Day: November 1, 2023

Research & Rankings: Professional liability

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Hurricane Otis insured losses to onshore property pegged at up to $6 billion

Verisk Inc. Wednesday estimated that insured losses to onshore property due to Hurricane Otis in Mexico will likely total between $3 billion and $6 billion.

Cats, finance costs hit builders risk market

Owners and contractors are finding it increasingly difficult to secure adequate catastrophe coverage and limits for construction projects, as insurers continue to increase rates and pull back capacity.

Long-term trends occupy catastrophe modelers

As 2023 proves to be another active year for hurricanes and other catastrophe losses, modeling companies remain focused on long-term climate trends rather than annual variations.

Design professionals see steady E&O renewals

The market for architects and engineers professional liability coverage has remained largely stable in recent years as other lines have seen price hikes and capacity constraints, but some projects and structures can still be challenging to insure.

Insurers, brokers use digital tools to stay in step with clients

Technology is becoming a larger and more important part of the insurance industry as insurers and brokers use digital tools to streamline processes and stay in step with clients.

Companies must prepare to comply with cyber notifications

The U.S. Securities and Exchange Commissions cybersecurity rules, which take effect next month, present companies with the double challenge of determining which cyber breaches are material and reporting them within four business days.

Effective cyber reports require less tech talk

The key to communicating effectively with company boards of directors on cyber risk is to discuss issues in business terms board members can understand and avoid overly technical language, experts say.

Harvard suing Marsh in relation to open admissions suit loss

Harvard University is suing its broker, Marsh USA Inc., charging malpractice in a lawsuit filed in Massachusetts state court in connection with the universitys open admissions lawsuit loss before the U.S. Supreme Court earlier this year.

Viewpoint: Digital, human touch vital

We live in an increasingly digitized world where theres an app for everything and we turn to Google or increasingly ChatGPT for all the answers, which means we have information at our fingertips.

Risk Strategies appoints national property practice leader

Risk Strategies Co. Inc. on Wednesday named Carl Smith national property practice leader, succeeding Peter Fallon, who is retiring at the end of this year.

Brown & Brown agrees to sell four TPAs to Davies

Brown & Brown Inc. announced Tuesday it has agreed to sell four third-party administrator companies to London-based claims management company Davies Group Ltd.

Patriot buys agriculture insurance specialist

Private-equity-backed insurance brokerage Patriot Growth Insurance Services LLC said Wednesday it has bought Marion, Ohio-based brokerage Douce James Agency.

Commercial insurance rates keep rising

Global commercial insurance pricing increased for most lines of coverage in the third quarter, according to Marsh LLC, marking the longest run of consecutive quarterly rate hikes since the brokerage began publishing its global insurance market index in 2012.