News

Crypto-heist insurance is the hot new play in bitcoin Wild West

Olga Kharif, Brian Louis, Julie Edde and Katherine Chiglinsky | July 19, 2018

There’s a hot new business that more and more firms are looking to get into: crypto insurance.

News

Catastrophes unlike anything in past decade wallop U.S. insurers

Brian Louis | July 19, 2018

A string of disasters has pummeled the biggest U.S. insurers over the past year, and Q2 was no exception.

News

Generali agrees to sell wealth, services units for $476 million

Ross Larsen | July 19, 2018

The transaction will increase the amount raised by Generali from divestments to about 1.5 billion euros.

Delaware court upends $13.7M insurance judgment in asbestos suit

Tom McParland | July 19, 2018

Ruling focused on choice of law in corporatewide insurance policies.

Analysis

Six states saw uptick in prices paid for professional medical services

Denny Jacob | July 19, 2018

The 35 states included in WCRI's study represent 87% of the workers' compensation benefits paid in the U.S.

Market Insights

How do satellite constellations impact space risk? Swiss Re examines the issue

Victoria Prussen Spears | July 19, 2018

A new study from Swiss Re explores the implications for collision risk in low Earth orbits.

Analysis

New survey shows tenants don’t understand liability issues

Steve Hein | July 19, 2018

'What do you mean my landlord’s not responsible?'

News

Cyberattacks on health-care providers are up in recent months

Aziza Kasumov | July 18, 2018

The breaches include malware attacks, computer thefts, unauthorized network access and other security breaches.

News

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

Denny Jacob | July 18, 2018

News from LexisNexis Risk Solutions, RIsk Strategies, Arthur J. Gallagher & Co. and more.

The 4 types of client objections and how to overcome them

Jane Wollman Rusoff | July 18, 2018

Want to get from 'no' to 'yes?' Let the prospect talk, Jeb Blount tells PropertyCasualty360.

Market Insights

Shipping losses declined in 2017, says Allianz report

Rosalie Donlon | July 18, 2018

Allianz Global Corporate & Specialty issues new report, Safety & Shipping Review 2018, highlighting trends and developments in the shipping industry.

News

The top 100 P&C insurance companies in 2017

Shawn Moynihan | July 18, 2018

Data from S&P Global Market Intelligence provide a look at who’s on top and who’s taken a hit in the P&C insurance market.

Market Insights

5 flood insurance myths without an ounce of truth

Denny Jacob | July 18, 2018

Home insurance is not a failsafe for all scenarios an insured might encounter, especially when it comes to flooding.

Q&A

Insurance questions arise when vehicles get towed

FC & S Editors | July 18, 2018

Coverage Q&A: Not all personal auto insurance policies include coverage for towing, and those that do can be confusing.

Commentary

Handling CAT claims with agility, configurability, and efficiency

Haywood Marsh| July 17, 2018

Nothing tests a company’s processes like a crisis.

News

Spencer awards 12 part-time master's scholarships

Danielle Ling | July 17, 2018

Spencer awarded 82 scholarships this year totaling $501,000.

Best Practices

How to protect customer data while complying with GDPR

Cara McFarlane| July 17, 2018

Tighter consent laws in the EU affect where and how insureds’ information can be used.

Commentary

Why insurers need digital signatures, document management

Jesse Wood| July 17, 2018

Together, these technologies can make it easier for insurance companies to navigate regulatory changes.

Market Insights

IVANS Q2 results: Workers' comp only line with negative rate change

Denny Jacob | July 17, 2018

The second quarter revealed a general uptick in premium renewal rate change across the commercial lines of business.

News

Connecticut insurance salesman sentenced to prison for tax fraud

Steven A. Meyerowitz| July 17, 2018

Despite earning millions in commissions, prosecutors said Terry DiMartino didn't file accurate tax returns or pay taxes owed.

News

Who’s using what in P&C insurance: July 16, 2018

PC360 Staff| July 16, 2018

Property & casualty insurance industry tech and partnership news from Relativity6, Inc. and Willis Towers Watson, Rabobank and FRISS, and more.

Commentary

Get ready for voice search in the insurance industry

Shane Closser| July 16, 2018

Yext research indicates that one in three consumers prefer to use voice search to book insurance agent appointments.

Market Insights

A new digital platform for drone insurance

Denny Jacob | July 16, 2018

REIN's first insurance product will be available through www.DroneInsurance.com.

Market Insights

Swiss Re Institute looks at world insurance premiums in 2017

Rosalie Donlon | July 16, 2018

Latest sigma report examines the development of premiums in the global primary insurance industry.

How do cyber threats impact public entities?

Brad Keenan| July 16, 2018

Public entities perhaps face an even greater level of scrutiny and expectation when it comes to cybersecurity.

News

FEMA emptied its Puerto Rico warehouse just before Hurricane Maria struck

Christopher Flavelle| July 13, 2018

A report examines mistakes FEMA made in response to last year’s storms & makes recommendations for preventing a repeat.

Analysis

California wildfires were terrible last year. Will this year be worse?

Brian K. Sullivan and Mark Chediak| July 13, 2018

California blazes have charred more acres in the first six months of this year than they did in the same period in 2017.

News

Loss estimates for June hail and windstorms reach into multi-billions

Danielle Ling | July 13, 2018

Insurers are expected to pay more than $3 billion in claims for U.S. weather losses alone.

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

Denny Jacob | July 13, 2018

News from Morgan Lewis, Provencher & Company LLC, Brokerslink AG and more.

Analysis

First half of the year saw lower losses from natural disasters than usual

Denny Jacob | July 13, 2018

Provisional figures estimate overall losses were around $33 billion (USD), the lowest level since 2005.

Commentary

Here's how one new FAA regulation helps insurers

Dan Burton| July 13, 2018

This program enables the insurance industry to gain speedy access to restricted airspace for drone use during emergencies.

Despite GDPR, looks like there's no rush to buy cyberinsurance

Dan Clark| July 13, 2018

So, why no cyberinsurance yet? The answer may be that insurers still need to get their policy language in order.

3 ways to improve employee retention at your insurance agency

Michael Haddon| July 13, 2018

In today's environment, companies need to adopt a much more proactive approach when it comes to employee retention.

7 common reasons travel insurance claims are denied

Jayleen R. Heft | July 13, 2018

Educate your insurance agency clients on these top reasons travel insurance claims can be denied.

News

J&J ordered to pay almost $4.7 billion in talc asbestos cancer case

Margaret Cronin Fisk, Tim Bross and Jef Feeley| July 12, 2018

Women claimed asbestos in the company’s talc products caused them to develop ovarian cancer.

News

Self-driving cars don't need rules yet, U.S. regulator says

Ryan Beene| July 12, 2018

It’s premature to regulate the self-driving vehicles being tested, the U.S. government’s top auto safety official said.

Research

Surge in hacked credit-card information offered for sale on web

Jayleen R. Heft | July 12, 2018

Insurance companies and banks will probably see increased losses this year, according to cybersecurity firm, IntSights.

Research

Even parents with kids in the car can’t stop texting and driving

Riley Griffin| July 12, 2018

Are insurance companies and police too lenient in terms of identifying and punishing distracted drivers?

Will autonomous vehicles drive into a safer future?

Thom Rickert| July 12, 2018

Nearly every major car manufacturer has set a deadline to produce fully autonomous cars by 2021.

Commentary

Long-term NFIP reauthorization is essential

Jon Gentile| July 12, 2018

PIA says failure to act now is not an option.

Expert Opinion

Navigating commercial auto's rocky ride in the American West

Dr. Renu Ann Joseph| July 12, 2018

The U.S. auto insurance market is still finding its feet in the new normal of elevated claim frequency and severity.

News

Is a carrier’s claim file covered by attorney-client privilege?

Steven A. Meyerowitz | July 12, 2018

When an insurer denied liability for a bad faith lawsuit, the plaintiff argued that the denial waived the attorney-client privilege over the claim files.

Slideshow

10 strictest states on speeding and reckless driving

Denny Jacob | July 12, 2018

It pays to play by the rules when you're driving, especially when it comes to speeding.

Social media’s role in claims

Moshe Beauford| July 11, 2018

GDPR will affect how insurers use social media in their investigations.

Around the P&C insurance industry: July 11, 2018

Denny Jacob | July 11, 2018

News from Holmes Murphy, Liberty Specialty Markets, Arthur J. Gallagher & Co. and more.

News

The top 100 P&C insurance groups in 2017

Shawn Moynihan | July 11, 2018

Data from S&P Global Market Intelligence provide a look at who’s on top and who’s taken a hit in the P&C insurance market.

News

U.S. composite P&C rate ticks up in Q2 of 2018

Danielle Ling | July 11, 2018

Trucking and automobile risks suffered the greatest rate increases in the second quarter.

Analysis

Insuring a home spa? Know that a hot tub is not like a pool

FC & S Editors | July 11, 2018

Coverage Q&A: Insured homeowners need to know that hot tubs come with risks that may not be covered.

Breaches abound: 3 factors that increase identity theft risk

Rhys Dipshan| July 11, 2018

The risk of ID theft in any breach will vary depending on the type of data compromised and the demographics targeted.

10 worst airports of 2018

Danielle Ling | July 11, 2018

Try to bypass these international airports if you want to avoid costly claims, delays or other travel nightmares.

News

Macy's says hackers accessed online customers' credit card data

Lisa Wolfson and Hema Parmar| July 10, 2018

Hackers obtained names and passwords of online customers and potentially were able to access credit card numbers.

News

Amtrak rail cars in fatal crash didn't meet current standards

Alan Levin| July 10, 2018

The NTSB is conducting a two-day hearing on safety at Amtrak following a spate of deadly crashes.

Market Insights

P&C insurance agent/broker jobs up slightly in past 12 months

Jayleen R. Heft | July 10, 2018

For the insurance industry, on a year-over-year basis, employment changes in most major segments were mixed.

Commentary

Cybersecurity insurance: popular but poorly understood

Eleanor Vaida Gerhards| July 10, 2018

Insurance brokers and carriers should work closely with clients to identify unique cyber risks and tailor liability coverage accordingly.

Game on: Insuring the 2018 FIFA World Cup

Michael Furtschegger| July 10, 2018

Big or small, international or local, sporting events have an even bigger supporter — insurance.

News

Airlines cancel more than 200 flights as Typhoon Maria nears Taiwan

Adela Lin| July 10, 2018

Taiwan warned businesses and schools to prepare for extreme conditions as Severe Typhoon Maria closes in on the island.

News

Where to find risk consulting candidates of the future

Thomas Varney| July 10, 2018

Here are suggestions as to where an insurance carrier can find the talent required for today’s evolving insurance industry landscape.

Litigating product liability claims with foreign entities

By Shelby Guilbert and Nicholas Hill| July 10, 2018

Read the fine print when purchasing coverage from foreign insurers.

Flames, floods engulf Florida homes in adjuster’s $14M plot

Dennis Jay| July 10, 2018

Corrupt public adjuster damages homes with hammers, hoses, burning lard to balloon insurance claims.

News

Who’s using what in P&C insurance: July 9, 2018

PC360 Staff| July 09, 2018

Property & casualty insurance industry technology and partnership news from Accenture, CSI, RiskMatch and more.

News

Death toll tops 100 as Japan counts damage from record rain

Kazunori Takada| July 09, 2018

Rescuers have stepped up efforts to clear areas hit by flooding and landslides.

Case Study

Insurer questions impact of athlete’s injuries

Steven A. Meyerowitz | July 09, 2018

An ex-pro football player who received workers’ comp benefits may have to return them after appearing on Survivor.

Research

12 industries at risk of failing to manage the Earth's natural resources

Denny Jacob | July 09, 2018

Resource scarcity, regulatory action and pressure from communities and societies over natural resources continue to grow.

Market Insights

Keys to developing customer-centric technology

Fil Firmani| July 09, 2018

Customer-focused portals require a new look at core systems.

5 things to know about transaction liability insurance

William G. Passannante and Carrie Maylor DiCanio| July 09, 2018

Information for risk managers and deal team members on representation & warranty insurance, why you need it and how to deal with claims

Ranking

7 P&C companies in top 100 spots on 2018 Fortune's 500 list

Denny Jacob | July 06, 2018

Companies are ranked by total revenues for their respective fiscal years.

Analysis

U.S. car sales are expected to fall to recession levels

Sarah Gardner| July 06, 2018

Sales of sedans, coupes and sports cars are on pace for their worst year since 2009.

Analysis

Courts to determine allowable evidence for suits involving insurance claims

Matthew J. Smith, Esq.| July 06, 2018

Two cases on opposite coasts could dramatically affect person injury litigation.

Best Practices

How to avoid overpaying for defense costs

Jeremy H. Rogers| July 06, 2018

HITECH requests provide insurers some relief from medical records expenses.

Editor's Letter

Guarding our reputations

Patricia L. Harman | July 06, 2018

Reputational risk is increasing for organizations as social media and technology advance.

News

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

Denny Jacob | July 06, 2018

News from Nationwide, Hanover Stone Partners, Holmes Murphy and more.

Commentary

'Conversational AI' is reinventing the insurance claims process

Srini Vinnakota| July 06, 2018

This technology allows insurers to offer better customer service and data from the outset.

How to respond and recover quickly from a cyber event

Matt Tucci| July 06, 2018

The steps outlined here cost nothing and can pay great dividends should a cyber breach occur.

News

NY State issues new banking rules for medical marijuana and industrial hemp businesses

Rosalie Donlon | July 06, 2018

The guidance is designed to encourage banks and credit unions to establish banking relationships with medical marijuana-related businesses.

News

Can you sue for lost business income after policy's time limit?

Steven A. Meyerowitz | July 05, 2018

One company challenged the lawsuit limitations period, saying it couldn’t ascertain its losses in that time. See what a federal appeals court ruled.

Best Practices

Hurricane season drives mass adoption of insurance drones

Nathan Stump| July 05, 2018

Drone technology enables faster claims processing, a reduction in loss adjustment expenses and improved claims adjuster safety.

Best Practices

Keeping clients’ data safe

Donna Rice| July 05, 2018

With cybercrime on the rise, businesses must implement training and protocols.

Slideshow

5 most expensive moves for car insurance rates

Danielle Ling | July 05, 2018

Here are the 5 most expensive moves for car insurance rates, and how to calculate price increases or savings depending on your next big move.

Best Practices

3 necessary components to an effective and memorable speech

Matt Naimoli| July 05, 2018

Here's what two independent insurance agents say makes a great industry conference speech.

Analysis

Your guide to selling insurance services to e-commerce businesses

Victoria Greene| July 05, 2018

Selling insurance to an e-commerce business is about making them aware of the dangers they face.

Best Practices

Motorcycle and ATV/UTV safety can help protect the ride and the rider

Dana Endress| July 04, 2018

Insuring a classic versus a newer motorcycle may require some additional considerations when selecting an insurer.

Best Practices

Choosing mediation over litigation

Gregory Service| July 04, 2018

Mediation offers policyholders another option to settle a claims dispute.

News

Around the P&C insurance industry: July 4, 2018

Denny Jacob | July 04, 2018

News from Marsh, The Travelers Companies Inc., Alera Group and more.

Slideshow

10 best airports

Danielle Ling | July 04, 2018

Whether you are traveling for business or vacation, here are the 10 best airports to fly in and out of this year.

Additional Living Expenses: Just how much is covered?

FC & S Editors | July 04, 2018

Coverage Q&A: Additional Living Expenses insurance coverage is broad, but it still has limitations.

Best Practices

Fireworks can increase the risk of wildfires

Rosalie Donlon | July 04, 2018

Be careful with those fireworks you set off in the backyard. The home you save may be your own!

News

Swiss Re prepares to transition to a low-carbon economy

Denny Jacob | July 03, 2018

The company's thermal coal policy was first announced in June 2017.

Best Practices

Corrosion and hail-damaged HVAC coil repairs

Matt Livingston| July 03, 2018

Wind, hail and water are frequent culprits in degrading HVAC coils.

News

Texas lawyer sentenced for insurance fraud involving roof claims

Steven A. Meyerowitz| July 03, 2018

Attorney gets 5 years in prison for a scheme involving fraudulent lawsuits filed after hail storms.

Commentary

Why insurers, reinsurers should care about silent risk exposures

Yakir Golan| July 03, 2018

How exposed are your clients to cyber risk via unrelated insurance policies that do not specifically exclude cyber events?

News

Calif. insurance commissioner issues order for workers' comp insurers

Denny Jacob | July 03, 2018

Insurers will need to provide details about how savings from the new tax law impact their rates.

Analysis

The real hurricane for insurers could be in cyber insurance

Michael Costonis| July 03, 2018

Insurers need to take steps now to prepare for the cyber market to harden and pivot their business approach.

News

Can an injured pedestrian recover under a driver's UIM policy?

Steven A. Meyerowitz | July 03, 2018

Most underinsured motorist claims involve two or more vehicles, not pedestrians. See how the Delaware Supreme Court ruled in this case.

News

U.S. homeownership expected to rise for the young

Alex Tanzi| July 02, 2018

The home ownership rate of young adults will probably rise to 58.1% in 2025.

News

Who’s using what in P&C insurance: July 2, 2018

FC & S Editors | July 02, 2018

Insurance industry technology and partnership news from Guidewire Software, ATTOM Data Solutions, Appulate and more.

Slideshow

5 tips for staying safe while enjoying your summer barbecue

Michael D. Brown| July 02, 2018

Information insurance agents and brokers can share with clients to help them keep their homes and families safe while grilling

Commentary

Responding to the shift from ransomware to crypto-mining

Rotem Iram| July 02, 2018

Surprising new exposure: Hackers now realize that a company's electricity is an asset they can steal and monetize.

Analysis

Learning from Hurricane Irma: Properly insuring & protecting your business

Kristie Rearick| July 02, 2018

If Hurricane Irma has taught Florida anything, it's to plan for the worst and hope for the best.

Research

Most preventable, accidental deaths occur in July & August

Jayleen R. Heft | July 02, 2018

At least 18 children have died this year after being left in a hot car, and that number is increasing almost daily.

Best Practices

Is your deck a danger? 5 key areas to check

Jayleen R. Heft | July 02, 2018

Avoid a deck collapse by looking out for these warning signs of possible failure.

Best Practices

9 boat safety & life jacket reminders for the busy Fourth of July

Jayleen R. Heft | July 02, 2018

The Coast Guard reported $46 million dollars of damage to property as a result of recreational boating accidents in 2017.

News

Volcano forces Bali airport shutdown — more than 400 flights canceled

Rieka Rahadiana| June 29, 2018

A fresh eruption at Mount Agung near the popular tourist island sent volcanic ashes several miles high into the sky.

News

Lloyd's of London CEO Inga Beale to leave in 2019

Julie Edde| June 29, 2018

After 5 years at the helm of the world’s oldest & biggest insurance market, Lloyd's first female CEO will depart.

Best Practices

What to consider when developing or refining your cyber incident response plan

Zach Warren| June 29, 2018

Companies should consider instituting and strengthening plans for when — not if — they suffer a cybersecurity incident.

Commentary

AI will save insurance jobs, not kill them

Jeff Somers| June 29, 2018

Despite insurance industry hand-wringing over potential job loss, emerging technologies will only make agents’ jobs easier.

News

Geico hit with $2M post-apportion award in bad faith suit

Greg Land| June 29, 2018

Is an insurance company really liable for bad-faith when it alleges that it had no notice of a claim? See what one Georgia jury decided.

Commentary

How traditional companies can disrupt insurance industry disruptors

Paige Schaffer| June 29, 2018

Forward-thinking insurers must grow their product ecosystem while building customer loyalty.

Ranking

10 best states for teen drivers

Denny Jacob | June 29, 2018

A recent study by WalletHub identified the best states for teen drivers using a collection of 23 key metrics.

Research

Fireworks safety: Sparklers were No. 1 cause of injuries in 2017

Jayleen R. Heft | June 29, 2018

Each year, fireworks cause on average 1,300 structure fires, 300 vehicle fires and result in thousands of injuries.

News

AI will thrash the economy like a ‘tsunami,’ Allstate CEO says

William Mathis| June 28, 2018

That change has already come to the auto insurance business.