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Property & Casualty Report: Q4 2021 Market Overview & Q1 2022 Forecast

Property & Casualty Report: Q4 2021 Market Overview & Q1 2022 Forecast

The last two years have been among the most uncertain the world has ever experienced by any standard. The Excess and Surplus (E&S) Lines insurance marketplace has stepped up to meet the challenge experiencing strong growth and perseverance in the face of a global pandemic, extraordinary natural catastrophes, increasing cyber-attacks, excessive jury verdicts, supply chain disruptions, political unrest, labor shortages…

Rising Risks: Amazon Responds to Supply Chain Problems and Shipping Deadlines

Rising Risks: Amazon Responds to Supply Chain Problems and Shipping Deadlines

The supply chain crisis is overwhelming companies on a global scale, causing industry giants like Amazon to turn to high-risk delivery methods like chartered ships and long-haul planes. And while that gives companies more control over the path of their own deliveries, it also opens them up to new forms of liability in the already volatile transportation industry. A recent…

Property & Casualty 2021 Q3 Market Overview & Q4 Forecast

Property & Casualty 2021 Q3 Market Overview & Q4 Forecast

By Paul G. Smith, Corporate Senior Vice President, Carrier Relations, H.W. Kaufman Group We are pleased to share our third quarter Property & Casualty Market Overview and Forecast, prepared immediately following industry conferences and meetings that are clear bellwethers of what to anticipate. September, as we know, is Reinsurance Month which sets the stage for pivotal year-end negotiations of January 1…

Transportation Insurance Market Overview

Transportation Insurance Market Overview

The Transportation Insurance industry remains entrenched in a decade-long hard market in the commercial auto segment while carriers remain as diligent as ever in their risk selection procedures. The segment experienced $4 billion in losses in 2019, and while that expectation is that losses were lower in 2020 because of the pandemic, it hasn’t slowed the long-term trend. Simultaneously, rates…

Trucking Industry Imperiled by Spike in ‘Nuclear Verdicts’

Trucking Industry Imperiled by Spike in ‘Nuclear Verdicts’

Jury awards that exceed $10 million, also known as “nuclear verdicts,” are on the rise in the trucking industry and could make it more difficult for transportation companies to stay in business, CNBC recently reported. According to a 2020 report from the American Transportation Research Institute, the average U.S. trucking industry lawsuit verdict increased 967% between 2010 to 2018, soaring…

Property & Casualty 2021 Q1 Market Overview & Q2 Forecast

Property & Casualty 2021 Q1 Market Overview & Q2 Forecast

By Paul G. Smith, Corporate Senior Vice President, Carrier Relations, H.W. Kaufman Group Following the release of our Burns & Wilcox Property & Casualty Market Overview and Forecast: Eye on 2021 report last quarter the already challenged Commercial and Personal insurance marketplace was greeted with yet another extraordinary event—Winter Storm Uri (February 13-17). The widespread impact resulted in over 170…

Driving through the Transportation Market: Challenges and Conditions

Driving through the Transportation Market: Challenges and Conditions

Watch as our experts as they explore the challenges within the Transportation market and what’s driving current market conditions. During this webinar, we discuss: The pandemic’s impact and how the industry is recovering The use of data and technology solutions Changing risk appetites https://vimeo.com/540672001/1c3eb82e39

Cargo Ship Blocks Suez Canal for Nearly a Week, Spotlighting Trade Vulnerabilities

Cargo Ship Blocks Suez Canal for Nearly a Week, Spotlighting Trade Vulnerabilities

The MV Ever Given, a massive cargo ship that gained notoriety for running aground amid high winds on March 23 and completely blocking the Suez Canal, was finally freed on March 29. Salvage and dredging crews labored for days before successfully re-floating the vessel, aided by a full moon and high tide. The nearly quarter-mile-long ship was reportedly carrying 20,000…

Hurricane-Force Winds Flip 45 Semi-Trucks in 20 Minutes

Hurricane-Force Winds Flip 45 Semi-Trucks in 20 Minutes

In a span of just 20 minutes on September 8, wind gusts of nearly 100 miles per hour flipped 45 semi-trucks on some Northern Utah highways. Four drivers were hospitalized with injuries and one semi-truck driver suffered a fatal head injury when the wind blew open his cargo door during a delivery and knocked him to the ground. Authorities said…

Market Overview: Transportation Insurance

Market Overview: Transportation Insurance

By: John McGlynn, Director of Transportation, Burns & Wilcox Canada Canada and the United States have the largest two-way trade relationship in the world. According to Statistics Canada, nearly 2.4 million commercial vehicles traveled between Canada and the U.S. in December 2019 alone, highlighting the cause and effect nature of the commercial trucking relationship between the two countries. Unfortunately, in…

Overturned Tanker Truck Spills 5,000 Gallons of Hazardous Material, Prompts Evacuation

Overturned Tanker Truck Spills 5,000 Gallons of Hazardous Material, Prompts Evacuation

Several homes were evacuated on February 3 after a semi-truck tanker overturned near Williamsburg, Kentucky and leaked 5,000 gallons of highly flammable butyl acrylate onto the railroad tracks below. Several agencies responded to the incident, including a hazmat crew to clean up the strong-smelling irritant. While officials reported the risks of the chemical spill spreading beyond the site were low,…

Capsized Vessel Imperils Crew, Damages Millions in Cargo

Capsized Vessel Imperils Crew, Damages Millions in Cargo

At 2 a.m. on September 8, the U.S. Coast Guard stationed near St. Simons, Georgia, was alerted that the Golden Ray, a South Korean cargo vessel carrying over 4,000 new automobiles, had begun dangerously inclining to one side, shortly after departing the Port of Brunswick. By late morning response teams had rescued 20 of the ship’s 24 crew members; however,…

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