ISO News

After Hurricanes, Focus Turns to Assessing the Effectiveness of Building Code Adoption

As residents and businesses continue to recover after Hurricanes Harvey and Irma, focus is beginning to turn to mitigation. In Florida, where experts say better buildings codes resulted from Hurricane Andrew 25 years ago, analysis will include how improved codes …

Business News: Travelers, ISO, IAIABC

Travelers Completes Acquisition of UK-Based Simply Business The Travelers Companies, Inc.completed its previously announced acquisition of Simply Business, a leading provider of small business insurance policies in the United Kingdom, offering products online on behalf of a broad panel of …

Latest Trends in Professional Liability Claims

Professional liability claims and coverage is evolving, according to Steve Whelan, director of management/professional liability product development for ISO. With increasing cyberattacks, comes coverage for ransomware and even blended coverage with other lines. Among other trends, healthcare claims are expected …

Where There’s Vapor: Electronic Cigarettes and Their Risks

Some may have noticed that many “no smoking” signs now include “no e-cigarettes.” A new trend, e-cigarettes are small devices that often look like conventional cigarettes. But that’s not smoke people are exhaling—it’s vapor. E-cigarettes, also known as “vapes,” have …

Business News: Assurant, ISO, CoreLogic

Assurant Announces $1.36 Billion 2017 Property Catastrophe Reinsurance Program Assurant, Inc., a global provider of risk management solutions, announced it has finalized a $1.36 billion property catastrophe reinsurance program, reducing the company’s financial exposure and enhancing its ability to protect …

P/C Insurance Industry’s Net Income Drops 42.2% in Q1 2017

The private U.S. property/casualty insurance industry saw its net income after taxes drop to $7.7 billion in first-quarter 2017 from $13.4 billion in first-quarter 2016-a 42.2 percent decline-and its overall profitability as measured by its annualized rate of return on …

Business News: Worley Claims Services, Aon, ISO, Workers’ Comp Benchmarking Study

Worley Claims Services Acquires Apex Claims Service of New England Louisiana-based Worley Claims Services, LLC, an insurance claims services provider, announced the acquisition of Apex Claims Service of New England, LLC, a provider of daily and catastrophe commercial and residential …

Building Code Adoption, Enforcement Critical to Reducing Losses

When building codes are adopted and enforced, there is a substantial reduction in loss, according to Christopher Miller, technical director for ISO’s Building Code Effectiveness Grading Schedule (BCEGS). During an audio interview with Claims Journal, Miller explained that it’s not …

P/C Insurers Report $4.7B Net Underwriting Loss in 2016

Private U.S. property/casualty insurers suffered a $4.7 billion net underwriting loss in 2016-following an $8.9 billion net underwriting gain in 2015-and experienced a 25 percent drop in net income after taxes to $42.6 billion from $56.8 billion a year earlier, …

Business News: The Hartford, ISO, Alliant

The Hartford Launches Apprenticeship Program To Prepare Students For Careers In Insurance The Hartford has partnered with the Connecticut Department of Labor, Arizona Department of Economic Security and local community colleges to launch an insurance apprenticeship program. The program will …