In the advent of social media, a person’s reputation is beginning to play a much more important role in the world of business. A new trend has been born in the insurance industry in the form of reputational risk. This risk is most apparent in companies that have had their reputations damaged by some sort of incident that caused consumer backlash. Companies with bad reputations tend to fare poorly in their given industry, as consumers often steer clear of such companies. In some cases, this avoidance can mean the end…
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New York lawmakers pass new regulation allowing insurers to issue policies without waiting for approval
New York legislators have passed a new insurance regulation that will allow most insurance companies in the state to issue policies without filing rate proposals. The regulation pertains to the commercial market and is meant to give insurers more flexibility in serving commercial clients. Lawmakers hope that the regulation will bring some speed to the commercial insurance process as they fear that the market may be growing somewhat stagnant. The New York State Department of Financial Services believes that the law will be a boon to the economic development of…
Read MoreFinancial crisis leads to greater errors and omissions claims in real estate
The errors and omissions liability coverage sector is starting to feel the pinch in the real estate industry as a result of the financial crisis. Trends and developments impact the purchasers of the different kinds of specialty insurance products, such as errors and omissions, D&O, cyber risk, employment practices liability, surplus, marine, and transportation lines. Firms for diversified financial services and banking that have advised their customers to make investments into high risk subprime mortgages or credit default swaps are now experiencing significant claims, and – according to Phil Norton…
Read MoreStudy shows small business owners trust independent insurance agents more than financial institutions
The Hanover Insurance Group, one of the largest property/casualty insurers in the U.S., has released the results of a new study. The study shows that small business owners have more trust for independent insurance agents than financial institutions that also offer insurance coverage. The study is part of an attempt by Hanover to understand how changes to the insurance industry and the business world are affecting small businesses. The results of the study will likely be used by Hanover to build new insurance products targeting small businesses. Trust is becoming…
Read MoreStrategic alliance formed between Aspen U.S. Insurance and V3 Insurance Partners LLC
Aspen U.S. Insurance has announced that it has formed a strategic alliance with the managing general underwriting agency, V3 Insurance Partners, in order to be able to sell the optional premises liability and miscellaneous professional liability program called Vantage 360® MPL+ to every state in the country. This program was created with professional service companies in mind; specifically those with less than $15 million in yearly revenues. The program is for wholesale brokers only by way of V3. Protection is made available on both a non-admitted and admitted basis. V3…
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