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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…

6 New Year’s Resolutions to Reduce Your Risks in 2022

6 New Year’s Resolutions to Reduce Your Risks in 2022

Have you made your New Year’s resolutions? About 44% of adults surveyed in a recent Medifast poll said they planned to set a resolution for 2022, compared to 50% in 2021. Top resolutions for the new year include financial health, holistic health and wellness, and focusing on self-care or body positivity, the survey found. While not everyone will make a…

Laptop Charging on Bed Ignites Apartment Fire in Northwest Austin

Laptop Charging on Bed Ignites Apartment Fire in Northwest Austin

A bedroom fire at an apartment complex in northwest Austin, Texas, on Nov. 4 was reportedly caused by a laptop left charging on a bed. The blaze, which displaced one resident but caused no injuries, was extinguished by a sprinkler system and caused an estimated $8,000 in property damage, CBS Austin reported. Just days later in the same city, a…

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…

Hurricane Ida Linked to Over 2,000 Water Pollution Reports

Hurricane Ida Linked to Over 2,000 Water Pollution Reports

An 11-mile-long oil slick in the Gulf of Mexico is one of more than 2,000 reports of water pollution being investigated by authorities in Louisiana after Hurricane Ida tore through the state on Aug. 29. The ruptured pipeline is located just south of oil and gas hub Port Fourchon, where the Category 4 storm caused significant damage and forced the…

Colonial Pipeline Ransomware Attack Exposes Severity of Cyber Threats

Colonial Pipeline Ransomware Attack Exposes Severity of Cyber Threats

The ransomware attack that shut down one of the largest fuel pipelines in the U.S. and set off gas shortages and panic-buying is indicative of the growing cyber risk threatening American infrastructure, experts said in a recent USA Today report. Colonial Pipeline Co., which moves 2.5 million barrels of petroleum each day, was forced to discontinue operations May 7 after…

Environmental Insurance Market Overview

Environmental Insurance Market Overview

The Environmental Insurance market does not always move in lockstep with some of the more common lines of business. Since this is often not a required coverage, Environmental’s peaks rely more heavily on one or more factors including, but not limited to, the foresight of risk managers, a business’ experience with past environmental losses and claims, and contractual requirements that…

Piney Point Wastewater Cleanup Near Tampa Bay Could Cost $200 Million

Piney Point Wastewater Cleanup Near Tampa Bay Could Cost $200 Million

Wastewater disposal, site cleanup and complete closure of a former phosphate mining facility in Manatee County, Florida could cost up to $200 million, said Florida state officials this week as they debated the allocation of funding to begin the cleanup process. Piney Point, which opened as a fertilizer plant in 1966 and was abandoned in 2001, has been a source…

Clearing the Air on Environmental Risk

Clearing the Air on Environmental Risk

Environmental losses, site pollution risks and Environmental Insurance solutions were among the topics addressed in a webinar hosted by Burns & Wilcox. Environmental losses that are not covered by insurance are thought to amount to about $1 billion per year. This is largely because many business owners do not believe they have an environmental exposure; those in sectors that do…

General Contractor Fined $25,000 for Sewage Spill

General Contractor Fined $25,000 for Sewage Spill

The Hawaii Department of Health issued a Notice and Finding of Violation and Order on January 7 against a contractor responsible for a sewage spill that sent 28,000 gallons of untreated domestic sewage into Reed’s Bay, just off the coast of the Big Island. The leak occurred on November 30, when workers for Maui-based Goodfellow Bros., LLC, a general contractor…

Hurricane Laura Slams Energy Industry Reeling from Pandemic

Hurricane Laura Slams Energy Industry Reeling from Pandemic

Oil and gas production in the Gulf of Mexico was slowed significantly beginning on August 23, as a pair of tropical storms approached U.S. shores and forced the shutdown and evacuation of nearly 300 offshore platforms. Hurricane Laura, one of the most powerful storms to ever hit the U.S., made landfall on August 27, devastating the city of Lake Charles,…

Property Owner Settles Tenant Lawsuit for $3.5 Million

Property Owner Settles Tenant Lawsuit for $3.5 Million

The former owner and manager of two apartment complexes in Washington, D.C. will pay $3.5 million to settle a tenant lawsuit alleging rat and bed bug infestations, sewage leaks, mold contamination and other hazards. The lawsuit, brought by the district’s attorney general in October 2018, also claimed the buildings’ hundreds of tenants were subjected to persistent violence, including multiple homicides…

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