Property CAT Losses 48% ABOVE Average by end of November ’21

Catastrophe losses ~48% above average by end ofNovember: Jefferies After November 2021, full-year catastrophe and severe weather losses were estimated to berunning around 48% ahead of the long-term 2008 to 2020 average, according to analysts atinvestment bank Jefferies.However, November actually saw catastrophe losses running below average for theinsurance and reinsurance industry, slowing the pace from […]

6 ways to get your home ready for winter

6 ways to get your home ready for winter Protect your pipes. Wrap any pipes in areas of your home that are unheated or poorly insulated. … Trim your trees. Check the trees around your home and remove any dead branches. … Insulate your attic. … Guard your garage pipes. … Be well-equipped. … Winterize […]

Coverages that might apply to ‘Rust’ movie shooting

If the deceased cinematographer is considered an employee of the production company, then workers’ compensation coverage applies. However, it may not be that straightforward. Workers’ compensation pays for accidental injuries that arise out of and in the course of employment. So far, so good. However, many states have exceptions when willful misconduct or safety rule […]

Weapons exclusion clause puts the onus on bar owner after stabbing

A New Orleans bar attempted and failed to recoup its losses through a general liability policy after it was sued by two stabbing victims. Following the stabbing of two patrons, a New Orleans bar attempted and failed to recoup its losses through a general liability policy. The U.S. Court of Appeals for the Fifth Circuit […]

Home insurance policy risks reanimating this Halloween

Home insurance policy risks reanimating this Halloween While policyholders might be prepared for some high school hijinks that could cause damage, are they truly considering all the risks at hand on Halloween night? With More Americans planning to celebrate Halloween this year after a bit of a down holiday in 2020, according to the National Retail […]

Lessons from the pandemic for event cancellation coverages

Insurers should prepare for future perils of a similar scale, which might require a public/private partnership. Going forward, providing coverage for pandemic-related losses for large events will likely need a public/private solution. The industry needs to support and develop vehicles and expertise that can help us better manage pandemic risk.  The Coachella Music Festival in […]

Lead contamination lessons from the Notre Dame fire

The risk is present even in new construction, as lead-based materials are still imported and used today. Although the sheer volume of lead that vaporized in the Notre Dame fire was unique, fire restoration practitioners need to be aware of the likelihood that lead may be present in any fire-damaged structure, especially those built after […]

Wyoming, Idaho most at risk for prolonged wildfire recovery

While less populated, states with fewer housing units face more prolonged wildfire recovery risks, according to CoreLogic. Tom Larsen, principal, insurance solutions at CoreLogic, said in a release: “It’s important to acknowledge that not all communities and their catastrophic events are the same, and the road to recovery can look drastically different. Resilience is often […]

A major earthquake hit California again

Calif. contractors finding new ways to mitigate earthquake risks, “Should a major earthquake hit California again, and it is in any of the most populated cities, the damages would be catastrophic,” says Steven Steckler, president of Sentry Claims Group. But experts say retrofits are also just as important as incorporating new design concepts to mitigate […]

9/11, COVID and the insurance industry

The insurance industry was hit with 9/11-related claims estimated at some $40 billion, which represented a whopping 10% of its surplus at that time. (Credit: U.S. Navy) While the 9/11 attacks and the COVID-19 pandemic are two very different events, there are parallels, especially from an insurance standpoint. Principally, both events were unprecedented and unexpected, both for […]