29 Apr

Posted at 15:50h in Property & Casualty White Papers by . .
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Coverage insights header image Supervisors play an essential role in ensuring a company’s efficiency and success.

They are responsible for handling the everyday situations that help a business remain functional. Further, supervisors are also an integral part of workplace safety programs. Such programs utilize risk management techniques to keep employees safe on the job, thus reducing workers’ compensation costs.

09 Apr

Posted at 18:20h in Property & Casualty White Papers by . .
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In recent years, the general liability market has consistently underperformed, resulting in heightened underwriting losses and subsequent rate increases.

As worsening social inflation concerns, surging medical expenses and the ongoing COVID-19 pandemic continue to contribute to a rise in liability claim frequency and severity, the market has preceded to harden. Due to these market conditions, we predict that most policyholders will encounter another year of rate increases across their liability lines in 2021. Many insureds may also experience lowered capacity and further underwriting scrutiny during the renewal process. Policyholders who operate in sectors with elevated general liability exposures may be more prone to double-digit rate increases and experience difficulties securing higher coverage limits.

09 Apr

Posted at 16:58h in Property & Casualty White Papers by . .
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News Brief header The Federal Emergency Management Agency (FEMA) announced that it will be updating the National Flood Insurance Program (NFIP) pricing methodology through a new risk rating system.

According to FEMA, this system—which is being referred to as “Risk Rating 2.0”—will leverage additional information and variables to help communicate policyholders’ flood risks more clearly, as well as deliver more accurate and equitable premium rates. The NFIP currently provides nearly $1.3 trillion in coverage for over 5 million policyholders throughout the country.

26 Mar

Posted at 18:16h in Property & Casualty White Papers by . .
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News Brief header Washington Insurance Commissioner Mike Kreidler recently issued a temporary emergency order that bans insurers from using credit scores to determine premiums, rates or eligibility for personal property insurance.

The emergency order—which applies to auto, renters and homeowners insurance—takes effect immediately and impacts all new policies as well as existing policies processed for renewal on or after June 20, 2021. The order will remain in effect for three years after the day the COVID-19 national emergency is declared over, or the day Washington’s COVID-19 state of emergency expires, whichever is later.