The U.S. property/casualty (P/C) industry’s financial results through the third quarter of 2021 showed a return to normalcy following 2020, with year-over-year growth in direct premiums written of 10%, according to an AM Best special report. In its Best’s Special Report, titled, “U.S. Property/Casualty Top Line Premiums Up, Loss Ratio Deteriorates Through Third-Quarter 2021,” also… Continue reading U.S. P/C Industry Sees Premium Growth, Deteriorating Loss Ratio through 3Q 2021
Author: Farkas Laura
San Jose First U.S. City to Require Gun Owners to Carry Liability Insurance
San Jose, Calif., city councilors passed a measure late Tuesday requiring all firearm owners within the city limits to purchase liability insurance – a gun control measure that is believed to be the first of its kind in the United States. The ordinance requires liability insurance, and a separate regulation requires all San Jose gun… Continue reading San Jose First U.S. City to Require Gun Owners to Carry Liability Insurance
OSHA Withdraws Vaccine Mandate Rule for Large Companies
According to the Labor Department, the Biden administration is withdrawing its requirement that large employers require workers to be vaccinated against the coronavirus or to be tested on a regular basis. By withdrawing the rule, the department acknowledged what most employers and industry experts said following a Supreme Court ruling earlier this month: the emergency… Continue reading OSHA Withdraws Vaccine Mandate Rule for Large Companies
Workers Want to Set Their Own Hours
Workers say they care more about flexible schedules than whether or not they work in an office, as employers raise wages and scramble to fill open positions. According to a new report from Future Forum, a consortium focused on reimagining the future of work led by Slack Technologies Inc., 95% of those polled want flexible… Continue reading Workers Want to Set Their Own Hours
Alliant Names Chris Murphy Executive Vice President
Alliant Insurance Services has announced Chris Murphy has joined the company as Executive Vice President, Managing Director. With 30 years of experience in the insurance industry, Murphy is a surety professional with a deep expertise in construction. In his new role, Murphy will lead Alliant’s national surety platform that supports the bonding needs of domestic… Continue reading Alliant Names Chris Murphy Executive Vice President
Amazon’s Average Warehouse Safety Rate Worse than Peers
Amazon.com Inc reported injury figures for 2020 on Monday, revealing lower-than-average safety rates in its U.S. warehouses but a better delivery record than competitors. The online retailer also stated that global employee injuries and illnesses that resulted in time away from work decreased by 43 percent in 2020, to 2.3 per 100 employees, down from… Continue reading Amazon’s Average Warehouse Safety Rate Worse than Peers
Columbus-based Root Insurance Lays Off 330 Employees, Citing Inflation and Supply Chain
Root Insurance is laying off approximately 20% of its workforce due to rising inflation costs and other pandemic challenges. According to the Columbus-based auto insurer, approximately 330 employees would be affected. The majority of the affected employees were notified on Thursday, with the majority of job cuts taking place before the end of the month.… Continue reading Columbus-based Root Insurance Lays Off 330 Employees, Citing Inflation and Supply Chain
Data Breaches Up 68% in 2021 Over Previous Year
Tthe Identity Theft Resource Center® (ITRC), a nationally recognized nonprofit organization established to support victims of identity crime, released its 16th Annual Data Breach Report, supported by Sontiq, a TransUnion company, at the Identity, Authentication, and the Road Ahead Policy Forum hosted by the Better Identity Coalition (BIC), FIDO Alliance and the ITRC. According to… Continue reading Data Breaches Up 68% in 2021 Over Previous Year
Climate Change Contributed to $130B in Insured Losses in 2021: Aon
Climate change played a part in insured losses from natural catastrophes that totalled $130 billion globally in 2021, the fourth-highest on record, broker Aon said in a report on Tuesday. Economic losses – the combination of insured and uninsured losses – reached $343 billion, Aon said in the report which it publishes annually. Climate change… Continue reading Climate Change Contributed to $130B in Insured Losses in 2021: Aon
Secondary Perils Taking an Increasingly Larger Share of U.S. Catastrophe Losses
According to an AM Best commentary, secondary peril events are becoming more impactful and generating an increasing amount of insured losses, affecting the bottom lines of personal and commercial lines property underwriters. A new Best’s Commentary, titled, “Secondary Perils Increasingly Responsible for Largest U.S. Catastrophes,” notes that although the trends of more frequent and harmful… Continue reading Secondary Perils Taking an Increasingly Larger Share of U.S. Catastrophe Losses