Hello darkness, my old friend. I’m talking literal darkness here. With the weather in CA lately, many of our food and beverage clients experienced power outages from gusting winds and heavy rains. When power is out at a restaurant, warehouse, or manufacturing plant, operations must cease. Employees can’t operate machinery, computer networks are disabled, and…
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The California insurance market has hardened. The insurance industry has recently limited its ability to secure reinsurance. This reinsurance issue has created underwriting challenges for carriers, causing many insurers to limit their footprint in California. A smaller carrier footprint means private policy holders face fewer options and higher premiums. But that’s not all. Today, in…
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The years prior to 2022 were tough for the directors and officers (D&O) liability insurance segment, which were characterized by double-digit rate increases and lowered capacity. Market conditions in 2022, however, proved more favorable than the years prior. While conditions proved more favorable, the benefits were largely determined by what type of company you operate:…
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AI systems can help companies’ advertise open positions, analyze resumes, test applicants, and identify top-performing employees for promotions. According to industry data, over one-third (35%) of businesses utilize AI systems. While these systems offer various benefits, such technology may also pose employment practices liability (EPLI) exposures. Specifically, AI systems, although intended to provide impartial results,…
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The workers’ compensation segment has been profitable for eight consecutive years, with the combined ratio falling under 100 every year since 2014. However, the ratio bottomed out at 79 in 2016 and has been slowly increasing ever since. Despite this trend, industry experts predict that the market’s past profitability will still allow for some stability…
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The commercial property insurance market has hardened. The good news is insurance buyers and their brokers can still take action to help ensure they receive adequate coverage and the best rates, terms, and conditions at renewal. What does it mean for an insurance line to “harden”? It means carriers have a lower appetite for risk,…
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The 2022 catastrophe season is poised to deal a far-reaching blow to a shaky property insurance market already facing multiple pressures. With rising inflation and possible recession, insureds and their brokers will need to get even more strategic to navigate renewals. The 2023 insurance renewal season already upon us, so we thought it would be…
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