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Massive Warehouse Fire Sends Debris Flying Leaving Clean-up Catastrophe

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…

P&C Report: 2024 Forecast

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

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…

Environmental Insurance Trends

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

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…

Accident Involving Tanker Truck Carrying Pesticide Raises Environmental Hazard Concerns

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…

Property & Casualty Report: Q2/Q3 2023

Property & Casualty Report: Q2/Q3 2023

The title of this quarter’s overview and forecast could easily be: “Profitability Matters.” That is especially true in the Property space for both Personal and Commercial policies. The industry faces daily challenges from CAT storms and events, making every state subject to immediate loss from hurricanes, wildfires, and convective storms—defined as severe local storms associated with wind, thunder, lightning, heavy…

500 Thousand Gallons of Sewage Leaks Into River After Wastewater Plant Malfunction

500 Thousand Gallons of Sewage Leaks Into River After Wastewater Plant Malfunction

Approximately 500,000 gallons of wastewater that had not been fully treated leaked into the Willamette River in Portland, Oregon, earlier this month after a malfunction at a sewage treatment facility. The incident, which began at Tryon Creek Wastewater Treatment Plant, prompted officials to issue an advisory urging residents to avoid the waterway for 48 hours due…

Contractors Professional Liability Market Overview

Contractors Professional Liability Market Overview

The state of the professional liability market for contractors includes both challenges and opportunities. While the market is generally stable, there has been a recent increase in the severity of claims which has increased the costs of settling them. Today claims regularly take one year or longer to finalize. Added pressure is placed on the market in the form of…

Property & Casualty Report: Q1/Q2 2023

Property & Casualty Report: Q1/Q2 2023

We have seen few changes in the Property & Casualty (P&C) marketplace from Q1 through Q2 of 2023, however, the broader picture is becoming clearer now that 2022 year-end financial filings are available. According to ALIRT Insurance Research, the discrepancy between Personal and Commercial Lines Composite underwriting is historically wide. Namely, the Personal Lines Composite combined ratio of 109 percent…

Melted Butter Spills into Historic Canal After Dairy Plant Fire

Melted Butter Spills into Historic Canal After Dairy Plant Fire

A fire broke out in the butter storage room of a dairy plant in Portage, Wisconsin, on Jan. 2, spreading melted butter throughout the facility and into a nearby historic canal. Crews responding to the buttery incident at the Associated Milk Producers plant deployed the same materials used in oil spills to clean up the mess, USA Today reported on…

Property & Casualty Report: Eye on 2023

Property & Casualty Report: Eye on 2023

2022 was a year that few in the Property and Casualty (P&C) sector could have predicted. Instead of stability, the market remained largely volatile, especially in the Property sector and the reinsurance marketplace. Many carriers suffered through unprofitable years thanks to Hurricane Ian, inflation, and an adverse property insurance environment primarily in Florida and Gulf coast states. Above all, losses…

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