What to Expect from Commercial Insurance in 2023

What to Expect from Commercial Insurance in 2023

As we head into 2023, construction contractors should prepare for rate increases of at least 10 percent. Of course, this will vary business to business depending on changes to things like payroll, property values, and previous years’ losses. In addition, different insurance markets are harder than others, depending on current economic and social...

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Watch Out for These Top Trends in Identity Theft

Watch Out for These Top Trends in Identity Theft

Halloween is a great reason to don a costume and dress up as someone you’re not, but cybercriminals don’t need that excuse. Through email scams, social media phishing, website spoofs, and other nefarious techniques, they masquerade as someone they’re not—all in an attempt to swipe sensitive or secure information, potentially crippling your...

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Florida Condo Property Market Experiences Seismic Shift

Florida Condo Property Market Experiences Seismic Shift

The past eighteen months has been a “whirlwind” for the Florida condo market. Just over a year ago, the Surfside Champlain Towers South condo outside of Miami Beach collapsed. This October we saw the devastating effects of Hurricane Ian, which pummeled the Florida coast, costing estimated losses of up to $57 billion. These two major events, in...

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Reenvisioning the Role of Insurance in the Midst of a Climate Crisis

Reenvisioning the Role of Insurance in the Midst of a Climate Crisis

It’s difficult to argue that we’re feeling the impacts of climate-related risks and liabilities across all sectors of the insurance industry. However, we are also seeing many opportunities industry-wide to innovate and bring new products and solutions to the market.  According to a recent McKinsey article, in the face of the current global...

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Northwestern U. Chemists Discover Simple Way to Destroy ‘Forever Chemicals’

Northwestern U. Chemists Discover Simple Way to Destroy ‘Forever Chemicals’

PFAS (per-and polyfluoroalkyl substances), commonly used manufactured chemicals, are often called “forever chemicals,” because they can’t be safely destroyed and take thousands of years to break down naturally.  Found in everything from our drinking water to common household products like cookware, cosmetics, and upholstery fabrics, PFAS have...

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Top 4 Cities at Highest Risk from Hurricanes

Top 4 Cities at Highest Risk from Hurricanes

A new report shows that New York, Miami, Tampa and New Orleans have the highest risk of heavy property damage from hurricane storm surges. Your clients in these areas need to pay particularly close attention to their insurance policies to ensure they have the protection that they will likely need. As this recent Insurance Journal article...

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Top 20 Most Dangerous Jobs in the United States

Top 20 Most Dangerous Jobs in the United States

According to the Occupational Safety and Health Association (OSHA), incidents of worker injury, illness, and death have decreased significantly across all industries. Nonfatal workplace injuries and illnesses decreased by 5.7 percent between 2019 and 2020. Fatal work injury rate fell from 3.5 fatalities per 100,000 full-time equivalent (FTE)...

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Wildfire Insurance Costs are Heating Up

Wildfire Insurance Costs are Heating Up

An average of 70,000 wildfires are set ablaze across the United States each year. What's even more steep is the rapid growth trend of the average insurance payout when a wildfire occurs. Take California for example: between the years of 1964 and 1990, the average wildfire cost less than $100 million. That payout amount increased to about $600...

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Secondary Perils on the Rise, Responsible for Growing Share of Disaster Claims

Secondary Perils on the Rise, Responsible for Growing Share of Disaster Claims

Natural catastrophes broke insurance claims records in 2021. Historically, primary perils – like earthquakes – have been weather events with the highest loss potentials, but secondary perils – including wildfires, rainstorms, and floods – have become more frequent in recent years and are responsible for a growing share of insurance claims....

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Riding the Waves of Change in 2022 The Jencap Insurance Industry Outlook

Riding the Waves of Change in 2022 The Jencap Insurance Industry Outlook

If the insurance industry had posted its relationship status in 2021, it would have been "It’s complicated." For 2022, it’s still going to be complicated. ... only a little less so. In this white paper you'll find: Seven major trends that will impact the insurance industry in 2022. Industry outlook for every key insurance vertical – including...

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PFAS: How “The New Asbestos” Will Affect the Insurance Industry

PFAS: How “The New Asbestos” Will Affect the Insurance Industry

This past month, the Biden administration announced a three-year plan to regulate and reduce the use and spread of PFAS, while also doubling down on cleaning up PFAS already released into the environment. These toxic chemicals are widely used in many consumer and industrial products and are linked to numerous serious health conditions. Due to...

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Protecting Your Business From a Mass Shooting

Protecting Your Business From a Mass Shooting

Mass shootings have been on the rise since the beginning of the COVID-19 pandemic, which is classified as an incident with at least 4 people injured or killed. According to non-profit organization Gun Violence Archives, 2020 saw 611 mass shootings, compared to 417 in 2019. As of mid-October, we’ve seen 570 this year. Consequently, there’s been a...

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