Property and Casualty
October 1, 2024
Hurricane Helene Brings Catastrophic Flooding and Damage to Multiple States
After making landfall as a Category 4 storm in Florida’s Big Bend region, Hurricane Helene sped inland with a path of devastation, bringing historic flooding, millions of power outages and causing more than 90 deaths in multiple states. Coming ashore as the strongest hurricane on record to hit the Big Bend region of Florida, Helene...
August 27, 2024
The Risks of Severe Convective Storms
Severe convective storms can cause injuries, infrastructure damage and significant financial losses for businesses and their commercial properties. Often accompanied by hail, flooding, strong winds, lightning and abrupt temperature shifts, they are among the costliest types of natural disasters, according to industry research. To reduce potential losses and improve safety, employers should understand the risks...
August 21, 2024
5 Risks of Hiring an Uninsured Contractor
Project owners or general contractors must carefully vet contractors to ensure jobsite safety and financial security. A critical factor in this selection process is verifying that contractors carry adequate insurance. Hiring uninsured contractors can expose a project to significant risks, including safety hazards, liability issues and potential financial losses. The following are five risks associated...
August 16, 2024
Managing Common Risks for Condominium and Community Associations
Condominium and community associations carry out several essential tasks and responsibilities, such as ensuring the facilities are maintained properly or managing the budget appropriately. However, these entities also face numerous risks. As such, they need to be aware of their exposures to enhance community safety and financial stability. This article provides more information on the...
July 24, 2024
P&C Hard Market Should Ease Up in 2025
Hard market conditions will continue through 2024 for both commercial and personal lines, but begin to ease in 2025, according to the latest sigma report from Swiss Re. “The insurance industry has reached a new equilibrium after the challenges of recent years. The global economy has surprised on the upside, which should drive more demand...
July 8, 2024
OSHA Proposes Heat Injury and Illness Prevention Standard
On July 2, 2024, the U.S. Department of Labor’s (DOL) Occupational Safety and Health Administration (OSHA) announced an unofficial version of the proposed standard to protect workers from heat injury and illness. If finalized, the new standard would apply to all employers conducting indoor and outdoor work in all general industry, construction, maritime and agricultural...
July 1, 2024
2024 Midyear Market Outlook: Commercial Property Insurance
The commercial property insurance segment has been characterized by ongoing premium increases for much of the past decade. According to industry data, such rate jumps reached record-setting levels in 2023, surging by an average of 20.4% in the first quarter alone and only slightly falling to 18.3% in the latter half of the year. These...
June 25, 2024
Tips for Business to Prevent Carbon Monoxide Poisoning
Carbon monoxide (CO) is a colorless, tasteless and odorless poisonous gas that is a byproduct of the incomplete burning of carbon-containing material. It can quickly accumulate in areas where employees work, even if the space appears well-ventilated. Exposure to CO can cause serious health problems and even fatalities, so business owners must take steps to...
June 18, 2024
Commercial Property Insurance Market Proving More Stable, Capitalized: USI
Following last year’s historically challenging property insurance market, 2024 is proving to be “a more stable and capitalized market,” USI Insurance Services reported in its latest Commercial Property & Casualty Market Outlook Mid-Year Addendum. “Large rate increases from 2023 have mostly subsided for the broader market,” the New York-based insurance brokerage firm said in the report....
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...