The Risk Institute at The Ohio State University Fisher College of Business recently released data from its Fifth Annual Survey. Ninety-five percent of firms reported impending impact due to the mass retirement of baby boomers, with 60% saying it will have a high to moderate impact.
Right now, in the midst of the COVID-19 crisis, it is tough to imagine the fertile environment for insurtech start-ups that the sector has enjoyed can last much longer. The crunch from social distancing, if not out-and-out restrictions on economic activity, will undeniably freeze the flow of cash to untested ideas.
There is much discussion right now on the impact that COVID-19 (Coronavirus) will have on workers’ compensation. Most of this discussion has focused on the potential for claims activity arising from the virus.
When employees work remotely from home or other locations, the normal rules of course and scope can become complicated and confusing. The same is true of subrogation potential. When the employee is injured in their home, subrogation targets tend to shrivel up and blow away.
Many subrogation professionals will find themselves working from home in the near future. While much can be accomplished from a computer keyboard, there are certain activities essential to investigating and litigating subrogation files which are going to mandate a creative approach.
The insurance impacts of the coronavirus pandemic remain unclear, but experts agree that the effects will reverberate through the industry and economy for years to come.
Small-business owners banking on their so-called business disruption insurance to bail them out of the mounting losses being inflicted by the COVID-19 pandemic may be in for a rude shock. That’s because a little-known condition of coverage put in place in 2006, a few years after the SARS outbreak, excludes coverage for any “loss due to virus or bacteria.”
Ransomware attacks on a prominent insurer’s client base rose by more than 100% last year, driven by new attacks on healthcare, professional services and financial institutions, according to new figures released Monday.
The chances of contracting the Coronavirus (also called “COVID-19”) are slim, but the number of those infected is increasing daily. It is only a matter of time before a worker contracts COVID-19 through their place of employment (i.e., a doctor, emergency responder, etc.). After a worker exposed to the Coronavirus contracts the disease, there could be grounds for a valid a workers’ compensation claim for an industrial injury.
Government regulators and agencies are vested with increasingly significant powers to investigate—and potentially prosecute—companies and individuals suspected of wrongdoing. Such investigations are fraught with insurance implications, including, critically, whether and when such an investigation constitutes a claim under an insured’s professional liability policy, thereby triggering a carrier’s defense obligations.
The mounting threat of COVID-19 has placed the healthcare system of many nations under a huge amount of pressure, and cybercriminals could be exploiting this to spread viruses - but instead of biological ones, these are computer viruses.
Volvo is recalling more than 736,000 vehicles worldwide because the automatic emergency braking system may not detect obstacles and stop the vehicles as designed.
An overnight storm that spawned multiple tornadoes caused damage west, north and northeast of Abilene, including wind turbines south of Merkel, houses in Tye and vehicles and structures at the Robertson and Middleton prison units near the Jones County line.
There is a saying, often attributed to radical author Saul Alinsky, but which can be traced to other sources including Winston Churchill. It is, “Never let a good crisis go to waste.” It is a maxim that often seems to get deployed whenever any tragedy or conflict arises.
As the coronavirus (COVID-19) forces the cancellation of countless events, businesses are finding themselves assessing both their losses and their remedies. Suddenly, that boilerplate language in the fine print of contracts discussing an “Act of God” has taken on a whole new level of importance.
