insurance
February 26, 2024
What is Compounding Risks in the Construction Sector?
The construction industry faces several emerging risks in 2024, including supply chain disruptions reminiscent of those faced in 2020 due to geopolitical tensions in the Red Sea. Combined with ongoing economic challenges, construction businesses should expect increased costs and plan meticulously to minimize project delays, an expert told Insurance Business. “I would hazard to say almost...
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...
February 14, 2024
What Will Happen to the Surety Bond Market in 2024?
Demand for surety bonds is expected to rise as Inflation Reduction Act (IRA)-driven renewable energy and grid modernization projects get underway in the United States. With interest rates remaining elevated this year, lending remains challenging. Businesses will seek alternative financing through surety bonds, and insurers are expected to step up capacity, according to Karl Choltus...
February 13, 2024
Debunking 5 Common Cybersecurity Myths
Also known as IT security, cybersecurity refers to the act of safeguarding internet-connected systems, critical data and other digital assets from potential cyberthreats—threats that may attempt to exploit sensitive information, steal funds or disrupt normal business operations. In other words, cybersecurity consists of the strategies implemented to help protect people, processes and technology from cyberattacks...
February 1, 2024
Commercial Insurance Market Update 2024
The commercial insurance market began to harden around 2019, after years of gradual shifts that lead to higher premiums and reduced capacity. The overall hard market is expected to remain for the better part of 2024. Prior to the current conditions, the commercial insurance sector long enjoyed smooth sailing, with stable premiums and expanded coverage that continued...
January 30, 2024
Construction Industry Trends to Watch in 2024
The construction industry has encountered volatility and uncertainty in recent years, brought on in part by fluctuating consumer behaviors, material procurement difficulties, project delays, high interest rates and inflation. Such trends have been vital to monitor, as doing so has helped industry employers create strategies to adjust and remain successful despite these uncertain circumstances. This...
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 3, 2024
Workplace Safety Technology From a Vendor’s Perspective
The evolving workplace and role of the worker are top of mind for workers’ compensation stakeholders. One of the rising industry concerns about the shifting workforce and workplace is the potential impact to the frequency and severity of on-the-job injuries. As part of its ongoing dialogue with workers’ compensation stakeholders around the country, NCCI is often asked...
December 19, 2023
OSHA’s Safety and Health Bulletin on Safety Helmets in the Workplace
On Nov. 22, 2023, OSHA provided a Safety and Health Information Bulletin (SHIB) on the use of safety helmets in the workplace. The SHIB provides the key differences between safety helmets and traditional hard hats. The SHIB also describes the advancements in design, materials, and protective features that help to protect a worker’s entire head....
December 14, 2023
Insurance Marketing Trends to Deploy in 2024
As technology such as artificial intelligence and autonomous vehicles abound, consumers will increasingly seek out and support brands that highlight the facets that make humans unique, according to market research firm Mintel Group Ltd. This desire to balance human emotions and skills with emerging technologies is among the biggest marketing trends Mintel expects for the coming...