PropertyCasualty360: Property & Casualty Insurance News & Tips

Market Insights

All builder's risk insurance policies are not created equal

Joshua Lorenz and Craig Ream| June 15, 2018

Most construction contracts require project leaders to obtain builder’s risk insurance.
Ranking

20 biggest insurance companies in the world, according to Forbes

Jayleen R. Heft | June 15, 2018

Mega deals and IPOs are shaking up the global insurance industry in 2018.
Analysis

Driverless cars may cut traffic jams, not insurance premiums

William Mathis| June 14, 2018

As driverless vehicles reduce car ownership, insurers may not face the Armageddon that had been predicted, new research shows.
Analysis

P&C personal lines results worsen despite auto improvement: Fitch

Jayleen R. Heft | June 14, 2018

Underwriting losses in the U.S. P&C personal lines segment moved higher for the fourth straight year in 2017.
Small businesses represent big insurance opportunity [infographic]

Shawn Moynihan | June 14, 2018

By the Numbers: Check out these highlights from the 2018 Small Business Risk Report, produced by The Hanover Insurance Group and Forbes Insights.
Best Practices

The 10 commandments of prospecting for insurance agents

Bryce Sanders| June 14, 2018

Properly done, prospecting brings assets, revenue and even referrals.
Commentary

Technology paves the way for the future of the agency channel

Sam Fleming| June 14, 2018

Agents who give personalized advice and advocacy when needed represent the great upside to the rise of InsurTech, and the future of the agency channel.
News

25 least expensive car models to insure

Denny Jacob | June 14, 2018

An analysis by 24/7 Wall St. found many of the cars that are the least expensive to insure are small to midsize SUVs.
Analysis

Volcanic activity & insurance considerations for businesses

David E. Weiss, Michael H. Sampson, Douglas R. Widin and Max J. Louik| June 14, 2018

Many businesses — from hotels to golf courses to airlines — already have suffered or are at risk of suffering losses.
Analysis

Risky rides: Unique exposures for amusement parks

Karen Sorrell | June 14, 2018

A leading contributor to park injuries and fatalities is improper operation of a ride.

News

FEMA is exploring expansion of its reinsurance program

Christopher Flavelle| June 13, 2018

The federal government is seeking to protect itself from the growing cost of natural disasters by buying reinsurance.
News

Around the P&C insurance industry: June 13, 2018

Denny Jacob | June 13, 2018

News from The Navigators Group Inc., Coalition Against Insurance Fraud, Tokio Marine HCC and more.
Analysis

The future of cyber threats: When attacks cause physical harm

Patricia Kane| June 13, 2018

It's likely that attacks that aim to physically interfere with software or security systems will only increase in the future.
News

N.J. bill mandating liability insurance coverage gains traction

Michael Booth| June 13, 2018

Employers and owners of multiple-dwelling properties would need to maintain policies of at least $500,000.
Wisconsin insurance commissioner orders agent to repay over $1 million

Steven A. Meyerowitz| June 13, 2018

The agent's insurance license has also been permanently revoked.
Analysis

When water destroys with a trickle instead of a flood

FC & S Editors | June 13, 2018

Coverage Q&A: It’s essential to know whether your homeowners’ policy includes an exclusion for leaks lasting more than a few days.
Slideshow

Top 10 home security myths

Danielle Ling | June 13, 2018

Here are the top 10 myths about home security, according to Dyno Locks.
Event

The insurance industry must embrace women & technology like never before

Denny Jacob | June 12, 2018

Sponsorship programs, pay studies and gender dialogues are ways companies can look to promote women within a company.
News

New report details Q1 commercial insurance price changes

Danielle Ling | June 12, 2018

The CLIPS survey revealed modest but larger increases in commercial insurance prices in Q1 of 2018.
News

Allianz's pursuit of insurance targets keeps market guessing

Dinesh Nair, Julie Edde, Aaron Kirchfeld and Ruth David| June 12, 2018

Europe’s largest insurer, Allianz SE, is in the early stages of evaluating a variety of potential acquisition targets.

Commentary

Insurers embracing disruption to reinvent themselves

Sam J. Friedman| June 12, 2018

Incumbent insurers are making great strides to keep up with the InsurTech and data analytics craze.
Analysis

Investigating fraudulent claims: Keep detailed records to recover costs

Steven A. Meyerowitz| June 12, 2018

A court suggests if insurers want to recover costs of investigating fraudulent claims, they need to maintain time logs.
Slideshow

6 safety steps for contractors to follow this hurricane season

Danielle Ling | June 12, 2018

Experts at Travelers offer critical safety precautions for construction workers ahead of the 2018 hurricane season.
Best Practices

3 steps to managing your potential infectious disease exposures

Christian Ryan| June 12, 2018

Here are 3 ways global businesses can manage their potential exposure to Ebola, Nipah and other public health threats.
News

Who’s using what in P&C insurance: June 11, 2018

PC360 Staff| June 11, 2018

Property and casualty insurance industry tech news from Amica, Zurich Insurance Group, LexisNexis Risk Solutions, and more.
News

Hurricane Bud prompts storm watches on Mexico's Pacific shore

Brian K. Sullivan| June 11, 2018

Bud is currently a category 3 hurricane with top winds of 115 miles.
News

PG&E sees 'significant liability' in California wildfires

Mark Chediak, Pamela Maclean and Jim Efstathiou Jr.| June 11, 2018

Cal Fire said Friday that PG&E equipment caused at least 12 of the wine country blazes.
News

Technology can keep employees safe, but businesses still lag in adoption

Denny Jacob | June 11, 2018

Millennial business owners are leading the charge as 71% of them are using connected technologies for safety efforts.
Q&A

How insurance advisors can beat their fear of sales

Katie Rass| June 11, 2018

Consultant Alex Goldfayn talks about how positive psychology can help advisors boost sales 10%-20% annually.
Commentary

Reinsurers must anticipate new risks in the digital age

Pascal Millaire| June 11, 2018

It's been a challenging few years for the reinsurance industry. But as they say, sometimes it's darkest before the dawn.

Profile

Executive profile: PIA National CEO Mike Becker

Shawn Moynihan | June 11, 2018

Empowering independent agents is this baseball-loving insurance leader’s signature swing.
Slideshow

What you missed at IICF's Women in Insurance conference

Danielle Ling | June 08, 2018

The first of IICF's 2018 Women in Insurance Conferences took place yesterday, concluding with a powerful speech from Jenna Bush Hager.
News

People on the move in the P&C insurance industry: June 8, 2018

Denny Jacob | June 08, 2018

News from GC Securities, Capital Markets, Assured Risk Cover, Swiss Re Canada & English Caribbean and more.
News

New Colorado law sets 30-day requirement for data breach notification

Gabrielle Orum Hernández| June 08, 2018

The 30-day notification window does not provide for any specific exemptions and is the shortest of any state.
Analysis

Cloud takes a starring role in the new insurance core systems paradigm

Karen Furtado| June 08, 2018

The insurance industry is poised to utilize cloud in a whole new way.
Career Moves

Calling all interns: Gallagher's internship program may be for you

Denny Jacob | June 08, 2018

“These folks end up being incredibly important players in our company,” says President and CEO J. Patrick Gallagher Jr.
Commentary

Hey InsurTechs: Here's why you will likely fail

Karlyn Carnahan| June 08, 2018

Despite the massive amount of money being poured into InsurTechs, there are some clear signs of potential failure.
News

Buffett's wrong on cyber insurance risk, Chubb's Greenberg says

Brian Louis| June 07, 2018

Greenberg said cyber risk is insurable and that 'Chubb is a large writer' of the coverage.
News

Tesla Model X in California crash sped up prior to impact

Alan Levin and Ryan Beene| June 07, 2018

A NTSB preliminary report raises new questions about the capabilities of Tesla’s semi-autonomous driving system.
News

Will Amazon truly shake up the homeowners' insurance market?

Katherine Chiglinsky and Brian Louis| June 07, 2018

Amazon has explored ways to offer insurance as part of a push into other consumer offerings including robots to use in the home.

Commentary

Property claims, customer satisfaction, and good business

Kevin Reilley| June 07, 2018

Here's why insurers must engage modern technology to empower customers.
Research

Personalization is critical to a successful customer experience, KPMG finds

Jayleen R. Heft | June 07, 2018

Seven insurers are among the top 100 companies consumers ranked highest on customer experience delivery in 2018.
News

ISO commercial flood insurance coverage form now available

Rosalie Donlon | June 07, 2018

ISO's Commercial Flood Insurance Policy is similar to a commercial property policy but it has differences that insurance agents and brokers need to know.
News

Motel targeted in sex trafficking lawsuit loses insurance coverage

Max Mitchell| June 07, 2018

An insurance carrier has no obligation to defend against a lawsuit aimed at holding a motel liable for sex trafficking that occurred on its premises.
Market Insights

Aviation insurance underwriters are in for a bumpy ride

Bill Coffin| June 07, 2018

Excess capacity and new exposures are forcing underwriters to rethink how they write aviation risk.
Research

U.S. motorcycle thefts decreased in 2017

Jayleen R. Heft | June 07, 2018

A total of 44,268 motorcycles were reported stolen in 2017 compared with 46,467 reported stolen in 2016 — a decrease of 5%.
Research

New York, Boston set coastal flood records as storms fuel tides

Brian K. Sullivan| June 06, 2018

Coastal floods are growing more frequent because oceans are rising and causing billions in damages to property.
Market Insights

What seniors need to know about reverse mortgages

Danielle Ling | June 06, 2018

Reverse mortgages can be a great financial lifeline, but they aren't a simple process. Here's what you need to know.
Liability in the age of autonomous vehicles

Robert F. Tyson and Greta M. Schultz| June 06, 2018

Some auto risks will not change, but others will shift from drivers to manufacturers.
Analysis

Pollution liability coverage, exclusions can be tricky

FC & S Editors | June 06, 2018

Coverage Q&A: As always, it is up to the insurer to prove that the pollution exclusion applies to a particular claim.

News

Around the P&C insurance industry: June 6, 2018

Denny Jacob | June 06, 2018

News from PacWest Alliance Insurance Services Inc., Worldwide Facilities LLC, NI Holdings Inc. and more.
News

European Commission proposes stronger motor vehicle insurance rules

Steven A. Meyerowitz| June 06, 2018

The proposal to amend the Motor Insurance Directive would make it easier to combat uninsured driving, according to the EC.
News

5 key takeaways from GHSA's report on drug-impaired driving

Denny Jacob | June 06, 2018

Curtailing the issue of drug use and abuse on the streets has dogged law enforcement for years, but U.S. roadways are just as problematic.
News

Hack of DNA website exposes data from 92 million user accounts

Kristen V. Brown| June 05, 2018

With the information exposed in the breach, a hacker could access personal info such as the identity of family members.
News

Education, service frame conversations during IASA 2018

Elana Ashanti Jefferson | June 05, 2018

Dr. Jill Biden challenged insurance professionals to 'make a difference where you are, how you can.'
News

Understand the unique risks that come with employing older workers

Denny Jacob | June 05, 2018

With an aging workforce, there are a number of workplace injury risk factors to consider.
News

U.S. Army officer arrested & charged with defrauding insurance providers

Steven A. Meyerowitz| June 05, 2018

A Lieutenant Colonel received $183,339 from claims he filed related to a purported U-Haul burglary, prosecutors allege.
Commentary

Preventing EPL claims takes planning, commitment

Todd Cincotta| June 05, 2018

Our industry now needs to look closer at sexual harassment policies as well as other contemporary employment issues.
Analysis

Determining coverage for mudslide claims

Jason Hargraves| June 05, 2018

Policyholders need to know the difference between mudslides and mudflows and if coverage applies.
News

First Cannabis Business Owners Policy approved in California

Christine G. Barlow, CPCU| June 05, 2018

What does the 'CannaBOP' policy include, and is it right for your prospect or client?

Best Practices

The 2018 hurricane season is here: Are you prepared?

Danielle Ling | June 04, 2018

Predictions are in for the 2018 hurricane season. Here's what you need to know to protect your property.
News

Swiss Re announces executive leadership changes

Denny Jacob | June 04, 2018

A new president & CEO will take over the helm at Swiss Re Canada & English Caribbean.
News

Who’s using what in P&C insurance: June 4, 2018

PC360 Staff| June 04, 2018

Property & casualty insurance partnership and tech news from Octo Telematics, Sapiens International, SterlingRisk, Applied Systems, EIS Group and more.
Market Insights

WCRI reveals state with highest total costs per workers' comp claim

Denny Jacob | June 04, 2018

Growth in indemnity & medical costs both drove the increase in Louisiana’s average total cost per workers’ compensation claim.
News

California lawmakers are said to consider wildfire relief fund

Mark Chediak and Romy Varghese| June 04, 2018

Proposal to help utilities shoulder billions in potential liability costs while offering relief to wildfire victims.
Commentary

Don't write blockchain's obituary just yet

Michael Costonis| June 04, 2018

Blockchain has the potential to revolutionize how insurance business gets done.
News

Using innovative tools to diagnose workers’ comp injuries

Nancy Grover| June 04, 2018

Some workers' comp professionals are using technology to develop innovations in getting injured workers back on the job.
5 spring cleaning practice management tips for insurance agents & brokers

Scott Wooldridge| June 04, 2018

Top brokers suggest that communication and organization are key to more effective business practices.
News

25 most expensive car models to insure

Denny Jacob | June 04, 2018

Thanks to advances in technology, cars come equipped with more capabilities than ever while also being assembled with speed and precision.
News

Renting a car? Here's the kind of insurance you need

Danielle Ling | June 01, 2018

Car rental companies will offer you a number of insurance options at the counter. Here's how to find out which is your best option.

News

As hurricane season starts, cities still await 2017 FEMA aid

Christopher Flavelle| June 01, 2018

In Florida, less than 1% of the promised $83 million in federal money has reached cities and counties.
News

People on the move in the P&C insurance industry: June 1, 2018

Denny Jacob | June 01, 2018

News from H.W. Kaufman Group, Insurance Center of New England, XS Brokers and more.
News

Family arson ring gets burned for insurance fraud

Denny Jacob | June 01, 2018

The Chens allegedly orchestrated the entire situation to make it appear as though the fire was the result of a careless cooking.
Commentary

To be InsurTech or not to be InsurTech – is no longer the question

Karen Pauli| June 01, 2018

Not every startup and every idea are going to be winners, but many will be.
Best Practices

Nationwide's first external hackathon returns a bevy of innovative ideas

Seth Flory| June 01, 2018

Ahead of the event, we knew it was a sell-out, but we didn’t know exactly what that would mean.
Commentary

How AI delivers value to insurance

Carlos Meléndez| June 01, 2018

Innovative technologies are opening up new opportunities that are enabling insurers to become more productive, efficient and competitive.
Market Insights

How could the 2018 hurricane season impact P&C insurers?

Rosalie Donlon | May 31, 2018

New report from Fitch Ratings provides a look at pricing, market share and capital resiliency.
Commentary

Stalled infrastructure plan prevents additional strain on construction industry

Holly Tachovsky| May 31, 2018

A nationwide investment in an infrastructure overhaul is overdue for most communities throughout the U.S.
News

Top 10 states at risk of hurricane storm surge damage in 2018

Elana Ashanti Jefferson | May 31, 2018

A new report finds that 6.9 million U.S. homes are at risk, with potential reconstruction costs of $1.6 trillion.
Market Insights

Navigating the IoT data flood

Jeff Wargin| May 31, 2018

With the volume of data available, insurers must distill it into usable nuggets of information.

Commentary

Think GDPR doesn’t apply to you? Don’t be so sure

Lisa Loftis| May 31, 2018

Many companies have no plan for GDPR, because they do not believe that it will apply to them. That's a mistake.
8 ways to tactfully get your point across

Bryce Sanders| May 31, 2018

The insurance industry has its own language. You can tell people almost anything, if you say it carefully.
News

Insured's recovery of post-fire mitigation expenses limited

Steven A. Meyerowitz| May 31, 2018

When are expenses to limit business income losses considered "extra expenses," not covered by insurance?
News

Calif. insurance commissioner lowers workers' comp rates

Denny Jacob | May 31, 2018

Commissioner Jones has reduced the benchmark rate by 36.5% since January 2015.
Slideshow

Another 1,000-year flood devastates Ellicott City, Md.

Danielle Ling | May 30, 2018

Sunday's massive flash flood left one dead and for the second time in two years, devastated the downtown of Ellicott City, Md.
Analysis

When an intentional act results in an unintended outcome

FC & S Editors | May 30, 2018

Coverage Q&A: The expected or intended injury exclusion can be difficult to apply. Here's why...
Commentary

Social responsibility: Doing good is good for business

Catherine Hernandez-Blades| May 30, 2018

Social responsibility is an enormous differentiator for today’s consumers when it comes to deciding if they want to do business with you.
Best Practices

4 ways for businesses to prepare for another active hurricane season

Duncan Ellis| May 30, 2018

Using these guidelines can help your business insurance clients quickly resume normal operations following a storm.
Market Insights

Express kidnapping: The changing nature of security threats in Latin America

Elman Myers| May 30, 2018

Criminals move away from traditional long-term kidnaps to higher volume, lower reward crimes.
Analysis

The art of personal selling in the digital age

Frank Gehrig| May 30, 2018

Today’s most successful insurance sales strategies share these four characteristics.

Ranking

Which countries are the most, least resilient for 2018?

Rosalie Donlon | May 30, 2018

Looking back, 2017 was a year filled with natural disasters — hurricanes, floods, earthquakes and wildfires — as well as man-made risks such as…
News

Harvard: Death toll from Hurricane Maria much higher than previously reported

Jonathan Levin| May 29, 2018

Hurricane Maria probably killed about 5,000 people in Puerto Rico last year even though the official count remains at 64.
Commentary

Choosing the right Producer Management System

Margaret Livermore| May 29, 2018

These are things to consider when upgrading your distribution system to ensure a seamless producer management process.
News

Swiss Re 'open' to anchor investor as SoftBank talks fail

Patrick Winters and Ross Larsen| May 29, 2018

The collapsed talks mark the end of nearly four months of deliberations about how SoftBank would invest in Swiss Re.
Some hurricane damage can be avoided: Advice to pass on to homeowners

Bryan Wood| May 29, 2018

As hurricane season approaches, here are ways homeowners can protect themselves from potential damage.
Analysis

Medical marijuana & workers' comp: Burning questions that need answers

Jenifer Dana Kaufman| May 29, 2018

How will it be determined if the use of medical cannabis is reasonable for an injured worker?
5 great habits to grow your insurance business

Michael Goldberg| May 29, 2018

To go farther on your journey, keep up the pace.
Research

5 key points concerning motorcyclist fatalities from GHSA's report

Denny Jacob | May 29, 2018

Around the globe, motorcycles are the go-to form of transportation.
News

Insurance is budding in California's cannabis industry

Denny Jacob | May 28, 2018

Nearly 22 years ago, California voters enacted a ballot measure legalizing the medical use of cannabis.
Commentary

Facebook revelations should spur insurers to review data use policies

Chris Roach| May 28, 2018

Now is the time for insurance companies to assess their social media uses and cloud-based software suites.

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