Tag: Business Insurance
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Strategies to optimize your property program – 2024 Property Market Update
Summary The property insurance market outlook for 2024 has shown signs of improvement with decelerated rate increases as compared to the last several years. This comes as positive news amid insureds’ fatigue of significant rate increases over multiple years, particularly in 2023, as insureds saw large jumps in their property insurance costs. Rate increases in…
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Weathering the Storm 2024
Summary According to the National Oceanic and Atmospheric Administration (NOAA), the 2023 Atlantic hurricane season ranks fourth for most named storms since 1950. There were 20 named storms, seven hurricanes, and three major hurricanes.¹ In addition, 2023 broke multiple weather and climate records, including the warmest July on record, highest monthly sea temperature, and first…
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McGriff Market Update: Spring 2024
Summary The Property insurance market began stabilizing in 2024 due to significant rate increases over the past several years, with reinsurers cautiously expanding their capacity and appetites. The Commercial Auto market continues to be challenging for most accounts with a heavy fleet exposure. Read the Market Update (PDF)
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McGriff Market Update: Fall 2023
Summary The Commercial Property insurance market remains challenging with rate increases in the double digits due to billion-dollar weather and climate disasters, high inflation, and rising claim costs. Accurate property values continue to be a front-and-center issue for underwriters. The Commercial Auto insurance market is also challenged as a result of higher repair costs and…
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Weathering the Storm 2023
Summary According to NOAA’s Climate.gov, 2022 was a billion-dollar weather and climate year with multiple costly disasters throughout the country. 2022 tied 2017 and 2011 for the third highest number of billion-dollar events and was also the third highest year in cost. In 2022, the United States saw 18 separate weather events costing an estimated $165.1…
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Leveraging Telematics to Reduce Insurance Premiums for Large Trucking Firms
In today’s evolving transportation industry, telematics has become the single most powerful tool for managing risk and reducing insurance costs. Trucking companies that invest in telematics solutions not only gain operational efficiencies but also create a data-driven approach to safety and risk management, which can directly impact their insurance premiums. Telematics: The Largest Predictor of…
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The ROI of Return-to-Work Programs: Better Claims Outcomes, Cost Savings
Return-to-work (RTW) programs are structured initiatives that aim to reintegrate individuals who have sustained workplace injuries or illnesses into their positions as soon as safe and feasible. These programs often include transitional jobs, reduced tasks, or alternate positions appropriate for the employee’s physical capabilities throughout recuperation. RTW programs represent a proactive approach to employee…
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Understanding Flood Insurance Is More Crucial Than Ever
The devastating Hurricane Helene caused numerous fatalities and widespread catastrophic damage across the Southeast, including in many areas not typically prone to flooding. The increasing frequency of extreme weather events like Helene serves as a stark reminder of the importance of flood insurance, no matter where you live. Flood insurance is typically excluded on a standard…
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Cyber Insurance Market Update – Q1 2025
The cyber market continues to be stable so far in 2025. That means customers in almost every industry class and across all revenue bands can purchase affordable cyber insurance coverage with sufficient policy limits to address many of the foreseeable incidents their companies may encounter. Part of this market stability and favorable pricing is due…
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Cyber Insurance and Cybersecurity Policies and Procedures
A McGriff client recently asked us for a draft or recommendations of a Secrets Management Policy and a Vulnerability & Patch Management Policy. A Secrets Management Policy and a Vulnerability & Patch Management Policy are crucial for protecting an organization’s data and systems from various cyber threats. Understanding the importance of this request, we share…