Skip Ribbon Commands
Skip to main content
Apr 15
Industry Roundup: April 15th

​Highly Digital Agencies Grow 60% Faster Than the Competition​​​

A recent survey of nearly 600 U.S.-based independent agents from Liberty Mutual and Safeco Insurance sought to understand how independent insurance agencies are evolving to meet new expectations. The results, published in the “Rise of the Digital Insurance Agency" report, found that digitally-savvy agencies grow an average of 60% more than their less digital counterparts. 

See marketing materials from Trusted Choice here.

Commercial P&C ​​Insurance Rates Continue Upward Trajectory​

During the first quarter of 2021, commercial property & casualty rates saw an overall gain of 7%, according to MarketScout Corp., which reported umbrella, professional liability and D&O all saw double-digit increases. The best defense is a good offense, so talk with your customers now so they are not surprised at renewal.

Going Back to Work; What do You Need to ​​Know​

Across the country, businesses are reopening in some fashion, but going back to work after months of operating from home will look very different. As you and your staff navigate returning to work during the pandemic, there are multiple issues to be considered as you balance the needs and concerns of your employees against those of your customers and clients.

Fear of Connected Cars' Cyber Vulnerabilities Growing​​​​

Nearly 40% of U.S. motorists are somewhat or very concerned about cybersecurity and safety of connected and autonomous vehicles, according to a survey from Hartford Steam Boiler (HSB), a Munich Re division. Additionally, 35% said they feared a virus, hacking incident or other cyberattacks could damage or destroy a vehicle's data, software or operating systems.

New York Tops the List of States with the Greatest Tax Burdens in 2021​​​

Researchers compared the 50 states across the three tax types of state tax burdens — property taxes, individual income taxes, and sales and excise taxes — as a share of total personal income in the state and New York tops the list.

Cyber Insurance – Everything Yo​u Need to Know Now​

A panel of experts examine everything from SolarWinds, to the COVID-19 pandemic, to the best prevention methods and tips for you.

Being Proactive in a Volatile Cyber Insurance Market​​​

The firming of the cyber market is having a big impact you and your customers. Not only do you to work harder to secure adequate coverage for your clients, but you also have to educate yourself and continue to develop your technical skillsets around cybersecurity controls and best-practice cyber risk mitigation. This is vital if you want to differentiate yourself in a hardening market.​

OSHA Prepares to Issue Emergency Regulations to Protect Workers from COVID-19​​​

The Biden administration appears poised to reinstate masking and other social distancing rules for recalcitrant governors — at least in the workplace. The federal Occupational Safety and Health Administration is preparing to issue new short-term regulations to protect workers from catching COVID-19 on the job, according to lawyers tracking the agency's efforts.

FEMA Unveils First Flood Insurance Update in 50 Years​

The Federal Emergency Management Agency unveiled the details of an overhaul to the National Flood Insurance Program, the initiative's first major update in 50 years. Most homeowners in the program will have lower or stable premiums, but roughly 11% of homes — largely the highest value ones — will see increases in premiums of at least $10 a month. Those could continue to rise until they reach a cap of $12,000 a year.​

N.Y. Policyholder W​ins in COVID Business Interruption Case​

New York Federal has denied an insurer's dismissal of a COVID-19 coverage case, issuing a favorable decision for an insured. In what stands as the first win for policyholders in a New York COVID-19 insurance coverage case, the ruling found that the contamination exclusion was ambiguous and that the Court lacked a sufficiently developed factual record to rule on whether the Loss of Use exclusion encompassed the insured's losses.

Insurance Industry's ​COVID-19 Recovery Won't Happen Overnight​

While COVID-19 was top of mind for everyone in 2020, dominating both our personal and our professional lives, it was not alone in determining the health of the global insurance industry. The industry had to deal with a very costly natural catastrophe year, combined with low interest rates, years of soft pricing, and certain types of social inflation or expectations.

CNA Says Email N​​ow Safe As Cyber Attack Recovery Progresses​

CNA Insurance expects its corporate email and other functions to be fully operational soon as it continues its recovery efforts following a March 21 cyber attack. The company said it is now safe to conduct business and communicate with the insurer via email.

Farmers Completes Acquisition of MetLife Auto & Home Business for $3.9 Billion​​

Zurich Insurance and Farmers Exchanges have closed on buying MetLife's U.S. property/casualty business for $3.94 billion. The business acquired includes 2.4 million MetLife Auto & Home policies, $3.6 billion of net written premiums (2019) and 3,500 employees, according to Zurich. The deal provides the Farmers brand an opportunity to gain more of a national presence and strengthen its position a major personal lines carriers in the U.S.


There are no comments for this post.

 ‭(Hidden)‬ Blog Tools