May 17, 2024

Is Your Pool Ready for a Workers’ Compensation Catastrophe?

Catastrophic work injuries occur every day to many employers of all sizes and occupations. Regardless of the size or type of membership served, every pool faces this exposure. These life-changing claims are complex, individualistic, and require much higher standards of coordination and communication. Not having a plan in place to respond to a catastrophic injury...

May 16, 2024

Top Commercial Construction Risks and Challenges for 2024

The commercial construction industry is facing key risks and emerging challenges that impact project timelines, budgets and safety, according to QBE North America’s 2024 Commercial Construction Risk Report. The report, based on a survey of 500 commercial general contractors and construction managers, highlights cybersecurity threats, financial challenges, and labor shortages as significant concerns for the...

May 9, 2024

Behavioral Health Issues Add Costs and Delay Injured Worker Recovery

Injured workers with identified behavioral health conditions experienced markedly longer return-to-work timelines and slower claims resolution compared to the average lost-time claim, according to an analysis by Sentry Insurance. Sentry analyzed over 45,000 workers’ compensation claims from 2012-2019, focusing on key health conditions, including chronic pain, chronic pain with medication, and psychosocial factors. Based on...

May 8, 2024

Intellectual Property Risks Expanding with AI Usage, Cyber Threats

Intellectual property (IP) assets are one of the greatest sources of value creation in the corporate world, yet they are increasingly vulnerable to cyber risk and lack the same level of insurance protection as tangible physical assets, according to a report by Aon. Information assets—such as customer records, employee records, financial reports, analytical data, source...

May 1, 2024

5 Ways to Prevent Water Damage in Buildings Under Construction

Water damage stands as a persistent threat to buildings under construction, ranking as one of the leading causes of property loss worldwide. In the U.S. alone, the annual incurred loss amounts attributed to weather and non-weather-related water damage are equal to $500 million[1], emphasizing the significant financial burden this damage can place on construction projects....

2024 Saw the Highest Q1 Ransomware Activity on Record

The first quarter of 2024 was the most active Q1 ever recorded on ransomware leak sites, a new study from Corvus found, with 1,075 victims reported. Though this is down from a peak of 1,278 victims in Q3 2023, it is a 21% increase from Q1 2023. The industries that are most frequently targeted by ransomware groups has remained pretty...

April 29, 2024

Businesses Are Finding a More Favorable Commercial Property Insurance Market

The spring of 2024 marks a turning point in the commercial property insurance market. After six years of challenging conditions, the market has transitioned and many buyers are now in a more favorable position. As with previous market spikes, this last hard market cycle saw limited capacity as carriers struggled to generate consistent returns on...

April 25, 2024

Email Is Where Most Cyber Insurance Claims Originate

This past year saw cyber insurance claims frequency up 13% year-on-year and claims severity increased 10%, according to Coalition’s 2024 Cyber Claims Report. Funds transfer frauds (FTF) and business email compromises each accounted for 28% of cyber insurance claims in 2023, according to Coalition, Inc. Ransomware accounted for 19% of claims, while other events such as...

April 18, 2024

5 Cyberthreats to Watch in 2024

Cybersecurity is paramount to preserving the financial integrity and consumer trust of insurance companies and the businesses and personal finances of policyholders. The 2024 Cybersecurity Benchmarking Survey by ACA Aponix and the National Society of Compliance Professionals (NSCP) asked compliance professionals what they perceive to be the top threats this year and found email phishing...

April 17, 2024

Construction Defect Claims on the Rise: Understanding the Trends and Impacts

Construction projects are booming. That’s because demand is returning to its pre-pandemic levels, no longer impeded by mass closures, supply chain stalls or a lack of labor. Businesses and homeowners are looking to build, and the industry is more than happy to oblige. “The pre-COVID building boom, combined with lower interest rates and affordability, continues...