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Apr 28
Industry Roundup: What is Jackware?; ​More Than 80% of Flood Policyholders Expected to see Premiums Increase; Top Five Reasons for Insurance Complaints in 2021; Two-Thirds of Employees Might Seek New Jobs if Forced Back to Office

More Than 80% of Flood Policyholders Expected to see Premiums Increase

When the Federal Emergency Management Agency (FEMA) rolled out a major overhaul to its beleaguered National Flood Insurance Program last April, it promised that bigger, richer homes would bear the brunt of premium increases, while almost 90 percent of policyholders would see their costs stay stable or decrease.

 

Injured Passengers in Rental Car Not Entitled to Payment Under UIM Coverage

The West Virginia Supreme Court reversed summary judgment in favor of two plaintiffs, finding they were not covered under the driver's underinsured motorist (UIM) coverage because they were passengers of a rented vehicle that was not a “covered auto" under a policy written by Progressive Insurance.

 

What is Jackware? Ransomware's Vicious Cousin

Jackware in an attack that isn't aimed at the computer system itself, but rather embedded devices in machinery or smart devices themselves that perform other functions.

 

Chubb Posts Record Q1 P/C Underwriting Income

Chubb said first quarter 2022 net income fell to $1.97 billion compared with $2.3 billion during the same time a year ago but property/casualty underwriting income during the period shot up 106% to a record $1.3 billion.

 

Nationwide Enters Partnership to Boost Agribusiness Fleet Safety

Nationwide has announced a new partnership with fleet management platform Razor Tracking to offer advanced telematics and fleet management services at a discount for Nationwide's agribusiness customers.

 

NAIC: Top Five Reasons for Insurance Complaints in 2021

Although insurance is in some ways a universal product, only a small percentage of consumers report feeling satisfied with their insurance experiences.

 

Two-Thirds of Employees Might Seek New Jobs if Forced Back to Office

Worker demands for more flexibility and security, bolstered by the pandemic and a tight labor market, are only growing more intense as the world economy reopens and some firms begin trying to pull employees back to offices, payroll provider ADP reported in a survey of nearly 33,000 people worldwide.


Fear of Missing Out? What to Consider Before Selling Your Agency

The ever-increasing number of agencies sold to large acquirers may have independent agency owners wondering if they've “missed the boat" if they don't sell.

 

Small Businesses are Underestimating Cyberthreats

Only 8% of businesses with fewer than 50 employees have a dedicated budget for cybersecurity.

 

Allstate to Increase Size of Automatic Rate Hikes in 2022

Allstate announced another increase in auto insurance rates due to continued increases in physical damage and injury severity.

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