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Understanding General Aviation Insurance Claims: What Causes Rate Hikes?

General aviation insurance claims reveal surprising trends in accident types that drive up costs, including gear-up landings, prop strikes, and loss of control on the ground, all of which contribute to rising insurance rates.
August 29, 2024 Liability Property Risk Management

High Revenue-Based Crop Insurance Claims Expected This Fall

Many farmers may face revenue-based crop insurance claims this fall due to falling commodity prices, emphasizing the importance of proactive communication with insurance agents to meet crucial deadlines.
August 29, 2024 Insurance Industry Property Risk Management

Hailstorms to Produce Larger Hailstones as Climate Warms, Posing Greater Damage Risks

A new study predicts that climate change will lead to larger hailstones by mid-to-late century, resulting in increased damage risks to aircraft, vehicles, and buildings due to stronger thunderstorm updrafts.
August 29, 2024 Catastrophe Legislation & Regulation Property Risk Management Ohio

North Carolina Supreme Court Rules on Validity of Homeowner’s Insurance Cancellation Before Fire Loss

The North Carolina Supreme Court upheld a ruling that a mailed cancellation notice met state requirements, effectively voiding a homeowner’s insurance policy weeks before a fire destroyed the property.
August 29, 2024 Legislation & Regulation Litigation Property Risk Management North Carolina

Restoration Best Practices for Insurance Adjusters: Safeguarding Policyholders and Minimizing Losses

Understanding restoration best practices is essential for insurance professionals to minimize losses, protect policyholders’ belongings, and make informed decisions when engaging recovery experts after incidents like floods, fires, or natural disasters.
August 29, 2024 Catastrophe Insurance Industry Property Risk Management

Coney Island Cyclone Closed After Mid-Ride Stop, Repairs Underway

The iconic 97-year-old Coney Island Cyclone roller coaster in Brooklyn, NY, has been closed indefinitely after a mid-ride halt caused by a damaged chain sprocket. No injuries were reported.
August 28, 2024 Liability Property Risk Management New York

Atlantic Hurricane Activity Expected to Surge in September as Conditions Favor Storm Formation

Meteorologists predict an active September in the Atlantic, with up to 10 named storms potentially forming as reduced wind shear and dry air create favorable conditions for hurricane development.
August 28, 2024 Catastrophe Insurance Industry Property Risk Management Florida New York North Carolina Pennsylvania South Carolina

Navigating the Intersection of ESG Principles and Risk Management in Modern Business

Integrating Environmental, Social, and Governance (ESG) principles with robust risk management strategies is key to fostering sustainable business practices, improving compliance, and enhancing long-term resilience in a volatile market.
August 28, 2024 Risk Management Technology

Increased Heat Levels Raise Workplace Injury Risks, Workers’ Compensation Data Reveals

A recent analysis by Colorado’s largest workers’ comp insurer highlights a 52% rise in workplace injuries when temperatures exceed 90 degrees (F), emphasizing the importance of heat safety measures for indoor and outdoor workers.
August 27, 2024 Insurance Industry Risk Management Workers' Compensation Colorado

Simplifying Insurance: Why Clear Language Matters More Than Buzzwords

The insurance industry is ripe with innovation, but the overuse of vague buzzwords like "transformation" and "disruption" dilutes meaningful progress. A call for precise and straightforward communication can better serve clients, investors, and the industry itself.
August 27, 2024 Insurance Industry Legislation & Regulation Risk Management Technology

Federal Policy Conflicts Could Raise Flood Insurance Costs, Leave Thousands Unaware of Dam Risks

Conflicting federal policies hinder communities from accessing vital dam failure data, potentially raising flood insurance costs and leaving residents unaware of flood risks.
August 26, 2024 Catastrophe Legislation & Regulation Property Risk Management Arizona California Colorado Georgia Minnesota

Ransomware Claims Drive Severe Losses as Cyber Threats Surge in 2024

Resilience’s midyear 2024 report reveals ransomware as the leading cause of cyber losses, with a sharp increase in the severity of claims, largely driven by third-party risks and vendor failures.
August 26, 2024 Insurance Industry Risk Management Technology

Rising Vessel Complexity and Size Escalate Risks in Global Marine Insurance Market

As vessels grow in size and complexity, the global marine insurance market faces heightened risks, leading to increased volatility and the need for long-term strategies to manage major losses.
August 26, 2024 Insurance Industry Marine Risk Management Underwriting

Modernizing Freight Claims: The Carmack Amendment’s Role in Today’s Logistics

The Carmack Amendment has long served as a legal foundation for freight claims in the U.S., but evolving logistics and e-commerce trends challenge its relevance, necessitating fresh strategies for claims professionals.
August 26, 2024 Legislation & Regulation Risk Management Technology Tennessee

Hurricane Rainfall Predicted to Intensify in Frequency and Impact

A DeepSky Research report predicts a 300% rise in extreme hurricane rainfall frequency and a 33% increase in severity, highlighting the urgent need for preparedness as hurricane impacts are expected to worsen rapidly.
August 26, 2024 Catastrophe Legislation & Regulation Property Risk Management Florida Louisiana Mississippi North Carolina South Carolina
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