May 31, 2023
Contractual Risk Transfer Explained
Contractual risk transfer (CRT) is a risk management mechanism that can be utilized by many businesses. It involves shifting potential liability through a non-insurance contract or agreement and is intended to transfer risk to the party (e.g., vendor, supplier, subcontractor) that is better situated to control it. While insurance is the most common method to...
May 25, 2023
Why Risk Control Will Always Need the ‘Human Touch’
Technology is changing the way the insurance industry is able to perform everyday tasks, but it will never overshadow the necessary human element required for business, an insurance industry VP has told Insurance Business. “You can’t really replace the human touch,” Christine Sullivan, the senior vice president of risk control for North America at Sompo, said....
Complex Property Risks Create Challenging Market
Economic, social and environmental trends are combining to create significant risks and challenges for property owners and their insurers. Across industries, from manufacturing to real estate to healthcare, some of the same themes are present. These include changing valuations of physical assets and higher replacement costs, supply chain issues, and contingent time element exposures. Supply...
May 24, 2023
DOL Promotes Mental Health at Work Initiative
Amid Mental Health Awareness Month, the U.S. Department of Labor (DOL) launched its Mental Health at Work initiative to address mental health within the workplace and introduce resources for employees and employers alike. The DOL’s initiative aims to advance mental wellness in the workplace through the following strategies: The DOL explains that high-quality jobs provide safe workplaces,...
How Mindfulness Keeps Construction Workers Safer
It’s easy to understand why construction workers have stressful jobs. They’re working on tight timelines, often on projects that need to be structurally sound so that people can live and work in their buildings. This responsibility can be taxing on workers’ mental health. A 2020 study found that 83% of construction workers had experienced a moderate to...
May 23, 2023
4 Things Employers Should Know About the State of the Workforce
While inflation has slowed down in the last year, its record highs in 2022 — which peaked at 9.1% last summer — will have lasting effects on employers and employees alike. According to global employment website Monster, 81% of workers report that their current wage has not kept up with the rising cost of living and inflation...
May 18, 2023
Commercial Property Rates Increase, Cyber Rates Moderate
Commercial property and casualty insurance rates rose 8.8% in the first quarter of 2023 (up slightly from 8.0% in the previous quarter) as property outpaced all other lines at an average of 20.4%, according to the latest Council of Insurance Agents & Brokers (CIAB) market survey. As the market entered its 22nd consecutive quarter of...
May 17, 2023
Inflation, Labor Challenges Are the Biggest Risks Facing Construction Sector
Inflation’s impact on materials and labor challenges continue to be the biggest operational risks facing the construction sector, according to Selective Insurance’s General Contractor Risk report. “Construction is an inherently high-risk industry given its exposure to and reliance on macroeconomic factors, such as commodity pricing, supply chain, labor dynamics, and housing demand,” Jim Albi, assistant vice president,...
May 16, 2023
June is National Safety Month
June is National Safety Month. This month highlights efforts that can prevent injuries and death inside and outside the workplace, helps provide learning opportunities for employees, allows employers to share their safety pride and gives employees the opportunity to pledge they will work safely. Preventable injury-related deaths are the fourth leading cause of death in...
May 10, 2023
Data Privacy Lawsuits Nearly Doubled in 2022
Data breach litigation ramped up significantly in 2022, with more filings overall and filings in smaller data privacy events, according to BakerHostetler’s annual Data Security Incident Response Report. The law firm tracked a five-year trend showing a higher percentage of events resulting in at least one lawsuit—from four lawsuits out of 394 in 2018 up...