'Fast follower' insurance firms to feel the sting of COVID-19 pandemic

Insurance Business America | April 23, 2020

'Fast follower' insurance firms to feel the sting of COVID-19 pandemic
The insurance industry has never been known for its speed or agility. Rather, it has been characterized as slow, methodical, and cautious of any sudden movement. Of course, that’s a generalization. There are many insurance firms that break the mold and lead the way in terms of transformative innovation, but, generally speaking, most insurers have opted to spend their time on other things … until now. The global coronavirus pandemic has caused an explosion in firms throwing caution to the wind. COVID-19 has created a situation where the world has shifted in a non-linear way – and it’s shifted much faster than anyone could have anticipated. The global economy has been forced into an induced coma to try and slow down the spread of the virus. As governments call for physical distancing, and in some cases total society lockdown, insurance businesses have been forced to close their offices, ask employees to work remotely, and conduct all of their business through digital and/or virtual channels. The coronavirus has triggered the fastest overnight transformation in the history of the insurance industry.

Spotlight

Being financially successful allows us to appreciate the finer things in life – rare wines, designer clothing, antiques, jewellery and more. As we acquire these valuables, such lifestyle choices become an integral part of our lives. We take great care curating collections we call our own, how often do we think of protecting them? Misconception Insurance policies do not cover for unique risks that come with wine or whisky collection.

Related News

INSURANCE TECHNOLOGY

SafeAuto Launches Sober Driving Campaign to Give Drivers Safe Ways to Celebrate this Holiday Season

SafeAuto | November 17, 2021

While many Americans celebrated the holidays at home last year, more families are expected to travel and gather once again, which could lead to an uptick in drunk driving. A new national survey of over 1,900 US adults ages 21+, conducted by The Harris Poll on behalf of SafeAuto, reveals 40 percent of Americans ages 21-34 say they are more likely to drive after consuming alcohol over the holidays than other times of the year. The survey also found more than 6 in 10 Americans ages 21+ (62%) worry they've been a passenger in a vehicle when they've known the driver has had too much to drink, while 49% of those 21-34 say they themselves have regretted driving after having too much to drink. To encourage drivers to celebrate safely, SafeAuto is launching the We Got You: Drive Sober Get Rewarded campaign to help drivers make a plan when alcohol is involved, giving away Uber rides and hotel stays to help them do so. "Drunk driving is always more prevalent during the holidays, with Thanksgiving and the week between Christmas and New Year's Eve often among the deadliest for drivers. We want everyone to play it safe this holiday season, and that starts by having a plan to avoid drunk driving such as using rideshare, having a designated driver, or making arrangements to stay somewhere for the night." - Amber Yeray, Marketing Leader, SafeAuto. Whether behind the wheel or as a passenger, SafeAuto wants to make sure consumers don't end up in a dangerous situation when alcohol is involved over the holidays. Only about 3 in 5 Americans ages 21+ (62%) say they always make a plan to get home safely after drinking alcohol. To help drivers make a plan to celebrate safely, SafeAuto is giving away over $35,000 in Uber rides and hotel stays through the We Got You: Drive Sober Get Rewarded campaign. For a chance to win all consumers must do is: Survey Methodology This survey was conducted online within the United States by The Harris Poll on behalf of SafeAuto between October 19-21, 2021 among 2,006 US adults ages 18+, among whom 1,936 are ages 21+. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. Complete methodology is available upon request. About SafeAuto Safe Auto Insurance Group Inc., an Allstate Company, has been a leading provider of affordable state minimum coverage since its founding in 1993. SafeAuto has always been proud to call Columbus, Ohio home. With an unwavering entrepreneurial spirit and the idea that everybody has the right to have insurance, we're now providing options in 28 states for drivers who are looking to save hard-earned dollars. SafeAuto offers flexible payment plans, immediate coverage, and 24/7 customer service through the phone and web. Whether you're looking for auto, commercial, home, life, motorcycle or renters insurance, our dedicated team rides with you around the clock to ensure we are providing you the coverage that fits your needs.

Read More

Renewable Guard, Hailsure Join Hands to Develop a New Parametric Hail Insurance Program to Renewable Energy Projects

Renewable Guard | April 30, 2020

Renewable Guard Insurance Brokers, LLC is pleased to announce a new partnership with Hailsure Underwriting Managers, LLC to deliver a new parametric hail insurance program. Hailsure is a leading specialist in developing innovative solutions that incorporate parametric insurance across a range of different markets. The trigger for coverage and payout is determined by the size of the largest hail that falls on the renewable energy project site. Renewable Guard Insurance Brokers, LLC a leading independent renewable energy insurance brokerage firm, is pleased to announce a new partnership with Hailsure Underwriting Managers, LLC to deliver a new parametric hail insurance program to renewable energy developers. Hailsure is a leading specialist in developing innovative solutions that incorporate parametric insurance across a range of different markets. Parametric insurance is an innovative type of policy where coverage is "triggered" when a measurable event occurs which exceeds a set threshold; in this case, a significant hailstorm. Hail size is measured by the largest independent weather data provider in the country through the use of advanced 3D radar, an onsite hail station, and a series of weather algorithms that utilize multiple data sources, including the National Weather Service. The trigger for coverage and payout is determined by the size of the largest hail that falls on the renewable energy project site. Read More:NEXT INSURANCE LAUNCHES PROGRAM TO ASSIST SMALL BUSINESSES Advantages of Parametric coverage for renewable energy project sites include: Easy Integration into existing project-level coverage Flexible Terms (e.g., variable coverage limits, hail size triggers) Fast Claims (payment within 7-10 business days) without the requirement of traditional on-site claims adjustments. The property insurance marketplace has hardened significantly in 2020 and developers in the renewable energy industry have felt the effects. Carriers providing traditional project-level insurance have seen a significant increase in catastrophic losses due to convective storms and hail damage. 2019 saw one of the industry's largest single hail loss ever with damage to a Texas-based solar project in the tens of millions of dollars. The increasing severity and unpredictable nature of convective storms have required many project-level carriers to implement sub-limits for hail, while also increasing hail deductibles. The option to obtain additional hail limits via excess markets has, in essence, become commercially nonviable due to hard market rate increases. Adding parametric hail gives the existing project-level insurance program an extra and important dimension of coverage by providing developers and their lending partners with peace of mind and protection against the serious financial impact of major hailstorms. - says Michael Cosgrave, Principal at Renewable Guard. Read More:TEXAS FARM BUREAU INSURANCE TO REFUND OVER $20 MILLION TO AUTO INSURANCE CUSTOMERS About Renewable Guard Renewable Guard is a leading insurance and risk management brokerage created to meet the unique insurance needs of the Renewable Energy Industry. Their team of renewable energy risk managers provides operational insurance coverage on more than 3 GWs of projects throughout the U.S. The firm supports the power of clean energy and its ability to create a cleaner, more sustainable world. Renewable Guard works with solar, wind, and energy storage developers to help ensure catastrophic losses do not impact the short and long-term stability of companies who continue to construct and operate these important renewable energy projects. About Hailsure Hailsure administers specialty insurance coverage based on specified parameters most commonly related to weather risks. Hailsure's parametric programs are designed to provide standalone coverage or to supplement more traditional insurance coverage where gaps in coverage may exist. Hailsure currently administers industry-specific programs for auto dealers, crop insurance, municipal, and public sector coverage.

Read More

FCCI Insurance Group to write commercial insurance in Pennsylvania

FCCI Insurance Group | June 20, 2020

P&C insurer FCCI Insurance Group is expanding its commercial insurance business into the state of Pennsylvania, where it will begin writing insurance starting September 01, 2020. Prior to expanding its commercial insurance business in the state, FCCI had been providing Pennsylvania with commercial and contract surety since 2015. The business expansion brings the total number of states in which FCCI operates to 20, as well as the District of Columbia. FCCI began accepting new business submissions from appointed agents in the state on June 15, 2020.

Read More

Spotlight

Being financially successful allows us to appreciate the finer things in life – rare wines, designer clothing, antiques, jewellery and more. As we acquire these valuables, such lifestyle choices become an integral part of our lives. We take great care curating collections we call our own, how often do we think of protecting them? Misconception Insurance policies do not cover for unique risks that come with wine or whisky collection.