Insurance experts often examine how outside influences and trends affect the insurance marketplace, and businesses should follow suit to determine what factors may impact their insurance coverage. For 2023, there are a number of sweeping market developments to consider. Labor ShortagesThe last few years have seen widespread labor shortages. According to a recent survey conducted...
Insured natural disaster losses hit an estimated $120 billion in 2022, with North America making up the bulk of the tally due to the devastation caused by Hurricane Ian, according to Munich Re. Economic losses reached $270 billion, down from $320 billion in 2021. While overall losses were close to average, insured losses were well...
A June 2020 study by McKinsey & Company found that the pandemic has accelerated the digital economy by 7 years. The digital adoption of applications for corporate work, in conjunction with tech solutions for physical security, is not just a temporary fix. These solutions are here to stay. As new technologies and digital solutions transform security operations,...
Every quarter of society was presented with challenges that began with the COVID-19 pandemic, and the nonprofit sector was no exception. Ongoing economic volatility has placed even more strain on nonprofits as they face greater demand for their services, disruption of operations due to labor shortages and uncertainty over funding. Through it all, nonprofits have...
The employee benefits landscape has undergone rapid and dramatic changes in recent years. 2022 was marked by continued challenges, which influenced how businesses built their total rewards packages. Ways of working shifted, attrition climbed, employee expectations expanded, and rising health care costs drove medical plan rates higher. Heading into 2023, employers will have to adapt to...
Long after the workday ends, risks continue at construction sites, as fire, theft and water can cause significant property damage and can potentially delay project timelines and impact budgets. The presence of combustible materials, the lack of effective security controls and unstable structural elements can make sites more vulnerable to loss. Buildings under construction or...
The coming year is expected to see further hardening in the property insurance market. This will present insurance companies the opportunity to separate themselves from the competition during a period that could establish the future front-runners in the sector, according to Bill Martin, president and CEO of Plymouth Rock Home Assurance. “The biggest insurers of the 20th...
There’s no denying that employees’ needs have changed over the past few years. As such, employers can offer benefits to meet evolving worker needs shaped by lingering effects of the COVID-19 pandemic, a tight labor market and rising inflation. Many workers are paying more attention to their benefits and wondering how to stretch their dollars...
Directors and officers (D&O) insurance provides corporate directors and officers with coverage for managerial decisions that negatively impact the company. This insurance may generally cover legal fees, settlements, and other costs related to their defense. All types of businesses should seriously consider D&O insurance, but there’s a common misconception that private companies may not need...
While there are varying measurements of what qualifies as a recession, the consensus is that rising interest rates and high inflation will continue to put the financial squeeze on Americans in the new year. In these economic conditions, it’s likely insurance companies will see an uptick in claims related to inflation and the heightened cost...