insurance
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...
August 8, 2023
2024 Open Enrollment: The Power of Early Preparation
The labor landscape was undoubtedly a roller coaster in the first half of 2023, and employers are still along for the ride. During the past year, the market experienced a record number of employee quits, a jump in talent shortages and increased workplace demands from workers—many of whom had the upper hand in employment negotiations....
August 3, 2023
Preventing Falls Due to Extreme Heat
Extreme heat creates many risks in construction. As an employee in this industry, not only should you be aware of illnesses caused by the heat, but you also need to be mindful of how high temperatures can cause physical and mental impairments that can lead to falls and know how to prevent this hazard. How...
August 2, 2023
Workers’ Compensation State of Risk
Workers’ compensation provides essential coverage, and in many instances, laws require employers to carry it. Additionally, workers’ compensation has been the most profitable property and casualty (P&C) line of business in recent years. The National Council on Compensation Insurance (NCCI) reports six straight years of combined ratios under 90 and nine consecutive years of underwriting...
July 26, 2023
5 Risks in the Construction Industry
Construction owners and contractors face a myriad of risks that are inherent to the industry. In order to help ensure safe and productive operations, it’s vital for these parties to understand common exposures so they can take proactive steps to address them. Common Construction Industry Risks While each operation’s specific exposures may vary, the construction...
July 19, 2023
OSHA Expands Injury and Illness Submission Requirements for Employers in High-hazard Industries
On July 17, 2023, OSHA announced a final rule that will require certain employers in designated high-hazard industries to electronically submit additional injury and illness information than what is currently required but employers are already required to keep. The final rule will become effective on Jan. 1, 2024. Injury and Illness Submission Expansion Overview OSHA’s...
July 10, 2023
2023 Workers’ Compensation Insurance Midyear Market Outlook
Data from the National Council on Compensation Insurance (NCCI) shows that the workers’ compensation insurance market has performed as an outlier in the casualty space by producing positive underwriting results for nearly a decade, with the combined ratio remaining under 100 every year since 2014. This past year was no different; the combined ratio for...
July 7, 2023
2023 Commercial Property Insurance Midyear Market Outlook
The last several years have seen the commercial property insurance market progressively harden, evidenced by ongoing rate increases over the past 22 consecutive quarters. Such rate hikes showed some signs of stagnation throughout 2022 by largely remaining within single digits, according to insurance experts. However, this moderation didn’t last in 2023, as rates surged by...
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...