April 2019 P&C market update: Transitioning, firming or hardening?
After large losses in 2017 and 2018, coupled with a prolonged period of soft prices, the property and casualty market is now in a corrective state for most lines of business. Through the first quarter of 2019, we have seen tightening of terms and conditions, capacity,...
Hurricane Season Begins
With the 2017 hurricane season officially launched on June 1, we can look forward to a more than average hurricane season if you believe the forecasters. Each modeler for the 2017 season is indicating some version of the following: 11-17 Named Storms 4-9 Hurricanes...
What you need to know about the WannaCry Ransomware attack.
On May 12th 2017 a new strain of the Ransom.CryptXXX (WannaCry) began spreading widely impacting a large number of organizations, particularly in Europe. WannaCry encrypts data files and, according to latest reports, asks users to pay a $300 ransom. WannaCry exploits...
P&C Market Update: Abundant Commercial Insurance Market Benefits Buyers
Capacity and growth in commercial insurance create a buyer’s market Market conditions still continue on the path that supports favorable pricing, coverage terms, and program structures that benefit many buyers. Lockton’s April 2017 P&C Market Update states...
Captive Solutions for the Trucking Industry
Throughout the last eighteen months, premiums within the commercial auto space have risen steadily and sometimes dramatically. Underwriters are struggling to turn a profit, and insureds continue to look for alternative program structures to help stabilize...
Environmental Insurance Expects Healthy Competition in Uncertain 2017
2016 was a tumultuous year for the Environmental Insurance market. The unexpected exit of AIG, one of the most significant carriers by market share and capability, was followed by the emergence of new carriers and little, if any, impact on rates. Moving non...
Four Common P&C Issues Impacting Higher Education
Property & Casualty insurance coverage for higher education has always been complex. There is one factor that most have in common – diversity of exposure. Each school or department is like a different company with rules, hierarchy and status. This makes it tough to control for a risk manager or the individual with insurance responsibility. Each school needs to undergo its own risk identification process.
Hired and Non Owned Automobiles – What Does That Really Cover?
Employees often use their own personal vehicles for business purposes. As auto rates increase you may want to think about what happens when an employee driving their car for business, gets into an auto accident. Knowing what your Hired and Non Owned Automobile...
Leading With Empathy: Uncovering Claimants’ Fears
How long is this pain going to last? What if I can't do my job when I return to work? How will I pay my bills? These types of questions can be overwhelming for an employee who has suffered an injury on the job. Having the right kind of conversation can...
If Your Product Was Faulty, Would You Really Be Insured?
Product failure is widely seen as a growing commercial exposure for manufacturers. We only need to look at Samsung Electronics’ recent exploding phone scandal to get a sense of the possible impact. The South Korean company’s flagship Galaxy Note 7 smartphone...
The Advantage Stays with the Buyer
It’s still a buyer’s market in commercial insurance. Major changes have created strong competition, ample capacity and lower prices during the past several years. Lockton’s December 2016 P&C Market Update states that the competitive landscape continues, as...
Navigating the Combined Liability Policies
When AIG introduced the “Eagle” program in the early 2000’s, it was the first of its kind. The insurance carrier combined the General Liability (GL) and Pollution Legal Liability (PLL) policy to eliminate coverage discrepancies between standalone GL and PLL policies....
Five Reasons Retirement Plan Sponsors Can Feel Thankful
In what may feel like the occasionally thankless business of retirement plans, it can be easy to lose sight of the positives associated with these benefits. That’s why it is important to pause occasionally and remind oneself that there is quite a bit for which to be...