InsurBanc—the bank established to serve our community—is 20 years old. It opened in 2001 with an initial investment from the Big “I" and capital from the W.R. Berkley Company.
The Big “I" created InsurBanc to help independent agents compete with bank entrants into the insurance distribution space.
Cyber insurance can serve as “the final safety net" for your agency in the worst-case scenario that something happens to you. It cannot act as a replacement for the cyber security controls that you should be implementing. Rather, it is there to provide a financial safety net, as well as breach response, to help you through the doomsday scenario.
Under the revised National Flood Insurance Program (NFIP), 3.8 million homeowners are expected to see their insurance costs increase, according to ValuePeguin.com. A majority of policyholders — 80% or more — in Hawaii, Texas, Mississippi, West Virginia, Florida and Louisiana are expected to see premiums increases, the site reported. Additionally, more than 10,000 households in Florida, Texas, Louisiana, New Jersey and New York are projected to experience the highest price increases ($240 or more annually).
The construction segment has endured many challenges during the COVID-19 pandemic, from supply chain disruptions and material shortages to social distancing requirements and ill workers. However, 2021 offers a silver lining as the economy rebounds, with 84% of owners expressing optimism about the strength of this year's peak season and their businesses' preparation to meet increased demand.
Coronavirus long-haulers have been in the news for some time now, with symptoms from the virus stalking them for months after they've contracted it. This in turn has had implications for workers' comp claims, but what's coming down the pike for such claims is yet to be determined.
According to the U.S. Bureau of Labor Statistics, over the next few years, approximately 400,000 employees are expected to retire from the insurance industry. The issue is compounded by a lack of interest from millennials, who are choosing careers in technology or health sciences rather than insurance.
In the pandemic era, small businesses are finding more negotiating power than ever before. If your agency is re-negotiating a lease, it may be easier to get cuts on things like maintenance costs and utilities, instead of the rent itself. Extending to a longer-term contract may also work in your favor.
Ransomware is a dominant source of concern in the cyber insurance community today. In recent years, there has been a significant uptick in the frequency and severity of ransomware attacks, impacting businesses of all sizes and in all sectors. Hackers have grown more sophisticated and targeted in their attacks, aiming for larger organizations that can afford bigger ransoms. As a result, cyber insurance claims have exploded in severity.
The new site is packed with tools for you, it's much easier to navigate and will help you propel your agency forward.
The next great financial crisis could come from a cyber attack. At least, that's according to New York State Department of Financial Services (DFS) Superintendent Linda Lacewell in a statement regarding DFS' recent report outlining its investigation into the SolarWinds attack. The report summarizes the attack, the response by DFS-regulated companies and key measures to prevent future events of a similar nature.