Property and Casualty
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...
February 20, 2024
These Regulatory Changes Could Impact Future Property Claims
The start of 2024 brought a host of changes that could impact property claims, including updates to major codes and guidelines that affect residential and commercial policyholders dealing with new construction, renovations, and replacement HVAC equipment. Adjusters should be aware of new sections in the 2024 International Building Code (IBC) as well as amendments to...
January 16, 2024
Fire Prevention Measures for Idle and Vacant Properties
When properties are left idle or vacant, the risk of fire-related incidents increases. Therefore, implementing a comprehensive fire prevention strategy is crucial. This article explores essential fire prevention measures for idle and vacant properties to ensure the safety of the premises and minimize the risk of destructive fires. Fire Prevention Measures Businesses should consider the...
January 9, 2024
A Return to Balance: Brokers Say Reinsurance Renewals Were ‘Stable’
This year’s January reinsurance renewals were described by brokers as “stable,” “predictable,” “orderly,” “calmer,” “disciplined,” with “increased appetites” and a return to supply/demand balance. What a difference in tone from last year’s grueling January renewals. “In a marked change on a year ago, the supply of property catastrophe reinsurance capacity at the January 1 renewal was...
January 2, 2024
Six Trends Affecting Commercial Property Insurance
Commercial property insurance plays a critical role in protecting the assets of a business. In the event of a loss, this coverage can help businesses replace or rebuild their damaged or destroyed property and restore their operations in a timely manner. As such, it’s crucial for your organization to obtain an sufficient commercial property insurance...
December 29, 2023
Benefits and Risks of Rooftop Solar Panels for Commercial Properties
As solar rooftops become an increasingly common addition to commercial properties, businesses need to be aware of the pros and cons of this technology. While they can provide significant financial, environmental and reputational benefits, they can also present various risks, such as fire and structural hazards. They can also be susceptible to damage from several...
December 1, 2023
10 Tips to Winterize Your Business
As winter approaches, it is crucial for small businesses to prepare for the challenges the season’s weather brings. Whether it’s potential property damage or changes in customer behavior, winter can significantly impact a company’s operations. This article provides 10 tips for effectively winterizing a small business. Being ready for winter weather requires a proactive approach....