Two years ago Munich Re, the reinsurance giant, tried to start underwriting a new kind of insurance — one that would make a company whole if its business tanked in an epidemic. For months, there were no takers. Then came the coronavirus outbreak. “Now, quite honestly, we probably have a six-month backlog in getting quotes… Continue reading Coronavirus Will Cost Businesses Billions: Will Insurance Help?
Tag: Workers’ Compensation
Mask Manufacturers Seek Liability Protections
Demand for N95 face masks — the kind that keeps out at least 95% of particles — is surging amid more U.S. coronavirus cases. But some mask manufacturers worry they could be held liable if someone gets sick anyway. The companies have been seeking for years to get Congress to pass legislation giving them immunity… Continue reading Mask Manufacturers Seek Liability Protections
Market Panic Over Coronavirus Isn’t Warranted, Says Allianz CEO
Markets are overreacting to the threat of the rapidly spreading coronavirus and the global economy will only see a short-term impact, said the head of Allianz SE, Europe’s biggest insurer. Chief Executive Officer Oliver Baete said the firm was more concerned about the safety of its clients than any impact to its business, in an… Continue reading Market Panic Over Coronavirus Isn’t Warranted, Says Allianz CEO
Coronavirus Tests Europe’s Open Borders as Italy Death Toll Rises
Italy reported a sixth death from the coronavirus Monday, as authorities imposed quarantines and other restrictions in the country’s economic heartland to fight what is now the world’s third-biggest national outbreak after China and South Korea. Italian authorities on Monday shut down schools, universities and museums across the country’s north, and banned public and private… Continue reading Coronavirus Tests Europe’s Open Borders as Italy Death Toll Rises
Insuring Against the Business Risks of Coronavirus
The coronavirus epidemic that has afflicted Wuhan, China is having economic ripple effects for the global economy, slowing orders and disrupting supply chains. News reports indicate that the impacts are already being felt in industries as diverse as electronics, auto manufacturing, airlines and passenger cruises. Travel, transportation, hospitality, health care and event planning are only… Continue reading Insuring Against the Business Risks of Coronavirus
Insurance Review: Maximizing Insurance Coverage for Coronavirus Losses
The Situation: Declared a global health emergency by the World Health Organization, and with more than 17,000 cases already confirmed worldwide, preliminary estimates indicate that the latest coronavirus outbreak may not peak until late April 2020. The Result: Business interruption and other losses due to the continued global spread of coronavirus are projected to total… Continue reading Insurance Review: Maximizing Insurance Coverage for Coronavirus Losses
Average Renewal Rates Change Month to Month Across Most Major Commercial Lines
IVANS®, a division of Applied Systems®, today announced the January results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business experienced an increase in average premium renewal rate, except Workers’ Compensation, which saw a negative turn. Month over month, January premium renewal rates experienced variable… Continue reading Average Renewal Rates Change Month to Month Across Most Major Commercial Lines
New York’s CJ Hessel Joins Growing Alliant Northeast Team
Alliant continues to add top talent to its growing Northeast team, hiring New York’s CJ Hessel. As Senior Vice President, Hessel will provide customized risk and insurance solutions engineered to address industry-specific risks for clients across the region. “CJ joins us with strong regional expertise and a proven track record for navigating his clients through… Continue reading New York’s CJ Hessel Joins Growing Alliant Northeast Team
Marijuana on the Job: Some New Twists in Drug Testing
Three years after recreational marijuana was legalized in California, it still casts a cloud over most job applicants. Many employers in the state still require drug screening as a prerequisite for hiring someone, experts in the hiring field say. And while recreational use and possession are allowed for people 21 and older, failing a drug… Continue reading Marijuana on the Job: Some New Twists in Drug Testing
Agents Find Ease of Use with Sage Program Underwriters and On-line Platform Broker Buddha
Sage Program Underwriters, a leader in Workers’ Compensation for the shooting sports industry, has received incredibly positive feedback from its appointed agents with the implementation of the Broker Buddha platform. Agents and brokers are raving about how simple Broker Buddha is to use, the online platform Sage adapted in November 2019. The learning curve with… Continue reading Agents Find Ease of Use with Sage Program Underwriters and On-line Platform Broker Buddha