risk management
September 14, 2023
For the Fifth Straight Year, Surplus Lines Sees Double-Digit Growth
Total U.S. surplus lines direct premiums written (DPW) rose by 19.2% to reach a record $98.5 billion in 2022, marking a five-year streak of double-digit growth rate increase, according to a new AM Bestreport. The new Best’s Market Segment Report, “Surplus Lines Insurers Focus on Evolving Risks to Sustain Premium Growth,” showed eight of the top...
September 12, 2023
Employer Tips for Dealing with Illness in the Office
With all the attention on return to office policies, employers should reassure workers that they can stay home if need be, especially as cold and flu season approaches. Despite an increase in attention to wellness, the majority of employees are still struggling with the notion of taking time off for an illness, according to a...
September 8, 2023
3 Economic Forces Putting Strain on Construction
It’s been a tough three years for the construction industry. Lingering labor shortages and supply chain issues brought on by the pandemic have caused project costs to shoot up. In an effort to govern inflation, the Federal Reserve has raised interest rates, resulting in higher borrowing costs. Noticing a pattern? Today’s economic conditions are increasing...
September 6, 2023
Preparing for the DOL’s Proposed FLSA Overtime Rule
On Aug. 30, 2023, the U.S. Department of Labor (DOL) announced a proposed rule to amend current requirements that executive, administrative and professional employees (EAPs) must satisfy to be exempt from the Fair Labor Standards Act’s (FLSA) minimum wage and overtime requirements. If the rule is finalized and implemented, the overtime protections will extend to approximately 3.6...
September 1, 2023
Captives Address Emerging Risks
Businesses are increasingly looking to captives to address emerging risks as commercial insurance market conditions remain difficult. Demand is growing for innovative insurance programs for cannabis and cryptocurrency risks, among others, panelists said last month at the Vermont Captive Insurance Association’s 2023 annual conference. “The search for capacity doesn’t end when your insurance broker says...
August 28, 2023
DOL Proposes Rule to Clarify PPE Standard
On July 19, 2023, the U.S. Department of Labor (DOL) announced a notice of proposed rulemaking intended to clarify the personal protective equipment (PPE) standard for the construction industry. The stated goal of this action is to align construction, general industry and maritime standards. Comments and hearing requests must be submitted by Sept. 18, 2023,...
August 16, 2023
The Tech that Could Shape the Future of Workplace Safety
While artificial intelligence, wearable tech and exoskeletons are not yet commonplace at every worksite, it is a very real possibility that these technologies, and a host of other emerging ones, will play critical roles in the future of work safety and workers’ compensation. To find out what technologies are making a difference, or showing the potential to...
August 15, 2023
What is an Experience Modification Factor?
The experience modification factor (EMF) plays a significant role in the cost of workers’ compensation insurance premiums. Also known as the e-mod, this figure represents an employer’s workers’ compensation claims history compared to other businesses of a similar size in the same industry. It is determined based on a formula set by the National Council...
August 10, 2023
Navigating the Unpredictable: Key Trends in Catastrophe Claims
Catastrophe (CAT) seasons are increasingly complex to navigate, especially with the surge of non-stop rain and freeze events outside these pivotal periods. What was once a predominately hurricane-focused season has now diversified into more regular, regional weather-related perils, such as windstorms, massive snowfalls and freezing conditions. From the floods in New Zealand this year to the...
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...