PropertyCasualty360: Property & Casualty Insurance News & Tips

News

Insured losses from May's 'Ring of Fire' near $2.5 billion, says new report

Danielle Ling | May 24, 2018

The extreme weather event created billions of dollars in damages from hail and wind across 12 states, Karen Clark & Co. reports.
News

Senator Schumer seeks extension of NFIP ahead of July 31 deadline

Steven A. Meyerowitz| May 24, 2018

Seeking stricter controls on lawyers defending insurance companies & better oversight of insurers participating in NFIP.
Commentary

Expect a shift in the auto insurance litigation landscape

Randy Maniloff| May 24, 2018

Even if widespread adoption of autonomous and self-driving cars somehow becomes a reality, they surely won't be foolproof.
Market Insights

New RIMS report identifies top emerging risks in Latin America

Danielle Ling | May 24, 2018

The report says the regulatory environment is the top risk in Latin America, differing from the top threat globally.
News

Top hazards of volcanic ash: How to protect health & property

Jayleen R. Heft | May 24, 2018

Volcanic ashfall can cause roofs to collapse, contamination of water supplies, utility outages and make roads impassable.
News

Drones may need license plates soon as Washington updates rules

Alan Levin| May 23, 2018

The description of the proposal didn’t include details about the size of the markings or possible penalties for violations.
Commentary

The insurance industry needs social media data

Dillon Twombly| May 23, 2018

With the right tools in place to mine social media, insurance companies can get ahead of major disaster claims.
News

Around the P&C insurance industry: May 23, 2018

Denny Jacob | May 23, 2018

News from GuideOne Insurance, USI Insurance Services, Risk Strategies and more.
Expert Opinion

10 essential actions to become a successful digital insurer

Deb Smallwood| May 23, 2018

These 10 actions are a significant effort for any insurance business, but they are required.
Research

53% of insurers opting to develop AI capabilities in-house, study finds

Victoria Prussen Spears| May 23, 2018

Everest Group looked at how insurers are building AI capabilities through hiring, InsurTech partnerships and other means.

Analysis

Active shooter tragedies spur insurance questions

FC&S Editors | May 23, 2018

Coverage Q&A: Insurance issues are becoming increasingly relevant as more tragic shootings occur.
News

Are your clients insured for summer fun?

Denny Jacob | May 23, 2018

While it's easy to get distracted by the fun in the sun, there are plenty of risks consumers should consider first.
News

Seat belts urged for school buses by NTSB after 2016 crashes

Ryan Beene| May 22, 2018

The NTSB also voted to recommend that the NHTSA mandate automatic emergency braking systems.
Expert Opinion

Insurance chatbots need to walk before they run

Frank Neugebauer| May 22, 2018

The best way for chatbots to help the insurance customer is by helping agents, brokers and claims specialists.
News

Crypto-friendly Bermuda to host digital-currency-dealing agency brokerage

Rob Urban| May 22, 2018

Omega One will open an office in Bermuda to work with insurers to set up a business to securely insure digital currencies.
Research

Which U.S. cities face the highest risk from climate change?

Amanda Albright and Danielle Moran| May 22, 2018

Miami Beach is the most exposed city and Manatee County is the most-exposed county.
News

Assessing technology’s impact on insurance claims

Patricia L. Harman | May 22, 2018

Insurance industry executives used Twitter to discuss how technology is changing the claims process.
News

California employers: Proof of employment status is all yours

Hannah E. Smith, JD| May 22, 2018

In a decision with significant impact on the 'gig economy,' the California Supreme Court recently ruled on who has to prove that a worker is an independent contractor.
Whitepaper

How the insurance industry can attract and retain new talent

Marlene Satter| May 22, 2018

Retiring baby boomers have left a gap in the insurance industry, and firms are struggling to attract suitable talent to fill it.
Best Practices

Senior drivers: When is it time to give up the keys?

Elana Ashanti Jefferson | May 22, 2018

Senior drivers don’t necessary cause more car crashes, but they are more likely to be seriously injured in an accident.

Best Practices

Mediation preparation includes clients too

Alan Fanger| May 21, 2018

With approximately 80% of cases that go to mediation settling, preparing clients ahead of time is critical.
News

Who's using what in P&C insurance: May 21, 2018

PC360 Staff| May 21, 2018

Property & casualty insurance partnership and tech news from Intact Financial Corp., HSB, Zeguro, Guidewire, and more.
Market Insights

2017: A bad year for commercial lines, says Fitch Ratings report

Rosalie Donlon | May 21, 2018

Some segments within commercial lines showed a profit in 2017, but other segments continue to face significant challenges.
Analysis

InsurTech & the latest trends in core systems purchasing

Karen Furtado| May 21, 2018

Many of today’s innovative new insurers & MGAs see value in the core systems that incumbent insurers & MGAs already use.
Commentary

How can tech best help small business insurance brokers?

Adam Sills| May 21, 2018

Breaking down and rebuilding insurance processes can be painstaking, but there’s still a lot more work to do.
Analysis

How artificial intelligence will affect the P&C insurance industry

Shawn Moynihan | May 21, 2018

As AI continues to grow and develop, one expert weighs in on the impact it will have on the P&C business — and the world.
Ranking

10 most common agribusiness insurance claims

Jayleen R. Heft | May 21, 2018

To help educate us about costly trends, Nationwide has released its 2017 most common commercial agribusiness claims.
Commentary

Lessons for the insurance industry from mountain climbing

Grace Vandecruze| May 18, 2018

The insurance industry can benefit from the team-building skills needed to climb mountains.
News

People on the move in the P&C insurance industry: May 18, 2018

Denny Jacob | May 18, 2018

News from Big I New York, Valen Analytics, XL Catlin and more.
Best Practices

Shedding some light on auto accidents

Charles C. Roberts, Jr., Ph.D., P.E.| May 18, 2018

By examining the automotive lamps, an adjuster can determine whether the headlights were on when an incident occurred. Here’s what to look for in your investigation.

Commentary

The robots are coming to insurance, but only fools rush in

John Begley| May 18, 2018

These are the steps insurers should take internally to set the stage for innovation success.
Commentary

Looking at the insurance world through digital transformation glasses

Deb Smallwood| May 18, 2018

For insurers, the journey of digital transformation involves rethinking their value proposition and business operations.
Expert Opinion

Insurance industry impact: New laws on the horizon

David A. Sampson| May 18, 2018

The 2018 election cycle means debate about insurance issues in state legislatures, and uncertain outcomes at the federal level.
News

N.Y. construction company schemed $1.8M from workers, investigation finds

Denny Jacob | May 18, 2018

Six individuals have been arrested and charged with several counts of grand larceny, scheme to defraud and insurance fraud.
News

Insurers pull back from municipal-bond market as tax rates fall

Katherine Chiglinsky, Romy Varghese and Brian Louis| May 17, 2018

Progressive, Travelers Cos. and Chubb have collectively decreased their holdings of municipal bonds by $2.37 billion.
News

Train today's young workers to thrive for tomorrow's job market

Denny Jacob | May 17, 2018

As youth workers enter the workforce for the first time, employers must consider that for many this may be their first job.
News

Cybersecurity, InsurTech regulation poised to define 2018

Denny Jacob | May 17, 2018

Regulation is often cited as the most significant hurdle to innovation in the insurance industry.
Expert Opinion

5 ways to glue customers to your insurance agency

John Graham| May 17, 2018

Making existing relationships stick is a lot easier than establishing new relationships.
News

Severe April storms resulted in $2 billion hit to U.S. economy

Victoria Prussen Spears| May 17, 2018

Public and private insurers are expected to pay at least $1.5 billion in claims as a result of April's severe weather.
News

41.5 million Americans will kick off summer with a Memorial Day getaway

Jayleen R. Heft | May 17, 2018

AAA expects to rescue more than 340,000 motorists at the roadside this Memorial Day weekend.

Research

Percentage of personal auto insurance shoppers reaches 4-year low

Rosalie Donlon | May 17, 2018

TransUnion Insurance Shopping Index analyzes the latest trends in personal auto insurance shopping by consumers.
Slideshow

Examining the most common — and costly — cause of construction injury claims

Danielle Ling | May 17, 2018

Researchers at Nationwide examine the most common and costly cause of workers' compensation claims, and offer tips to prevent these incidents.
News

Tsunamis, tornadoes raged in New York, New Jersey from storm

Brian K. Sullivan| May 16, 2018

Hundreds of reports of downed power lines, crushed cars and damaged homes came into the U.S. Storm Prediction Center.
Market Insights

3 ways to leverage InsurTech to your benefit

Joe Alberti| May 16, 2018

Here are three ways insurers can work with carriers to incorporate InsurTech into their business model.
News

Around the P&C insurance industry: May 16, 2018

Denny Jacob | May 16, 2018

News from HUB International Limited, Prime Risk Partners Inc., AssuredPartners Inc. and more.
Analysis

Circumstances dictate extended business income coverage

FC&S Editors | May 16, 2018

Coverage Q&A: Business income coverage is triggered when the insured's loss results in the necessary suspension of operations.
Analysis

Medicare tips for auto insurance agents

Quincy Enoch| May 16, 2018

Insurance professionals who manage bodily injury claims stemming from auto accidents need to know their way around Medicare organizations.
Expert Opinion

Severe weather crisis plans are more important than ever for law firms

Elizabeth Lampert and Lara Cupit| May 16, 2018

Law firms, like all businesses, need to consider a range of weather scenarios that could affect their operations, as well as their employees.
Best Practices

Classic cars and claims fraud

Rick Drewry| May 16, 2018

While most claims are legitimate, there are several red flags claims professionals should watch for involving classic vehicles.
Ranking

6 P&C insurance companies among best employers for veterans in 2018

Rosalie Donlon | May 16, 2018

The insurance industry can be a good career choice for military members transitioning out of the service and their spouses or family members.

The next wave of workplace safety and claims mitigation

Emil Metropoulos| May 15, 2018

The advent of connected devices and the Internet of Things is opening exciting new doors in the insurance industry.
Analysis

Insureds: Incomplete documentation can hurt your coverage

Steven A. Meyerowitz | May 15, 2018

As this fire insurance lawsuit proves, when it comes to comprehensive coverage, it’s all about the paperwork.
News

Electric-car era threatens firefighters with new risks

Alan Levin| May 15, 2018

Fires on electric vehicles are rare, but the volatile chemistry of their batteries raises new safety questions.
News

Iran oil exports face insurance snag

Alex Longley| May 15, 2018

U.S. sanctions will likely prevent covering the global tanker fleet against risks if they’re moving oil to or from Iran.
Expert Opinion

The life of a salvage vehicle

Christine G. Barlow | May 15, 2018

Some damaged vehicles have a new life following a salvage sale. Here’s a look at the process.
News

Insurers cannot escape Verizon judgment, Delaware court rules

Tom McParland| May 15, 2018

A Delaware judge has ruled that Verizon Communications Inc. is owed $48 million from insurers from having defended a shareholder suit.
Expert Opinion

The best insurance sales defense is a strong digital offense

Callan Harrington| May 15, 2018

A strong digital strategy enables insurance agents to improve prospecting, customer service and more.
Commentary

Leadership and mentoring: Leading by serving

Frank Ramos| May 15, 2018

Leadership is not a title. Nor is it a right. It's not an excuse to boss others around.
Best Practices

9 vital homeowner maintenance tips to prevent costly damage & losses

Jayleen R. Heft | May 15, 2018

Here are home maintenance tips that could keep your homeowners' insurance clients safe and save them money and stress.
News

$12 million workers' comp fraud scheme busted in San Jose

Danielle Ling | May 14, 2018

Four California workers are charged on 18 felony counts of workers' compensation insurance premium fraud.

Market Insights

Automating auto claims: Connected cars offer new options

Dawn Mortimer| May 14, 2018

New technology is changing the way insurers are notified at the first notice of loss, and expediting every aspect of claims process.
News

Piece by piece: The state of affairs in the construction industry

Denny Jacob | May 14, 2018

The industry hasn't changed too much, but the biggest challenge is finding skilled labor due to a number of factors.
Research

Most small business owners feel they don't have adequate insurance

Victoria Prussen Spears| May 14, 2018

The top three concerns of small business owners include data breaches, loss of employees and business interruption.
Expert Opinion

Tech: A double-edged sword for insurance regulators

Sam J. Friedman| May 14, 2018

Regulators are challenged to enhance consumer protection as insurers rapidly expand their technological capabilities.
Best Practices

Jump-start insurance education content with these goals, steps

Rick Fox| May 14, 2018

Consumers want better information from their agents in order to make informed choices about risk mitigation.
News

Who's using what in P&C insurance: May 14, 2018

PC360 Staff| May 14, 2018

Property & casualty insurance partnership and tech news from Roost, Nationwide, Sapiens, Duck Creek, Verisk, and more.
News

Insurer to invest in coastal wetlands to mitigate storm damages

Emily Chasan| May 11, 2018

XL Catlin and the Nature Conservancy announced plans on Thursday to develop 'blue carbon resilience credits.'
News

New report details economic growth and expectations for 2018

Danielle Ling | May 11, 2018

For the second consecutive quarter, insurance agencies and brokerage firms recorded accelerating growth.
News

People on the move in the P&C insurance industry: May 11, 2018

Denny Jacob | May 11, 2018

News from CSAA Insurance Group, the Travelers Companies Inc., Alera Group and more.
Analysis

N.Y. regulator fines insurers, broker over NRA-branded gun owner liability policies

MP McQueen| May 11, 2018

The 'Carry Guard' insurance policies were brokered by Lockton and issued by Chubb and Illinois Union Insurance Co.

Analysis

Should SMBs use captive insurers to manage risk?

Paul Tamburri and Josh Watney| May 11, 2018

Here's what insurance agents and brokers should know about captives and the small and midsize business market.
Research

Survey predicts record hiring in insurance industry during 2018

Jayleen R. Heft | May 11, 2018

Insurance employers are facing a number of challenges to fill jobs like underwriters, actuaries, claims and sales.
Analysis

Bitcoin is not money

Karen Sorrell | May 11, 2018

Your business clients should be aware of these facts before using cryptocurrencies.
Research

Top four wedding insurance claims of 2017

Denny Jacob | May 11, 2018

Consider covering your wedding with some insurance to mitigate all possible risks.
Analysis

By the numbers: Here's how insurance helps our sick pets

Shawn Moynihan | May 10, 2018

Despite common ailments, only about 1% of North American cats and dogs are covered by pet insurance.
News

Axa's IPO flop shows investor dismay at insurer's strategy

Fabio Benedetti-Valentini, Alex Barinka and Katherine Chiglinsky| May 10, 2018

The sale of part of its U.S. operations raised almost $1 billion less than the company had hoped for.
News

Moving out? Don't forget to pack insurance

Denny Jacob | May 10, 2018

May is National Moving Month and there are many questions that will pop up if you're planning on moving soon.
Commentary

How to recruit millennials to the P&C insurance industry

Barry Seigerman| May 10, 2018

‘Come spend the day with us’ needs to be the insurance industry’s new motto.
News

Fla. man gets 9 years for filing $1.2M in fraudulent insurance claims

Steven A. Meyerowitz| May 10, 2018

The trucker filed false claims for refrigerated cargo purportedly spoiled in transport by his trucking companies.
Slideshow

10 dangerous misconceptions about lightning safety

Danielle Ling | May 10, 2018

Popular myths about lightning may turn out to be costly. Here are 10 important truths to protect you, your family and your home.

News

Calif. issues first ever stress test to evaluate climate risks to insurers

Danielle Ling | May 09, 2018

Despite legal threats, Commissioner Dave Jones moved forward with his climate-risk initiatives.
Insurance's 'great restructuring' seeds 2018's biggest U.S. IPO

Alex Barinka and Katherine Chiglinsky| May 09, 2018

Axa is taking its U.S. business public at a tough time for the industry.
News

Strong economy continues to fuel personal lines growth

Loretta Worters| May 09, 2018

Market update: While personal lines is growing faster than commercial lines, private-passenger auto remains challenged.
News

Around the P&C insurance industry: May 9, 2018

Denny Jacob | May 09, 2018

News from Philadelphia Insurance Companies, Lockton, H.W. Kaufman Group and more.
News

House Committee on Education & the Workforce discusses opioids and federal employees

Denny Jacob | May 09, 2018

The opioid crisis that currently exists in the U.S. has been fermenting since the 1990s.
Analysis

Volcanic eruptions and your homeowners' insurance

FC&S Editors | May 09, 2018

Coverage Q&A: A direct loss from volcano fire or explosions is covered, and ash clean-up is considered 'debris removal.'
Expert Opinion

Ways to overcome key hurdles when selling your insurance agency

Mark Tibergien| May 09, 2018

Perhaps the most fundamental element of a deal is an understanding of the earnings power of the agency.
News

6 tips to protect your home and property for 2018's hurricane season

Denny Jacob | May 09, 2018

After 2017's tumultuous hurricane season, this year's hurricane season looks only to be above average.
News

Thousands of Puerto Ricans still in dark as U.S. agencies exit

Ari Natter| May 08, 2018

Eight months after Hurricane Maria ravaged Puerto Rico’s power grid, 23,000 customers remain without power.
News

We can’t fix all the new vulnerabilities, so let’s fix the system

Matthew Honea| May 08, 2018

Companies need to establish programs that work. Otherwise, they are simply asking to leak their important vulnerability information to dark places.

Expert Opinion

AI in insurance: New opportunities come with new worries

Laura A. Foggan and Elaine A. Panagakos| May 08, 2018

Artificial intelligence is cutting-edge technology that may prove to be a two-edged sword.
News

#PC360ClaimsTech chat will discuss insurance technology's impact

Patricia L. Harman | May 08, 2018

Insurers are making significant investments in technology, but how are policyholders adapting to these new opportunities?
Best Practices

Using technology to improve the claims process

Rebecca Morgan and Bill Morgan| May 08, 2018

When improving workers’ comp claims management through systems integration, companies must consider specific goals.
Best Practices

Keys to improving the claims adjusting process

Christopher Tidball| May 08, 2018

Adjusters should focus on the critical aspects of their job and leverage technology for other tasks and repeatable processes.
Expert Opinion

Kidnap & ransom insurance: Unlocking coverage for ransomware attacks

Micah E. Skidmore| May 08, 2018

In managing the potential risk of a ransomware attack, those expected to participate in responding to a breach event may want to consider K&R coverage as an alternative to a dedicated network security/privacy liability policy.
Market Insights

How to sell the value of cyber liability insurance

Joyce Anne Grabel| May 08, 2018

Many businesses remain unconvinced of the need to purchase cyber liability coverage.
News

7 ways to secure yourself and your office when working from home

Sage Singleton| May 08, 2018

If you work from home — whether you’re a small-business owner or a freelancer — you know it’s crucial to keep your home office secure.
News

Who's using what in P&C insurance: May 7, 2018

PC360 Staff| May 07, 2018

Insurance industry partnership and technology news from QBE North America, NARS, Central Insurance Companies, Duck Creek Technologies, Ed, and more.
Analysis

Volcanoes, hot lava and insurance claims

Christine G. Barlow, CPCU| May 07, 2018

If you're in Oregon, Alaska, California, Washington and Wyoming, as well as Hawaii, you too could be at risk from volcanic eruptions and their aftermath.
News

NRA sues insurance broker behind ‘Carry Guard’

Polly Mosendz| May 07, 2018

The NRA is suing Lockton Cos., alleging the insurance broker breached its contract with the firearms lobbying group.

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