are Underrepresented in Independent Agency Leadership; Consumers of All Generations Prefer Insurance Agents; Lemonade Execs Expect ‘Peak Losses’ in 2022

Industry Roundup: Only 3% of Employees Want to Return Full-Time to Their Offices; Cyber Market Primed to Grow and Eclipse Property by 2040; Auto Insurance Shopping Sees Quarter-On-Quarter Decline; Pet Benefits May be a Key to Retaining Talent

​Manufacturers are Now Hackers' Favorite TargetsManufacturing was the industry most targeted by hackers during 2021, accounting for 23.2% of incidents, according to IBM Security X-Force research. The sector edged out insurance and financial services by a slim margin.Cyber Market Primed to Grow and Eclipse Property by 2040: Gallagher ReFollowing a pause to stabilize the vessel, the cyber market is poised for a wave of growth that could make it larger than the property catastrophe market by 2040, said Gallagher Re.Agency's Specialty Portfolio Often Fragmented by Working with Multiple CarriersThe Hanover Insurance Group recently released its State of Specialty Insurance Report, which highlights the risks of…

Continue ReadingIndustry Roundup: Only 3% of Employees Want to Return Full-Time to Their Offices; Cyber Market Primed to Grow and Eclipse Property by 2040; Auto Insurance Shopping Sees Quarter-On-Quarter Decline; Pet Benefits May be a Key to Retaining Talent