business
August 31, 2023
4 Trends Shaping the Casualty Market
No. 1: Inflation is changing the game. After peaking at 9.1% in June 2022 following more than two years of pandemic-induced growth, global inflation has trended down slowly for the last few quarters. Still, inflation remains a concern across the entire property and casualty (P&C) value chain. Naturally, rising costs will have a direct impact on insurers...
August 15, 2023
CMR Named on the Inc. 5000 List of Fastest-Growing Companies in America for the Third Year
CMR Risk & Insurance Services Ranks No. 4605 on the 2023 Inc. 5000 August 15, 2023 – Inc. revealed today that CMR Risk & Insurance Services ranks No. 4605 on the 2023 Inc. 5000, its annual list of the fastest-growing private companies in America. The prestigious ranking provides a data-driven look at the most successful...
August 9, 2023
Closing the Gaps on Cyber Risks
Cyber risks are constantly evolving, and while there had been a lull in the frequency of ransomware attacks, that respite has clearly ended. In an interview last month on NPR, Jackie Burns Koven of Chainalysis, a blockchain data platform that provides insights on cyber risks and attacks, said that 2023 is shaping up to be...
July 12, 2023
Tackling the Talent Crunch: 3 Benefits That Improve Retention
The abundance of job openings, combined with a scarcity of available workers, has created a serious talent crunch that continues to raise the bar on retention. It also has sparked lively discussions between employers and their advisers about pursuing innovative strategies to win the talent war. The U.S. is in the midst of a historically tight...
July 6, 2023
Understanding the Experience Modification Factor
Workers’ compensation insurance is a crucial component of protecting employees in the event of work-related injuries or illnesses. It provides medical benefits, wage replacement, and other necessary resources to injured workers while also safeguarding employers from costly lawsuits. One important aspect that plays a significant role in determining the cost of workers’ compensation insurance is...
June 27, 2023
Why Predicting the Future of Cyber Insurance is So Difficult
Cyber insurance is here to stay, but the rapid pace of development of technology and other external factors mean that accurately predicting what the market and products will look like in 10 years’ time could be anyone’s guess. This was the message from Shannan Fort (pictured), McGill & Partners partner – financial lines, cyber, who...
June 15, 2023
The Impact of Forest Fire Smoke on Building Materials and Electronic Equipment
Forest fires are a natural phenomenon that occurs in many parts of the world. In recent years, however, forest fires have become more frequent and more severe due to climate change. Canadian forest fires are currently affecting states in the U.S. As of June 8 2023, cities including Washington, D.C., Philadelphia, New York, Baltimore, Buffalo,...
June 14, 2023
May Inflation Drops to 4% Year-over-Year Increase, Signaling Inflation May Be Cooling
The U.S. Bureau of Labor Statistics (BLS) reported that the consumer price index (CPI) rose 4% year over year in May, a significant decline from 4.9% in April. This is the lowest annual pace since 2021 and slightly below economists’ expectations of a 4.1% increase, according to Refinitiv, global provider of financial market data and...
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 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...