insurance
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 13, 2023
Construction Industry’s Rebound Brings More Opportunities, But Also More Risks
The construction industry is rebounding after significant challenges during the pandemic, but more opportunities also come with more risks, an insurer has warned. Selective Insurance, a commercial business insurance carrier specializing in construction firms, has forecasted that more single-trade contractors will expand their business into multiple trades or general contracting to cope with growing demand...
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 31, 2023
Contractual Risk Transfer Explained
Contractual risk transfer (CRT) is a risk management mechanism that can be utilized by many businesses. It involves shifting potential liability through a non-insurance contract or agreement and is intended to transfer risk to the party (e.g., vendor, supplier, subcontractor) that is better situated to control it. While insurance is the most common method to...
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 17, 2023
Inflation, Labor Challenges Are the Biggest Risks Facing Construction Sector
Inflation’s impact on materials and labor challenges continue to be the biggest operational risks facing the construction sector, according to Selective Insurance’s General Contractor Risk report. “Construction is an inherently high-risk industry given its exposure to and reliance on macroeconomic factors, such as commodity pricing, supply chain, labor dynamics, and housing demand,” Jim Albi, assistant vice president,...
May 16, 2023
June is National Safety Month
June is National Safety Month. This month highlights efforts that can prevent injuries and death inside and outside the workplace, helps provide learning opportunities for employees, allows employers to share their safety pride and gives employees the opportunity to pledge they will work safely. Preventable injury-related deaths are the fourth leading cause of death in...
May 9, 2023
Nonprofit Sector Trends to Watch
Nonprofit organizations operate to fulfill their missions, benefit the community and serve the public. They are essential for maintaining a thriving society and contribute greatly to health care, higher education, environmental stewardship, human services, religious services, arts and culture, and other vital services. However, in the months and years ahead, the nonprofit sector could face...
May 3, 2023
OSHA Starts a National Emphasis Program to Prevent Falls
On May 1, 2023, the U.S. Department of Labor announced that OSHA started a National Emphasis Program (NEP) to prevent falls. OSHA states that falls continue to be the leading cause of fatal workplace injuries and one of the most frequently cited OSHA violations in the construction industry. The NEP went into effect on May...