Secondary perils
Severe convective storms were the leading driver of insured losses during the first half of 2023, according to Aon PLC.
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Personal injury lawyer
From 2013-2022, growing litigation costs and economic inflation combined to add $96 billion-$105 billion to commercial and personal auto insurance loss and defense containment costs, according to a study from the Insurance Information Institute.
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Insurance regulator
Is there anything more frightening than a bureaucracy?
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Asbestos remediation specialist
The average asbestos settlement amount runs between $1 million-$2 million, according to The Mesothelioma Center.
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California/Florida homeowners
Although regulators are working to stabilize these markets, homeowners are still seeing rates grow and insurers curtail coverage.
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Legacy IT system
According to PwC, 70% of an insurer’s IT budget is usually spent on keeping its legacy system operational.
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Public adjuster
Public adjusters can result in insurance carriers paying as much as 747% more for a claim, according to Noble Public Adjusting Group.
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Pumpkins are on front porches and toilet paper shall soon be in the trees as Halloween night quickly approaches.
While the holiday elicits joy in the young and young-at-heart, it can cause some concern for P&C professionals as vandalism and theft-related claims increase on Halloween.
Forbes Advisor reported that vandalism and malicious mischief claims are 72% higher on Halloween compared with all other days of the year. Theft claims are also 15% higher on Halloween.
On top of the worry caused by a spike in claims, insurance professionals must also contend with other stresses of the holiday, like coming up with a costume idea.
If you’re looking to retire your Flo or Jake from State Farm costume, the above slideshow offers up a few suggestions for insurance costume ideas, which are safe for the office party and are sure to put a scare into any P&C insurance professional out there.
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