Illinois workers compensation moves through state Senate

Illinois workers compensation - Construction Site - Construction Workers

Senators have given the nod to new restrictions on insurance companies writing this type of policy. New Illinois workers compensation legislation has received approval in the state Senate. It applies new restrictions to insurance companies that write workers compensation policies. The insurance legislation passed the state Senate this week in a vote of 34 to 21. This Illinois workers compensation legislation is a mirror image of one that was approved by lawmakers in the state last year. However, when that proposal reached Governor Bruce Rauner’s desk, he vetoed it. This…

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California cannabis insurance claim payout reaches $1 million

Cannabis Insurance - Marijuana Plants

A company in the state received a historic payment following crop damages from wildfires. A cannabis insurance payout has recently broken prior records in California. The Thomas Fire burned through a legal marijuana business at the close of last year (and the start of this one). The payout for the insurance claim was $1 million – higher than any previous payout in this category. This wildfire insurance payout is an indicator of the speed of growth of the legal marijuana industry. A Southern Californian cultivator of marijuana was covered by…

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Berkshire Hathaway insurance expands commercial offerings into the Middle East

Warren Buffett Berkshire Hathaway insurance business

Warren Buffet’s company has announced its intentions to establish a new office in Dubai. Berkshire Hathaway insurance business is headed for expansion into the lucrative Middle East market. It will be opening a new office in Dubai in order to manage the operations of its commercial products there. Berkshire Hathaway Specialty Insurance (BHSI) released an official statement regarding the decision. The new Berkshire Hathaway insurance office is located in the Dubai International Finance Center (DIFC) and will finally be able to open. The office had been awaiting approval from regulators…

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New commercial cyberattack study underscores importance of business cyber insurance

business cyber insurance

A recent survey revealed that almost half of participating companies had experienced some form of breach within a year. The importance of business cyber insurance is becoming increasingly clear to companies suffering from digital attacks firsthand on a rising basis. A recent study into cyberattacks aimed at companies revealed that almost half had experienced some form of attack within the year prior to the study. There were over 4,000 businesses participating in the survey, almost half of which had been attacked. The research results were included in a report by…

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Northern California wildfires break $9 billion in insurance claims

fire fighter northern california wildfires

The fires that torched their way through the state’s wine country in October have broken fire records. The Northern California wildfires from October have already generated an incredible $9 billion in insurance claims. This has easily left the previous wildfire insurance claim records well behind. The October blaze is now the most expensive single fire in the history of the United States. California Insurance Commissioner Dave Jones does not think that total will rise much further for those Northern California wildfires. The $9 billion figure represents the total insurance claims…

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Paramedic insurance coverage is broadening its importance in the United States

Business paramedic insurance

Experts predict that this type of policy will becoming increasingly necessary, particularly for disaster scenarios. Paramedic insurance coverage is a growing industry and experts predict that this growth will only continue to head upward. This includes in cases of U.S. disasters. In fact, the extreme weather events have been among the driving forces in insurance policies for paramedics. The many different extreme weather events and natural disasters in the United States this year have led to a rising interest in paramedic insurance. That type of coverage has already seen growth…

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California cannabis business insurance is now more widely available

cannabis business insurance marijuana

Businesses working within the legal marijuana industry now have options for covering potential losses. The medical marijuana industry in California has struggled with a significant stigma and, until recently, cannabis business insurance opportunities have been few and far between. That said, coverage is now opening up for these companies who want to protect themselves against losses relating to their facilities, products, or other business related perils. This week, the California Insurance Commissioner, Dave Jones, released a statement to this extent. Jones explained that the California has approved the first cannabis…

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Allianz reveals self insurance products blockchain prototype

Allianz blockchain self insurance products prototype

The global insurer has unveiled a new type of prototype designed for up and coming forms of coverage. Allianz has unveiled a brand new type of blockchain prototype which has been designed for self insurance products. It was first announced yesterday and reflects a new form of insuring customers that many predict will be a defining way for the industry to move ahead. The prototype makes it possible for a company to create a self insurance or captive type of policy. Using this form of blockchain prototype, Allianz can equip…

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Sexual harassment insurance becomes serious business concern following headlines

sexual harassment insurance #metoo

As many of Hollywood’s most powerful players see a large and growing list of allegations, companies seek coverage. Following the massive headlines made by allegations against Harvey Weinstein, sexual harassment insurance has become a serious topic among businesses. A growing number businesses are seeking to cover their executives as the Hollywood producer and a large number of others in power are accused of sexual harassment and assault. This insurance coverage trend has been growing steadily in recent years but has seen a sudden spike due to headlines. A number of…

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California wildfire insurance losses have reached $3.3 billion and continue to rise

california wildfire insurance

A new report from the state Department of Insurance released figures based on claims reported by 15 insurers. The losses faced by California wildfire insurance companies continue to rise as the figure has now broken the $3.3 billion mark. That number was revealed by the California Department of Insurance and is based on the claims data reported by 15 insurers in the state. That figure only represents the current losses faced by the insurers but the total for the year will only get higher. That data is based on California…

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