Business Insurance - _Risk Management
|‘Long COVID’ can be considered disability under federal law
“Long COVID" can be considered a disability under federal law, the federal Department of Health and Human Services and the Justice Department said Monday.
POSTED JULY 26, 2021 4:53 PM
|Chinese companies must disclose government interference risks
Chinese companies listed on U.S. stock exchanges must disclose the risks of the Chinese government interfering in their businesses as part of their regular reporting obligations, a top U.S. Securities and Exchange Commission official said on Monday.
POSTED JULY 26, 2021 4:26 PM
|Brown & Riding names casualty practice leader
Wholesaler Brown & Riding Insurance Services Inc. has named Andrew Grim as its national casualty practice leader.
POSTED JULY 26, 2021 2:45 PM
|Aon-Willis deal falls apart, leaves questions over brokers’ prospects
In the face of antitrust concerns, Aon PLC announced Monday it would terminate its agreement to buy rival Willis Towers Watson PLC, raising questions over which companies will benefit or suffer in the wake of the failed deal.
POSTED JULY 26, 2021 2:40 PM
|FM Global unit prevails again in Superstorm Sandy case
A federal appeals court Monday affirmed a lower court ruling in an FM Global unit’s favor in litigation over $1.47 billion in property and business interruption losses New York University claimed it was due as a result of 2012’s Superstorm Sandy.
POSTED JULY 26, 2021 1:15 PM
News – Insurance Journal
|U.S. AG Garland Hails Aon-Willis Merger Termination as a ‘Victory for Competition’
U.S. Attorney General Merrick Garland today welcomed the decision by insurance brokers Aon and Willis Towers Watson to terminate their planned $30 billion merger. “This is a victory for competition and for American businesses, and ultimately, for their customers, employees …
POSTED JULY 26, 2021 7:25 PM
|Gulfstream Insurance Admits Insolvency, Agrees to Liquidate
Personal residential insurer Gulfstream Property and Casualty Insurance Co. has agreed to liquidate according to a July 22 order signed by the Florida Office of Insurance Regulation. The Florida Department of Financial Services must agree to receivership before the liquidation …
POSTED JULY 26, 2021 6:12 PM
|Texas Lifting Insurance-Related COVID-19 Suspensions
A bulletin issued by the Texas Department of Insurance outlines actions the agency is taking to return to the ordinary course of business after Texas Gov. Greg Abbott rescinded suspensions of insurance-related statutes and rules issued in response to the …
POSTED JULY 26, 2021 4:55 PM
|Homeownership Study of Minnesota’s Twin Cities Shows Increase in Rentals
A new study found that between 2005 and 2020, the percentage of single family rentals increased by over 10% in North Minneapolis, Southeast Como and parts of St. Paul, with Southeast Como’s rentals changing due, in part, to an aging …
POSTED JULY 26, 2021 4:48 PM
|Detroit Area Hit with Severe Storms, High Winds, Flooding
Thousands of utility customers in the Detroit area had no power on July 25 following a night of severe storms. DTE Energy reported nearly 135,000 customers in Oakland and Macomb counties had no service at 10:20 a.m. due to wind …
POSTED JULY 26, 2021 4:46 PM
The trusted source of unique, data-driven insights on insurance to inform and empower consumers.
|As Nat Cat Losses Mount, A Resilience Mindset Matters More Than Ever
Insurance is essential for individuals, businesses, and communities to recover quickly from natural catastrophes – but perils have evolved to a point at which risk transfer, though necessary, isn’t enough to ensure resilience. Triple-I CEO Sean Kevelighan said during a that better insured communities recover more quickly but “the long-term resilience of both the communities … Continue reading As Nat Cat Losses Mount, A Resilience Mindset Matters More Than Ever
POSTED JULY 22, 2021 5:31 PM
|Litigation Fundingand Social Inflation: What’s the Connection?
Second post in a series on social inflation and litigation funding Litigation funding – in which third parties assume all or part of the cost of a lawsuit exchange for an agreed-upon percentage of the settlement – is often cited as contributing to social inflation. But, like so much else associated with social inflation, it’s … Continue reading Litigation Fundingand Social Inflation: What’s the Connection?
POSTED JULY 21, 2021 4:56 PM
|100 Deadliest Days Are Here; Teen Drivers Take Heed
Teenage drivers are on the roads in full force these days, whether reconnecting with friends after tough months of social isolation or commuting to summer jobs. Summer has always been a dangerous time for young drivers. The period between Memorial Day and Labor Day has been dubbed the “100 Deadliest Days” due to the high … Continue reading 100 Deadliest Days Are Here; Teen Drivers Take Heed
POSTED JULY 20, 2021 2:18 PM
|Social Inflation:Eating the ElephantIn the Room
“Social inflation” refers to rising litigation costs and their impact on insurers’ claim payouts, loss ratios and, ultimately, how much policyholders pay for coverage. It’s an important issue to understand because – while the tactics associated with it typically affect businesses perceived as having “deep pockets” – social inflation has implications for individuals and for … Continue reading Social Inflation:Eating the ElephantIn the Room
POSTED JULY 14, 2021 3:38 PM
|Unethical Contractors Emerge After Disasters; Know How to Avoid Them
Natural disasters create opportunities for unethical contractors, and consumers need to be on the alert. Post-disaster repair scams typically start when a contractor makes an unsolicited visit to a homeowner and pressures the homeowner to pay the contractor their insurance claim money – then disappear without doing the work. Triple-I is teaming up with the … Continue reading Unethical Contractors Emerge After Disasters; Know How to Avoid Them
POSTED JULY 09, 2021 8:39 PM
|New Perils Ariseas Air Travel Resumes
Among the many things we’ve missed since the start of the pandemic, travel has been one of the most notable. Whether for business, to visit distant family members, or just get away from our now-too-familiar surroundings, many of us have been keenly anticipating a return to air travel. Flying is among the safest activities people … Continue reading New Perils Ariseas Air Travel Resumes
POSTED JULY 08, 2021 6:33 PM
|Long-Term ConsiderationsFrom Condo Collapse
The insurer for the Champlain Towers South condo association has said it will make an up-front payment to resolve damage claims related to the 12-story beachfront property in the Miami suburb of Surfside, Fla., that collapsed on June 24, 2021. “We want to make it known that James River Insurance Company has made the decision … Continue reading Long-Term ConsiderationsFrom Condo Collapse
POSTED JULY 02, 2021 5:55 PM
|Independence Day Summer Fun Also Carries Risks
By Loretta Worters, Vice President, Media Relations, Triple-I Independence Day is associated with fireworks displays, barbeques, and poolside parties, yet even summer fun carries risks. Here are four summertime liability risks you should be aware of and recommendations on what you can do to protect yourself: FIREWORKS: Fireworks may be a Fourth of July tradition, … Continue reading Independence Day Summer Fun Also Carries Risks
POSTED JULY 02, 2021 12:00 PM
|Declarations of Pride: Ricardo Lara, California Insurance Commissioner
By Scott Holeman, Media Relations Director, Triple-I California Insurance Commissioner Ricardo Lara made state history by becoming the first openly gay official elected to statewide office. During our Declarations of Pride series, he shared his unique journey with Triple-I, by discussing his entry into politics, views on how the insurance industry is supporting the LGBTQ+ … Continue reading Declarations of Pride: Ricardo Lara, California Insurance Commissioner
POSTED JUNE 28, 2021 6:56 PM
|Extreme Weather’s Seasonal Severity Impacts Rates, Regardless of Inflation, Price Gouging
Losses from the winter storm that swept through the southern United States earlier this year continue to loom large among the concerns of property and casualty insurers, even as the nation contends with wildfires and anticipates yet another above-average hurricane season. “On its own, Uri would not necessarily impact premium rates,” says Dr. Michel Léonard, … Continue reading Extreme Weather’s Seasonal Severity Impacts Rates, Regardless of Inflation, Price Gouging
POSTED JUNE 28, 2021 3:53 PM