Distinguished Blog - Market Insights
Market insights and industry news.
Restaurant Insurance Trends & Impact on Exposures
This is an excerpt from our free “Broker’s Guide to Restaurant Insurance” eBook. Click here to download your copy. Over the last couple of years, restaurants have implemented many changes to be able to run their operations during the pandemic, some of which were highly successful and continue today. Outdoor Dining Across the country, we saw…
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Looking Ahead: Insurance Market Insights for 2022
The insurance industry has experienced a hard-market cycle over the last several years. Some business lines more so than others are seeing diminished capacity, tighter underwriting scrutiny and changing risk appetites and policy terms and conditions from insurers. Commercial Property, Commercial Auto Liability, Directors & Officers Liability (D&O), Cyber Liability and Excess Liability insurance lines have been in the forefront of hard-market rates. Looking ahead, here are some insights on…
New York City Real Estate Is Rebounding In This Market
New York City was hit hard during the COVID-19 pandemic with many escaping the city for larger, more open spaces. But the city that never sleeps is back. New York City real estate, once on shaky ground, is also back on track attracting new and old buyers to the Big Apple – at least on…
Cyber Rates Are Going Up, but Purchasing Coverage Is More Important Than Ever
While many of the cyberattacks that get press are against high-profile entities or organizations, all types and sizes of business, including hotels and restaurants, are vulnerable to the sophisticated methods utilized by today’s cybercriminals – from phishing to ransomware and scareware tactics. Additionally, cybercriminals have upped their game with attacks rising consistently over the last…
Say Goodbye to Pandemic Rental Deals
For most of the pandemic, we saw house prices rise and urban rents fall as city dwellers traded the apartment for a single-family home. Rents dropped as much as 25% in some cities, but the days of apartment steals have come to an end. Rental site, Apartment List, reports that the median apartment rent rose…
The Case for the Four Day Workweek
Americans have historically prided themselves on how much they work, treating burnout and exhaustion as a badge of honor, but employees and employers alike are beginning to see the mental and physical toll long hours take on an individual. The disruption to office life, brought on by Covid, has many companies, legislators, and employers rethinking…
Restaurant Insurance Market Update 2021
The restaurant sector, no doubt, has been through a lot in the last 18 months. But recent statistics show that through July 2021, the industry has had steady growth each month since February, with sales volume reaching close to pre-pandemic levels. Although it’s still unclear how the delta variant will impact the industry, we’ve seen…
Cannabis Industry Putting More Tax Revenue in State Coffers
As the legal use of marijuana continues to grow, the tax revenue generated by the cannabis industry has other states wanting in. In fact, according to the Institute of Taxation and Economic Policy (ITEP), tax revenue for the 10 states where the legal sale of adult-use cannabis exists exceeded $3 billion in 2020.
Insurers Backing Away from Coal Industry Amid Climate Change
Last year we looked at the impact of climate change on severe weather patterns and what insurers are doing to understand, assess and better manage natural catastrophe risks. It’s in our industry’s best interest to better understand the role of climate change on wildfires, flooding, and other events to develop better modeling and risk management…
Social Inflation and the Hard Market
In understanding and analyzing the “hard insurance market” – characterized by higher premiums, diminished capacity, new sub-limits, additional policy exclusions, changes to coverage forms, and tighter underwriting guidelines – you have to look at the impact that social inflation has had on our industry. Social inflation refers to recent growth over the last several years…
Adopting New Liability Risk-Mitigation Approach to Stem Mega Verdicts
Our litigious environment has been exacerbated over the last several years due to several factors including the rise of nuclear liability verdicts that run into the tens and even hundreds of millions of dollars. Contributing to these mega verdicts is anti-business sentiment and corporate mistrust by jurors. Juries feel more sympathetic toward injured plaintiffs and…