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P&C Report: 2024 Q2 Outlook
Following several years of double-digit rate increases and restrictive adjustments to Terms and Conditions (T&C), the Property Insurance sector has reached a point of relative stability. Rates are largely modest as insurers secure the required premium, now applying rates against a proper exposure basis—Insurance to Value (ITV). With few exceptions of traditional CAT-prone perils in specific geographies, most carriers are…
Massive Warehouse Fire Sends Debris Flying Leaving Clean-up Catastrophe
Authorities are continuing to investigate a massive warehouse fire March 4 in Clinton Township, Michigan, that caused “hundreds, if not thousands\" of explosions and sent debris flying more than a mile from the site. Metal debris that projected from the burning warehouse — which reportedly stored combustible materials associated with vaping — lead to one tragic death of a bystander…
Stanley Cup Maker Sued for Failing to Disclose Lead in Tumblers
A lawsuit filed Feb. 1 against the makers of the highly sought-after Stanley insulated cup accuses the company of failing to disclose the presence of lead in its popular tumbler. The lawsuit, brought by consumers in California and filed as a potential class-action case, claims Stanley parent company Pacific Market International concealed their use of lead in the tumblers until…
P&C Report: 2024 Forecast
Many of the primary factors that influenced the status of the Property & Casualty (P&C) market in 2023 are likely to remain in 2024. We continue to operate in a comparatively hard environment marked by rising but moderating rates on some lines of business, where it is often necessary to layer available capacity that includes carefully worded terms and conditions…
Contaminant Concerns Means Insuring to the Future in Competitive Environmental Sector
The Property & Casualty (P&C) market is in a hard market. Typically, the Environmental Insurance sector operates in the reverse of P&C markets—and that is what we are seeing now. Environmental Insurance is in a soft market. Key Takeaways: Environmental Insurance market remains soft, terms expected to tighten. Rates expected to increase by 3-5 percent in 2024. Burns & Wilcox…
Builders, Homeowners Strained as Construction Costs Continue to Rise
Home building costs are continuing to rise in the U.S. and Canada. In San Jose, California, construction costs have reached record highs as builders deal with increased costs and high interest rates, Newsweek recently reported. Many would-be homeowners are priced out of the market, while some home builders have turned to designing smaller houses so more buyers can afford them.…
Environmental Insurance Trends
During this webinar, our panel of experts explored the current Environmental industry challenges and provided tips for brokers and agents on how to be successful in providing solutions for their clients. Featured Experts: Gina Jones, Vice President, Director, Environmental Programs, Burns & Wilcox, Denver, CO Beth Linton, Vice President, Environmental Brokerage, Environmental Underwriting Solutions, A division of Burns & Wilcox,…
Property & Casualty Report: Q3/Q4 2023
Despite the continued “flight toward profitability” for most carriers, moderation in both rate and capacity is occurring in many insurance sectors. Most rates are rising, but the level of increases is slowing. Capacity is generally available but often requires creativity. On the Casualty side, some classes remain stressed while carriers are competing for business in others. These and other trends…
70 Million ‘Liquid Roller’ Candy Products Recalled Over Choking Hazards
More than 70 million candy products that contain rolling liquid dispensers were recently recalled due to the risk of choking. The two products separately recalled — 145,800 Cocco Candy Rolling Candy dispensers and 70 million of the Candy Dynamics Slime Licker Sour Rolling Liquid Candy — contain a roller ball mechanism that dispenses liquid. According to the U.S. Consumer Product…
Accident Involving Tanker Truck Carrying Pesticide Raises Environmental Hazard Concerns
A recent tanker truck accident in Fairchild, Wisconsin, raised alarms over possible wetland contamination after the truck rolled over onto the side of the road and spilled pesticide. The Sept. 17 incident occurred when the truck driver swerved to avoid a deer, WQOW reported. The Wisconsin Department of Natural Resources helped with the cleanup process and…
Baby Monitors, Dehumidifiers Recalled Over Burn Risks from Overheating Batteries
Philips Avent recently recalled nearly 13,000 baby monitors after receiving reports of the devices overheating, causing seven minor injuries. The affected Digital Video Baby Monitors, which were manufactured between March 2016 and December 2019 and sold for between $120 and $200, could have an issue with their rechargeable lithium-ion batteries. The batteries reportedly could overheat when…
Crane Accident Causes Injuries, Strikes Nearby Building
A construction crane accident in New York City tragically injured 11 individuals and shut down traffic July 26 after the crane burst into flames 45 stories above ground. The top portion of the crane, which was lifting 16 tons of concrete at the time as it worked on a 54-story building in Midtown Manhattan, struck a neighboring building as it…
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