PropertyCasualty360: Property & Casualty Insurance News & Tips

News

3 reinsurance negotiation strategies for insurance carriers

Holly Tachovsky| April 24, 2018

Given that past pricing pressures have dictated premium rates for about a decade, it’s time for insurance carriers to more effectively drive reinsurance negotiations using accurate data sets that can better reflect risk and lead to more favorable terms.
Case Study

Home used to illegally grow pot. Still a residence for insurance purposes?

Steven A. Meyerowitz| April 24, 2018

Homeowners allege that Auto-Owners improperly denied their insurance claim, which sought coverage for property damage due to an illegal marijuana grow operation.
Analysis

7 cultural issues that drive insurance sales success

Kevin Trokey| April 24, 2018

Until the appropriate cultural foundation is laid down, no amount of tactical or process-driven solutions will ever make a sustainable difference.
5 ways AI and data are transforming the insurance space

Mike de Waal| April 24, 2018

Here are five ways insurance companies are applying AI and data to the industry.
News

Allergan agrees to settlement in alleged defective Lap-Band case

Denny Jacob | April 23, 2018

The company concealed defects by misrepresenting the cause of leaky ports to the FDA, the public, and health care providers.
Putting a price on the risk of distracted driving

Kyle Stock| April 23, 2018

Last year, a ticket for using a mobile phone while driving added $226 to the average insurance policy, an increase of 16%, according to a new analysis from The Zebra, a Texas-based startup that helps consumers weigh insurance rates.
Research

Latest climate threat for coastal cities: more rich people

Christopher Flavelle| April 23, 2018

Hurricanes and floods disproportionately damage lower-cost homes, which tend to be older and more vulnerable to water and wind.
Analysis

Hello, Siri: Voice-activated devices enter the world of insurance

Aviva Phillips| April 23, 2018

The increased popularity of AI is providing insurers with new options to interact and collect information from policyholders for claims and other services.
News

Another Madoff victim loses bid for insurance coverage

Steven A. Meyerowitz| April 23, 2018

A federal district court has ruled that a victim of the Madoff Ponzi scheme could not recover from her insurer the $3.375 million she paid to settle claims brought by the Madoff bankruptcy trustee, or the nearly $800,000 in attorney’s fees she spent in litigation with the trustee.
News

Disaster proof your pocketbook in 3 steps

Jayleen R. Heft | April 23, 2018

Planning now for what you’ll do after an emergency will make recovery that much easier.

Insurance marketing: It's not about piling up strangers' email addresses

Jeremy Nason| April 23, 2018

A sales veteran talks about how marketing differs from calling everyone in a given area code till you're hoarse.
News

Top 10 most common medical conditions for dogs

Denny Jacob | April 23, 2018

Just like their human counterparts, dogs need routine medical attention.
News

Don't eat romaine lettuce, U.S. says, as E. coli outbreak widens

Craig Giammona and Megan Durisin| April 20, 2018

The outbreak has sickened 53 people in 16 states, including 31 who were hospitalized, according to the agency. The CDC said five victims have developed kidney failure.
News

Violent winds, flying debris: What happens when a plane ruptures

Alan Levin and Ryan Beene| April 20, 2018

There will no doubt be P&C insurance claims following this week's Southwest Airlines' passenger fatality. Liability, commercial business and worker's comp claims along with debates over causation and fault are sure to arise.
News

People on the move in the P&C insurance industry: April 20, 2018

Denny Jacob | April 20, 2018

News from USA Risk Group, Lockton, Ametros and more.
Analysis

Using proxy exposure units to measure commercial auto risk

Dheeraj Pandey| April 20, 2018

The use of data analytics is both necessary and inevitable for implementing successful lines of commercial auto insurance.
Expert Opinion

Here's what the latest New York cyber regulations mean for P&C insurers

Jaime Kahan| April 20, 2018

It's important to understand the far-reaching impact of the cybersecurity requirements adopted by the New York State Department of Financial Services.
Analysis

Taking the mystery out of insurance agency M&As

Angie Herbers| April 20, 2018

Both sides of a merger and acquisition must understand each other's goals.
News

Bipartisan bill would block consumer bureau from regulating insurance

Steven A. Meyerowitz,| April 20, 2018

U.S. Senators Tim Scott (R-S.C.), Mike Rounds (R-S.D.), Tammy Baldwin (D-Wis.), and Joe Manchin (D-W.Va.) have introduced legislation that would make it clear that the CFPB may not regulate insurance.
Best Practices

Tornado and severe weather insurance checklist

Jayleen R. Heft | April 20, 2018

Homeowners, renters and business and vehicle owners can find themselves in a financially challenging situation following a spring storm if they haven't checked their insurance coverage carefully.

News

Key takeaways from Aon Risk Solution's Terrorism and Political Violence Risk Map

Denny Jacob | April 20, 2018

Drawn on insights from their partners, The Risk Advisory Group and Continuum Economics, the maps and their underlying analysis address some of the most pressing issues in the crisis management space.
Research

Wide support for driving impairment standards for marijuana

Victoria Prussen Spears| April 19, 2018

A new survey of U.S. adults conducted on behalf of the PCI, found that 70% think the government should establish driving impairment standards for marijuana, similar to the blood alcohol level standards set for drinking and driving.
Slideshow

Best of swag gear at RIMS 2018

Danielle Ling | April 19, 2018

Check out the best giveaways at RIMS 2018.
News

Spanish mayor offers to help Gibraltar insurers get around Brexit

Esteban Duarte| April 19, 2018

A small town mayor from southern Spain is offering Gibraltar-based insurers a way to retain access to the EU single market after Britain leaves the bloc next year.
News

NU's Risk manager choice awards: Who's talking?

Shawn Moynihan | April 19, 2018

Chalkboard: Here is a breakdown of the types of organizations surveyed about the 'top' P&C carriers. [infographic]
News

Class action targets CIBA Insurance as 'Ponzi scheme'

Greg Land| April 19, 2018

A putative class action filed in federal court accuses California-based CIBA Insurance of operating as an illegal 'Ponzi scheme' in collaboration with a number of insurance company partners, including co-defendant Great Lakes Insurance SE.
Analysis

5 things insurance agents can do to hedge against digital disruption

Matt Naimoli| April 19, 2018

Are you concerned about technology marginalizing or replacing you?
News

Top 10 total commercial auto carriers, as ranked by the NAIC

Denny Jacob | April 19, 2018

Drivers know accidents can happen at any time. Whether its big or small, handling your claim with the right auto insurance carrier can make all the difference.
News

Insurance technology lessons from 2017

Bill Brower and George Hosfield| April 19, 2018

How touchless claims processes, drones and other emerging technologies can help insurers lower loss expenses of wide-scale natural disasters.
Commentary

The independent insurance agent as an entrepreneur

Barry Seigerman | April 18, 2018

How successful your agency becomes is only half about your ability to sell insurance.

News

Around the P&C insurance industry: April 18, 2018

Denny Jacob | April 18, 2018

News from AXIS Capital Holdings Limited, HWI International Group, Nationwide and more.
Analysis

How is insurance coverage impacted by a property lien?

FC&S Editors | April 18, 2018

Coverage Q&A: Settlement is paid to the insured and the mortgagee in the same order or precedence of the mortgage.
Commentary

Top tech mega-trends with big implications for insurance

Mark Breading| April 18, 2018

Taken as a whole, the change wrought by emerging technologies is likely to rock the insurance industry for the next decade.
News

Lessons learned from the 2017 CAT season

Moshe Beauford| April 18, 2018

Industry professionals discuss lessons learned from the 2017 hurricane season.
News

California Department of Insurance reports that California is world's third largest insurance market

Steven A. Meyerowitz| April 18, 2018

Based on the most recent data available, California insurance companies now collect $332 billion in premiums every year.
News

NU bestows Risk Manager Choice Awards at RIMS 2018

Danielle Ling | April 17, 2018

Check out this year's winners of NU's Risk Manager Choice Awards.
News

Southwest jet engine blows out in flight, killing one passenger

Alan Levin and Thomas Black| April 17, 2018

One passenger was killed when an engine blew out on a Southwest jetliner carrying 148 people, marking the first fatality on a U.S.-registered airline in more than nine years.
News

University of Wisconsin-Madison wins 2018 Spencer-RIMS Risk Management Challenge

Denny Jacob | April 17, 2018

The student team consisted of Becky Cacioppo, Taryn Otto, Cassandra Ring and Cameron Rowe; Carl Berlett served as an academic advisor.
News

IVANS Q1 results: Insurance premium renewals up across commercial lines

PC360 Staff| April 17, 2018

Only workers’ comp products saw a negative premium renewal rate change during the first quarter of 2018, according to IVANS Index data.
Best Practices

How to avoid damaging insurance agency branding mistakes

Rosalie Donlon | April 17, 2018

Innovative agencies consider customer and prospect marketing as a strategic investment rather than a tactical project.

Commentary

It’s never a bad time for a supplier risk review

Patrick Stakenas| April 17, 2018

Whether you plan to be GDPR compliant or not by the go-live date of May 25, it's a good idea to follow these supplier risk review steps now.
News

3 key takeaways from Morgan Stanley's 2017 Reserve Analysis

Denny Jacob | April 17, 2018

As we near the halfway point of 2018, it's important to look back at the previous year and see how the insurance industry is doing financially.
The rise of CAT claims

Christine G. Barlow | April 17, 2018

Following a year of catastrophic wildfire and weather-related claims, insurers are addressing some of the challenges arising from these losses.
News

Nationwide to shift entirely to independent agency distribution model by July 2020

Jayleen R. Heft | April 16, 2018

Approximately 2,000 existing agents who have been operating under the Nationwide brand will have the opportunity to transition to an independent agency model between now and July 1, 2020.
Slideshow

Highlights from day one of RIMS 2018

Danielle Ling | April 16, 2018

See what you missed from day one of RIMS 2018.
News

Risk management's top honors help launch RIMS 2018

PC360 Staff| April 16, 2018

Here are the cream of the crop among the thousands of risk management and insurance professionals gathered in San Antonio for the RIMS 2018.
News

Risk Management Hall of Fame announces newest inductee

Jayleen R. Heft | April 16, 2018

RIMS and AIG have announced Berry Griffin, Jr. — the force behind the industry's first Cost of Risk Survey — as the 2018 inductee into the Risk Management Hall of Fame.
News

Salmonella outbreak forces recall of 207 million eggs

Megan Durisin| April 16, 2018

The recall is equivalent to about 90 days production at the farm, which produces 2.3 million eggs a day.
News

RIMS/Marsh survey: Risk management isn't keeping up with technology risks

Denny Jacob | April 16, 2018

Overall, survey respondents did not feel that they have enough knowledge about these disruptive technologies to contribute to discussions about them at a "strategic advisor" level.
Commentary

Career longevity advice from a 'risk manager for life'

C. Nahua Maunakea| April 16, 2018

Hope springs eternal from this 35-year risk management veteran.

Analysis

Staying sharp: Cutting through new restaurant workplace injury trends

John Logan| April 16, 2018

According to Marsh’s 2017 Restaurant Loss Cost Trends Report, nearly one-quarter (24%) of all restaurant workers’ compensation claims in 2016 were from cuts, punctures and scrapes.
Research

Women still trail men in financial knowledge

Emily Zulz| April 16, 2018

The gap in financial literacy between boomer and Gen X men and women has not changed, but for millennials, that gap is narrowing.
News

Pennsylvania court limits payments for workers' comp chiropractors

Zack Needles| April 16, 2018

Are chiropractors who treat workers' compensation claimants entitled to payment for routine office visits in addition to payment for procedures that are performed during those visits?
News

How businesses can prepare for active shooters

Kathleen M. Bonczyk, Esq.| April 16, 2018

Personal and business stresses are just some of the triggers for business-related shootings. Recognizing the signs early can be the difference between life and death.
News

Top 15 medical malpractice insurance carriers in 2017, as ranked by the NAIC

Elana Ashanti Jefferson | April 15, 2018

Research shows that medical professionals of all stripes can encounter ‘challenges that may lead to adverse events.’
Commentary

Some claims just aren't fair...but settlement practices should be

Ken Brownlee, CPCU| April 13, 2018

Fairness is claims means investigating and paying them in a timely manner.
News

People on the move in the P&C insurance industry: April 13, 2018

Denny Jacob | April 13, 2018

News from Tokio Marine Kiln, Coalition Against Insurance Fraud, EPIC Insurance Brokers & Consultants and more.
Video

How climate change risks outweigh opportunities for P&C insurers (Video)

Danielle Ling | April 13, 2018

A new report from Moody's Investors Service, "Climate change risks outweigh opportunities for P&C (re)insurers," analyzes the increasing risks for P&C companies.
Expert Opinion

After the driverless fatality, insurance and litigation will be forever changed

Randy Maniloff| April 13, 2018

Unlike an inconsequential glitch with your office computer, in the case of driverless cars it's control, alt and someone’s life is deleted.
Best Practices

How insurance agents can work smarter: 7 principles for doing less and working better

Jane Wollman Rusoff| April 13, 2018

An ambitious study by one of the world’s most influential management thinkers statistically links superior work performance to seven daily principles that almost anyone can adopt.

Commentary

Why underwriting isn't dead

Nicole Mongillo| April 13, 2018

There have been murmurs about a shift away from the underwriter, with technology driving the change. But underwriters continue to be the backbone of insurance.
News

7 insurance companies named as 'best workplaces' in 2018

Denny Jacob | April 13, 2018

Published together with their partner, Fortune, the Best Workplaces in Financial Services & Insurance rankings are based on feedback from more than 62,450 employees at Great Place to Work Certified organizations in the financial services and insurance sectors.
News

Uber's 2016 breach affected more than 20 million U.S. users

Todd Shields and Eric Newcomer| April 12, 2018

Uber could be subject to civil penalties if it fails to notify the FTC of future incidents, and it must submit audits of its data security.
News

Killers Harvey, Irma, Maria, Nate retired as hurricane names

Brian K. Sullivan| April 12, 2018

The names of hurricanes that killed hundreds of people in 2017 and helped cause more than $215 billion in damage have been retired, never to be used again for the Atlantic.
Analysis

Is car-sharing the next 'gig' thing?

Christine G. Barlow | April 12, 2018

While ridesharing got all the attention and took off rapidly, car-sharing, which is getting more popular, developed without a lot of press.
News

Weather CSI: Verifying the impact of wind, rain & storm surge

Megan D. Walker-Radtke, CCM| April 12, 2018

Like the crime scene investigators on popular television shows, insurers are using forensic meteorology to verify the real source of hurricane-related claims.
News

Global insured losses from disasters in 2017 were highest ever, Swiss Re finds

Jayleen R. Heft | April 12, 2018

The main driver of the high insured losses was an active hurricane season in the North Atlantic. In addition, the combined insurance losses from all wildfires worldwide were $14 billion, the highest ever in a single year.
Case Study

Law firm softball game injury not work-related, judge rules

Tom McParland| April 12, 2018

An employer does not have to pay a paralegal's workers' compensation claims for an injury he suffered while rounding the bases during a softball game played by employees, a Delaware Superior Court judge has ruled.
Research

Daydreaming tops fatal distracted driving behaviors, Erie Insurance finds

Jayleen R. Heft | April 12, 2018

Police report that 61% of distracted drivers were daydreaming at the time of a fatal crash, compared with 14% of drivers who were distracted by cell phone use.
News

5 tips to prevent and mitigate the effects of identity theft

Denny Jacob | April 12, 2018

Data breaches have become more common, and as a result, consumers are left to wonder how much of their sensitive information has been exposed.

Analysis

Who pays the claims costs if the natural disaster never comes?

Michael Brown| April 11, 2018

A business can still suffer monetary damage when forced to close shop to comply with orders from civil authorities.
Analysis

The importance of sewer and drain endorsements

FC&S Editors | April 11, 2018

Coverage Q&A: Traditional insurance policies exclude coverage for water that backs up through sewers or drains as well as flooding.
News

Around the P&C insurance Industry: April 11, 2018

Denny Jacob | April 11, 2018

News from IAT Insurance Group, The Navigators Group Inc., Protective Insurance and more.
Research

State laws mandating interlocks for all DUI offenders save lives, study finds

Steven A. Meyerowitz| April 11, 2018

Laws requiring all impaired-driving offenders to install alcohol interlocks reduce the number of impaired drivers in fatal crashes by 16%, a new study by the Insurance Institute for Highway Safety has found.
Commentary

Investigating the claims adjuster's investigation in workers' comp matters

Andrew F. Ruder| April 11, 2018

There is a growing concern that claims adjusters too commonly deny claims without performing a reasonable investigation of the injury and ignore pertinent information they do have in their possession at the time a denial is issued.
News

Top 10 states for dog-related injury claims

Danielle Ling | April 11, 2018

In 2017 alone, State Farm paid $132 million as a result of 3,600 dog-related injury claims.
Best Practices

D&O policy elements, exclusions risk managers need to know

Karen Sorrell | April 11, 2018

Decentralized, fragmented policy responsibilities and exposures can complicate a company's D&O risk management efforts.
News

The Spencer Educational Foundation names 2018 scholars

Denny Jacob | April 10, 2018

These awards bring the number of scholarships awarded by the non-profit to 1,051.
News

In a shared economy, who should bear the risks that come with it?

Denny Jacob | April 10, 2018

The sharing economy model requires a different approach to risk management based on understanding the behavioral economics of consumer preferences and attitudes during risk.
News

Attorneys seek to transfer federal flood lawsuits to South Florida

Samantha Joseph| April 10, 2018

Lawsuits stem from the 2017 hurricanes and affected policyholders in Florida, Puerto Rico and the U.S. Virgin Islands.

News

With age comes wisdom…and larger workers’ comp claims

Scott Berglund, Esq. and Jose Pagan, Esq.| April 10, 2018

The aging working population is growing and so are workers’ comp claims and the issues affecting them.
Analysis

InsurTech startups wane, but funds still pour into maturing market

Sam J. Friedman| April 10, 2018

Investor interest in InsurTech startups remains quite robust, even if the focus has begun to shift to more mature players in a consolidating market.
22 tips for insurance agents & brokers on maintaining a good reputation

John R. Graham| April 10, 2018

To build a great practice, build a great personal brand.
News

Insurance broker liability: A tale of two states

Robert D. Chesler and Carrie Maylor DiCanio| April 10, 2018

New York and New Jersey courts have adopted radically different approaches to the liability of insurance brokers to their customers.
News

Top 15 workers' comp carriers for 2017, as ranked by NAIC

Rosalie Donlon | April 10, 2018

NAIC recently published its list of the top 25 workers' compensation insurance groups and companies by countrywide premium for 2017. Did your carrier make the list?
Commentary

Technology is not an insurance industry villain

Simon White| April 10, 2018

For agents and brokers these days, in order to move forward, there's no looking back. Here are four recommendations for insurers.
Video

Seven months after Hurricane Maria, Puerto Rico struggles to rebuild (Video)

Danielle Ling | April 09, 2018

By 2020, “aging and unreliable” infrastructure will cost U.S. businesses $1.2 trillion, the American Society of Civil Engineers estimates.
News

Who's using what in P&C insurance: April 9, 2018

PC360 Staff| April 09, 2018

Property & casualty insurance industry technology and partnership news from AIR, Duck Creek Technologies, Octo Telematics, XL Catlin, Aon NFS and more.
Commentary

Is the InsurTech movement maturing?

Mark Breading| April 09, 2018

The investment and activity related to the InsurTech movement that began about 4-5 years ago show few signs of abating. If anything, the movement is…
Expert Opinion

Identifying risks and advising on proper property & casualty insurance coverage

Fran O'Brien| April 09, 2018

One risk area that financial advisors often overlook involves liability risks.

News

Top 10 most common medical conditions for cats

Denny Jacob | April 09, 2018

For current and future cat owners, knowing the costs for common medical conditions can help them be prepared for when the unexpected occurs.
News

How do you rank? NU's 2018 Risk Manager Compensation Survey

Shawn Moynihan | April 09, 2018

Find out how your salary and total comp compete with those of your risk-mitigation peers.
Analysis

Here's what risk managers need to know about the EU's GDPR

Emy R. Donavan| April 09, 2018

Companies of all sizes need to get a clear understanding of the personal data they are processing: How much? What information? Where is it stored, and with whom?
News

New York's nor'easters join list of 2018 $1 billion disasters

Brian K. Sullivan| April 06, 2018

From 1980 to 2018 there have been 230 $1 billion-plus events, with a total cost exceeding $1.5 trillion. Last year had the most, with 16 disasters costing more than $300 billion.
News

Chubb CEO worried about U.S. nationalism, instability in letter

Brian Louis| April 06, 2018

Evan Greenberg, chairman and chief executive officer of insurer Chubb Ltd., said he worries about the effect of U.S. nationalism on trade and that the country is missing a chance to lead.
News

Liability questions loom in Delta vendor data breach

Gabrielle Orum Hernández| April 06, 2018

In the event of a third-party breach, multinational corporations such as Delta potentially face breach notification requirements in multiple states.
News

Fitch Ratings unveils year-end financial results for P&C insurers

Denny Jacob | April 06, 2018

Despite the number of extreme weather events to occur in 2017, Fitch Ratings maintains a stable rating outlook for a number of sectors.
How travel habits can predict driving and distraction behaviors

Ted Gramer| April 06, 2018

Ted Gramer, CEO of TrueMotion, breaks down the company's months-long study examining the driving behaviors of more than 6,000 thousand drivers and how their travel habits, whether they be cyclists or frequent flyers, influence their driving.
News

People on the move in the P&C insurance industry: April 6, 2018

Denny Jacob | April 06, 2018

News from People's United Bank, Tokio Marine HCC, Topa Insurance Group and more.
Editor's Letter

Risky business: Keeping employees safe in a world of emerging threats

Patricia L. Harman | April 06, 2018

Training and preparation are key risk management strategies in today’s business environment.

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