Property and Casualty
June 7, 2023
Hard Market Conditions Intensify in Commercial Property
Hard market conditions of rate hikes coupled with tightening terms have intensified for June 1 renewals in commercial property, as carriers prevail in a “seller’s market” where new capacity remains scarce, sources told this publication. Even clean accounts in the admitted space are seeing rate increases of 15% year on year, while loss-hit accounts in...
June 5, 2023
12 Tips to Promote Workplace Safety and Prevent Employee Injuries
Workplaces have gotten safer for employees over the years. However, accidents can still happen. When they do, they cost businesses thousands of dollars in medical expenses, undermine productivity and employee morale, and increase employee absenteeism. To help prevent the risks of workplace injuries, businesses can follow these 12 tips: 1) Create a Comprehensive Workplace Safety...
May 25, 2023
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 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...
April 25, 2023
Will Luxe Amenities Get Workers Back to the Office? Owners Say, ‘Yes’
The house party is ending for many office-bound workers — and, as a result, the office experience is getting a lot more fun. The push to get workers back to their desks resulted in a so-called “flight to quality” — tenants demanding highly amenitized, Class A office spaces. In response, landlords upped the ante like...
April 20, 2023
Earthquakes Cause $14.7B in Annualized Losses, USGS Reports
Earthquakes cause $14.7 billion in damages and related losses on an annualized basis in the U.S., according to an updated estimate from the U.S. Geological Survey (USGS) and the Federal Emergency Management Agency (FEMA). The updated figure, which is twice that of the previous annual estimate, reflects increasing property values, and the inclusion of the latest hazards...
April 19, 2023
Trenching and Excavation Safety
It is essential to implement safety measures during trenching and excavation work to help prevent serious injuries and deaths. Especially considering the recent rise in fatalities and penalties involving this type of work, construction employers need to ensure they utilize proper risk management techniques. OSHA Penalties OSHA recently announced new enforcement guidance to deter employers...
April 18, 2023
2023 Fire Season Expected to Produce Above-Average Activity
The 2023 fire season is predicted to be relatively consistent with historical averages, with a slight increase in intensity, according to AccuWeather’s recently released 2023 US Wildfire Forecast. Between 60,000 to 75,000 wildfires are expected to occur, potentially burning 6.5 million to 8.25 million acres of land. These figures align with the average of 68,707...
April 13, 2023
Hardening Property Market Prompts Difficult Conversations, Lengthy Renewals
Hardening property insurance market conditions mean brokers must start conversations early, endure longer renewal processes, and skillfully deliver potentially bad news to clients, according to Risk Placement Services’ 2023 U.S. Property Market Outlook. Property insurers face reinsurance rate hikes between 30% and 80%, worsening and more frequent catastrophes, and inflated rebuilding costs. They’ve responded by...
April 3, 2023
Growing Construction Costs Driving Commercial Property Coverage Gap
Growing costs for construction materials and labor could be driving commercial properties to be undervalued by as much as 30% for underwriting purposes, according to Tüv Süd Global Risk Consultants Corp. A disconnect between reported values and actual values can result in a coverage gap for a commercial policyholder. From November 2021-November 2022, the cost of...