Joe Meyer

There are some ugly statistics https://lnkd.in/emDFWymb when it comes to employee theft including: ❌ The average embezzlement incident leads to $357,650 in losses ❌ Employee theft costs businesses around $50 billion each year ❌ 29% of embezzlement cases lead to employee layoffs Surprisingly, almost half of companies don't conduct investigations into their worst fraud incidents. Crime insurance is a form of Property coverage as it is protecting theft of specific assets owned by a business. The coverage itself does not provide legal protection nor does it prevent criminal activity, but rather provides monetary reimbursement through the policy. In this week's newsletter, which you can subscribe to here 👉 https://lnkd.in/ecvgUrWM we introduce Commercial Crime insurance and simplify the language of a necessary component of Management Liability. #insurance #propertyandcasualtyinsurance #RiskResource #riskmanagement #brianclement #riskstrategies #liability #generalliability #cyberliability #cyberrisk #productliability #professionalliability #errorsandomissions #malpractice #managementliability #assetdevelopment #intellectualproperty #alternativeenergy #renewableenergy #lifescience #healthcare #technology

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NEW BMS Group Severe Weather Update 05/29/2024 Less than two months ago, on April 24th, the BMS Severe Weather update issued a stark warning to the insurance industry: prepare for another brutal, severe weather season in the U.S. This BMS insight is a timely update on whether this severe weather pattern will persist into June. Since the April 24th update, insurance losses have skyrocketed, surpassing $10 billion, and are projected to be nearly $20 billion by the end of May. These staggering figures are a result of several significant events, including severe thunderstorms in Dallas and a derecho in Houston, which left over 2.07 million customers in Texas without power. Estimating insurance losses from severe weather is a multifaceted task, with numerous variables at play. Recent high-profile events have demonstrated the wide-ranging effects of severe weather, from the destruction of a Dollar Tree distribution center in Oklahoma to damage sustained by wind turbines in Iowa. These losses in the commercial and renewable energy sectors underscore the challenges insurers face in adjusting claims and the potential for inflation to drive up repair costs across the industry. Insurers are responding with changes, such as higher deductibles and roof-only exclusions, but the full impact of these measures on reported losses may not be understood for years. Despite these efforts, this year's severe weather losses are already 128% above the 10-year average, with 27 loss events reported by the end of May, which surpasses last year's total of 23 events. The BMS Insight provides a comprehensive view of the persistent severe weather, as evidenced by various metrics, such as the high number of tornado warnings and severe weather days recorded by the Storm Prediction Center. With over 1,919 tornado warnings issued and 3,142 large hail events reported, 2024 is shaping up to be one of the most active years for severe weather since 2011. We also highlight some of the valuable lessons that can be gleaned from this recent severe weather. The insurance industry is closely monitoring these insights and using advanced tools and research to better understand and mitigate the risks. One notable example of this, is the work of the Insurance Institute for Business and Home Safety (Insurance Institute for Business & Home Safety - IBHS) who are focused on improving hail and wind damage mitigation. BMS is a proud member of the IBHS, demonstrating the industry's commitment to proactive risk management. While a potential shift in weather patterns by mid-June might reduce tornado activity, it raises concerns about increased wildfire risks due to drying conditions in the western U.S. as fine fuels become more susceptible to ignition. #Insurance #Reinsurance #RiskManagemnt #SevereStorm #Tornado Click The Link Below for Amazing Content 🔽 https://lnkd.in/gpwqv5Gd 

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Go figure that the 4 largest E&S states are also the four states with the largest verdicts! Per Advisen: Half of the verdicts studied fell between $10 million and $20 million, while one-third ranged from $20 million to $50 million. The last 19% exceeded $50 million, with 115 verdicts over $100 million. State courts were more likely to hand down nuclear verdicts, with California and Florida tied for the most large verdicts since 2013, followed by New York and Texas. LR outlined some of the knock-on effects for individuals and businesses due to outsized verdicts, including fewer insurance options for commercial trucking firms; higher premiums for healthcare professionals in litigation hotspots like Georgia or Illinois; and higher construction costs in New York where an 1885 “scaffold law” imposes strict liability on contractors for any gravity-related injuries to workers. The latter law, which bypasses the workers compensation system for these specific cases, resulted in a $53.5 million verdict in 2023 and a $48 million verdict in 2022. [Read more here:](https://lnkd.in/e5wevAKR)

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In a significant development for the life insurance and life settlement industries, the Connecticut Insurance Department has petitioned for an order of rehabilitation for PHL Variable Insurance Company and its subsidiaries, Concord Re and Palisado. This move, driven by financial instability, is poised to substantially impact policyholders and the future of risk-based purchases in the life settlement market. The implications of this petition are far-reaching, potentially altering the landscape for life insurance providers and reshaping how policyholders approach their financial planning and investment strategies. As the situation unfolds, stakeholders in the industry are closely monitoring the proceedings to gauge the potential long-term effects on market dynamics and consumer confidence. https://lnkd.in/eUZJVh7S. #LifeInsurance #InsuranceNews #FinancialStability #Policyholders #LifeSettlement #MarketImpact #FinancialPlanning #InvestmentStrategies #IndustryNews #ConnecticutInsurance

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If you’re an insured how you feeling reading this? 😬 The headline versus the reality of the entire market is definitely in contrast. Obviously carriers need to be profitable but the increases insureds have faced in the past several years does not make this article any easier to read. Hoping this means the market will start to cool off more.

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*** Texas Sues GM for Allegedly Collecting Drivers’ Data, Then Selling it to Insurers *** Excerpts from the Insurance Journal article: @general motors ⭐️has been sued by the state of Texas, ⭐️which accused the automaker of installing technology ⭐️on more than 14 million vehicles ⭐️to collect data about drivers, ⭐️which it then sold to insurers and other companies ⭐️without drivers’ consent. Paxton said GM’s data were used to compile “Driving Scores” assessing whether more than 1.8 million Texas drivers had “bad” habits such as ❌speeding, ❌braking too fast, ❌steering too sharply into turns, ❌not using seatbelts and ❌driving late at night. Insurers could then use the data when deciding whether ⭐️to raise premiums, ⭐️cancel policies or ⭐️deny coverage, Paxton said. Paxton said GM’s practice was for dealers to ⭐️subject unwitting consumers ⭐️who had just completed the stressful buying and leasing process ⭐️into believing that enrolling in its OnStar diagnostic products, which collected the data, was mandatory. Paxton said in a statement. “Our investigation revealed that General Motors has engaged in egregious business practices that violated Texans’ privacy and broke the law. We will hold them accountable.” “ #motor #insurance #insurancenews #data #privacy https://lnkd.in/g4SXiqcT

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