Industry Roundup: Stabilizing Rates, Cyber Pressures & Global Risk Discussions
Pricing for Insurance Lines Begins to Stabilize Excluding Cyber
The commercial insurance market is beginning to show signs of normalcy in 2022, despite a steady slowing of rate increases. According to the 2022 Marketplace Realities Report, Spring Update by WTW, a leading global advisory, broking, and solutions company, buyers are still seeing rate increases; however, many of those increases are now dropping to single digits and even flat renewals.
AIG Considers Adding Policy Exclusions for Russia, Ukraine
According to an insurance broker and a source familiar with the matter, one of the world’s largest commercial insurers, AIG, is considering cutting cover for Russia and Ukraine in order to protect itself from the risk of large claims as sanctions escalate and the war drags on. The insurer is considering adding exclusion clauses to policies for businesses operating in the region across a variety of policies, according to two unidentified sources.
Goldman Poll Finds Insurers Expect a U.S. Recession
Insurance executives who oversee more than $13 trillion in assets expect the U.S. to enter a recession in the near future, according to an annual survey conducted by Goldman Sachs Group Inc.
Employers Adapting to New World of Worries
The past few years have been filled with newer exposures when it comes to employment practices liability insurance (EPLI). Along with significant disruptions in workplaces due to COVID-19, employers have been attempting to manage discrimination concerns around race, pay equity, gender identity, social media use, biometrics and more.
COVID Recovery Trends: Management & Legal Challenges
On January 13, 2022, “Harvard Business Review” (HBR) published a forecast of challenges business managers will face during this COVID recovery season, titled, “11 Trends that Will Shape Work in 2022 and Beyond.”
Insurance is Serious Business — or is it?
But when it comes to insurance agents, being funny can be a bit of a challenge. Are there ways agents can make insurance fun? The short answer is: Yes. Humor and entertainment can actually be great ways for agents to connect with their clients — and it doesn’t have to mean big budgets and advertisements. But it does take effort, an appreciation of your brand, an original approach, and a deep understanding of the audience you’re trying to reach.
Denial of Restaurants’ Claim Upheld in First Covid-19 Ruling by a New York Appeals Court
An insurer has been upheld in its denial of coverage in a first ruling on Covid-19 business interruption insurance by a New York appellate court. The appeals court upheld a New York county court—and said it agreed with various other New York state and with federal courts— that loss of use suffered by a restaurant is not the “direct physical loss or damage” needed to trigger commercial property insurance coverage.
Hurricane Season 2022: 19 Named Storms, 9 Hurricanes Predicted
The 2022 hurricane season is projected to see 19 named storms and nine hurricanes, four of which are expected to turn into major hurricanes, according to researchers at Colorado State University’s (CSU) Department of Atmospheric Science.
Protecting Your Business from Identity Theft
Protecting your business, your customers and your employees from data breaches, attackers impersonating your business to disguise and deceive your customers is a growing concern.
Accounts Deceivable: Email Scam Costliest Type of Cybercrime
Business Email Compromise scams have been by far the costliest type of cybercrime in the U.S. for years, according to the FBI.
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