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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…

Property & Casualty 2021 Q2 Market Overview & Q3 Forecast

Property & Casualty 2021 Q2 Market Overview & Q3 Forecast

By Paul G. Smith, Corporate Senior Vice President, Carrier Relations, H.W. Kaufman Group As the world begins to emerge from the COVID-19 pandemic, it is abundantly clear, the “new normal” will reshape all of our organizations. One of our many goals is to keep you updated on the rapidly evolving insurance marketplace where adjustments have arguably never been more fluid.…

Restaurant Labor Shortages Strain Recovery Efforts, Escalate Risks

Restaurant Labor Shortages Strain Recovery Efforts, Escalate Risks

Despite moderately increased sales and rising consumer confidence in the safety of dining out, restaurants in the U.S. and Canada are still facing a major hurdle in their efforts to reopen: they do not have enough workers. Restaurants employed 1.5 million fewer workers in May of this year compared to pre-pandemic levels, TIME magazine recently reported, and one survey found…

Six Flags Ride Accident Demonstrates Liability Risk of Summer Fairs and Events

Six Flags Ride Accident Demonstrates Liability Risk of Summer Fairs and Events

Two amusement park visitors were taken to the hospital on June 13 after a ride malfunction at Six Flags Great Adventure in Jackson Township, New Jersey. The incident happened on the Saw Mill Log Flume ride when one of its boats nearly tipped over after making a four-story descent into the water. The 18- and 22-year-old riders who were hurt…

Workers Injured as Metal Beams Fall ‘Like Dominoes’ at Construction Site

Workers Injured as Metal Beams Fall ‘Like Dominoes’ at Construction Site

Two workers narrowly avoided serious injuries after being thrown from horizontal metal beams at a construction site on the Boston University campus May 14. The accident happened when a steel column fell to the side, causing the adjacent beams to topple “like dominoes” and partially collapse the steel frame of what is slated to become a 13-story data sciences building…

Construction Defects Lawsuit Leads to $17.5 Million Settlement for Condo Association

Construction Defects Lawsuit Leads to $17.5 Million Settlement for Condo Association

The homeowner’s association for a luxury, oceanfront condo tower in Florida recently settled its construction defects lawsuit against the tower’s developer, contractors and architect for $17.5 million. The Regalia on the Ocean Condominium Association in Sunny Isles Beach filed the lawsuit in 2018, alleging construction flaws including improperly-installed pool joints, unsafe steam rooms and problems with sliding glass doors. As…

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

FDA Addresses Concerns Over Toxic Heavy Metals in Baby Foods

FDA Addresses Concerns Over Toxic Heavy Metals in Baby Foods

On March 5, the U.S. Food and Drug Administration signaled it would soon take steps to prevent or reduce chemical hazards in baby and toddler foods to a level “as low as is reasonably achievable.” The FDA announcement disclosed a letter it sent that same day to manufacturers and processors of baby and toddler food to remind them of their…

Property & Casualty Market Overview & Forecast: Eye on 2021

Property & Casualty Market Overview & Forecast: Eye on 2021

By Paul G. Smith, Corporate Senior Vice President, Carrier Relations, H.W. Kaufman Group As reported in our earlier quarterly overviews, 2020 was unparalleled from any vantage point. Beyond the onset of a global pandemic early in the year, rates were already rising, capacity was being deployed much more acutely, and terms & conditions were being underwritten more vigorously as the…

Over 762,000 Pounds of Hot Pockets Recalled for Possible Glass, Plastic Contamination

Over 762,000 Pounds of Hot Pockets Recalled for Possible Glass, Plastic Contamination

Nestlé Prepared Foods recalled approximately 762,615 pounds of Hot Pockets this month due to concerns they possibly contain glass and hard plastic. The recall, announced by the U.S. Department of Agriculture\'s Food Safety and Inspection Service on January 15, followed four consumer complaints about extraneous materials inside the microwaveable filled pastry. One complaint reportedly involved an oral injury. The recall…

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