Bruce Bentley

  Imagine insurance customers who actually enjoy meeting with their insurance broker. Customers who see insurance not as a nuisance mandate but as an integral part of their own and their customers’ success. Insurance buyers who are enthusiastic about discussing risks and coverages regularly, not just begrudgingly once a year. Customers who are eager to share data on safety and performance. Or customers who view insurance not as a cost but as a revenue builder. These insurance customers do exist. Some of them come from the sharing economy and three of them recently shared their experiences with insurance in a Lloyd’s of London webinar titled The Sharing Economy. Host Rosie Denee, Innovation and Thought Leadership manager at Lloyd’s, stressed how the pandemic has recalibrated the sharing economy of independent contractors, entrepreneurs, service providers, drivers, property owners, renters, riders and buyers and the technology platforms they love. “Companies have had to adapt to cha...

  Edison, NJ - (SBWIRE) - 04/05/2021 - The latest update of the Global Small Business Insurance Market study provides comprehensive information on the industry players' development activity, growth opportunity, and market size for Small Business Insurance analysis by key segment, leading and emerging Actors and Regions. The 110-page study includes the detailed business review of each profiled player, their full research, and market development history with the latest news and press releases. The study helps identify and track emerging market players and their portfolios, improve decision-making skills, and develop effective counter-strategies to gain a competitive advantage. Some of the high-profile players/parts of the study coverage are CPIC, AIG, AXA, Allianz, Marsh USA Inc., Westfield, Allstate, Liberty Mutual, USAA, and Liberty Mutual. The HTF Market Intelligence study examined more than 15 countries with a detailed data layout from 2015 to 2026 and nearly 12+ regional ind...

  Global commercial insurance prices rose 18% in the first quarter, according to Marsh's latest Global Insurance Market Index. This follows an average annual increase of 22% in the fourth quarter of 2020 and 20% in the third quarter of 2020. The first quarter of 2021 marked the first time the average rate of increase fell since the index first saw global rates rise in the fourth quarter of 2017. According to Marsh, gains across regions have slowed due to generally slower rate increases in property insurance, finance and professional life. The UK, with composite prices up 35% (up from 44% in the fourth quarter) and the Pacific region, up 29% (up from 35% in the fourth quarter) drove the global composite rate. The rate of increase was 14% (versus 17%) in the US, 8% (versus 11%) in Asia and 5% (versus 9%) in Latin America and the Caribbean. Further survey results were: Global property insurance prices rose an average of 15% compared to the 20% increase in the fourth quarter of 2...

Court closings forced by the COVID-19 pandemic indirectly impacted some insurance claims disputes by eliminating an important path to resolution, lawyers say. With courts unable to open due to state restrictions, binding arbitration has become a more compulsory way to resolve disputes, said Robert Blasio, general manager of Gallagher Bassett Specialty, who is a trained attorney. "It got us thinking of alternative ways" to resolve cases and disputes, he said. Binding arbitration, often conducted over video, provided a "safe and convenient environment and enabled the case to be resolved," he said. While not all clients were open to arbitration, "we had many scenarios in which to resolve cases". Especially in the early days of the pandemic, there was "a lot of rush to resolve cases" due to the uncertainty caused by lack of access to justice, said Patrick Kennell, co-chair of insurance coverage in New York and litigation practice at Kaufman ...

The COVID-19 outbreak and subsequent labor policy upheaval caused claims professionals to scramble to keep their operations going. From affiliation to advancing health policies to crippling travel restrictions, insurers, adjusters, third-party administrators, and others have found themselves in unprecedented circumstances. While many claims handlers were already working remotely, companies had to move almost all of their activities to all-remote for an extended period of time and relied heavily on technology to make this transition possible. Many of the changes in technology use are expected to persist after the pandemic ends, but it remains unclear what changes will be permanent after the return of personal injury assessments, experts say. "Our first priority was getting people to work from home quickly," said Pat Van Bakel, president of Toronto, North America Loss Adjustment at Crawford & Co. Adjusters and other claims professionals are often on-site, and many...

Beat Capital Partners Ltd. founded Tegron Specialty, an underwriting tool under the direction of industry veteran Paul Shore, that will add new capacity to the director and senior liability insurance market. Mr. Shore will serve as CEO of Tegron, the London-based venture capital firm said in a statement on Tuesday. Most recently, he was Head of International Finance at Navigators Insurance Co., the global specialty unit of Hartford Financial Services Group Inc. Tegron will focus on D&O insurance for public companies and specialize in placing losses, said Beat Capital. Starting July 1, Tegron will underwrite through a Lloyd's of London consortium led and administered by Syndicate 4242, which Beat acquired in 2018. Syndicate 4242 has an underwriting capacity of £ 225 million ($ 312.1 million) in 2021. Tegron also becomes an appointed agent for Asta Managing Agency Ltd. be said Beat Capital. The D&O market, one of the toughest businesses in what is currently a to...

One thing that may have been overlooked in the Federal Emergency Management Agency's recent release of Risk Rating 2.0 - the first major update to the National Flood Insurance Program's pricing system in 50 years - is that the new pricing system is for businesses as well as for Homeowner applies. Commercial real estate accounts for 4% or 199,394 of the total NFIP guidelines, according to market sources. In this regard, NFIP provides approximately $ 1.3 trillion in flood insurance coverage to more than 5 million policyholders in the United States. The new pricing system applies to all properties insured through the NFIP, and all categories of policies are increased or decreased. Risk Assessment 2.0 aims to provide actuarially sound flood insurance rates that should be fairer and more understandable to policyholders by leveraging improved technology and understanding of flood risk. For policyholders, the change means that premiums are based on the value and specific flood r...

PASCO COUNTY, Fla. - Nick Catalano, a retiree in Pasco County, never saw the other vehicle arrive. The driver slammed the back of his SUV at an intersection in New Port Richey last October. "Suddenly something hit us so hard that we drove through the three lanes of oncoming traffic," said Nick's wife Mildred, who was in the passenger seat. The accident caused approximately $ 3,000 in damage. Nick, who has a disability, was unable to get his walker in and out of the tailgate of the SUV. Since last October he's been struggling to get the walker into the back seat. According to the accident report, an FHP soldier charged the other driver with negligent driving. So Nick filed a claim with the other driver insurance. Two months later, the insurer sent a letter denying the claim. In this letter, Direct General wrote: “At this point we have not yet been able to speak to our policyholder about the damage. Unfortunately, based on this information, I have to refuse to pay ...

  Buying life insurance offers security, but at what price? (( iStock ) More than 500,000 Americans have died from the coronavirus pandemic, according to the Centers for Disease Control. Accordingly, mortality is on the minds of many people who worry about caring for their loved ones if they die. A solid financial plan is vital, and life insurance is an integral part of that plan. Buying life insurance is important, especially senior life insurance. However, the pros and cons of life insurance plans vary depending on the term, death benefit, and insurance premiums. Visit Credible to explore your options, whether it's your first time buying life insurance or looking to upgrade your coverage. Investing in life insurance, while serving as a financial safety net, can be costly, which is why understanding the pros and cons is so important. Benefits of a life insurance 1. Peace of Mind While thinking about your death can be uncomfortable, knowing that your loved ones will be fin...

Westpac Banking Corp. aims to reduce its costs by almost 40% by cutting back on non-core businesses. This could lead to more insurance businesses being abandoned in Australia and New Zealand. The Sydney-based financial services group posted triple earnings growth over the past half year as the Australian economy recovered from COVID-19. The gain of AU $ 3.54 billion (NZ $ 3.81 billion) compared to AU $ 993 million a year ago was credited to a reversal in impairment charges. Westpac posted an impairment gain of AU $ 372 million in the first half of fiscal year 2021, after posting a loss of AU $ 2.24 billion in the first half of 2020. According to a report by S&P Global, Westpac, Australia's third largest bank, plans to cut its costs to AU $ 8 billion by 2024, from AU $ 12.7 billi...

BOSTON & SINGAPORE - (BUSINESS WIRE) - May 3, 2021-- Berkshire Hathaway Specialty Insurance (BHSI) announced today that it has named Daniel Thieviasingham as Senior Underwriter, Transactional Liability, Asia Middle East. "We are excited to welcome Daniel to BHSI as we continue to expand our transaction liability capabilities in the Asia-Middle East region," said Marc Breuil, Head of Asia-Middle East at BHSI. "Its presence in Singapore enhances our ability to quickly and adroitly address the changing transactional liability needs of customers across ASEAN and across the region." In the area of ​​transaction liability, BHSI currently offers agency and warranty insurance, tax insurance, contingent liability insurance and class action settlement insurance worldwide. “Dan accompanies us in a crucial phase of our development in the transaction liability market in the Middle East of Asia. The product is becoming more widespread not only by private equity firms but al...

Companies building new coal-fired power plants usually have no insurance coverage. Companies should be excluded beforehand if they generate at least 25% of their electricity from coal and operate at least five gigawatts of installed coal-fired power plant capacity. According to the revised criteria, one of these two criteria is sufficient to be excluded The second of the new rules will have a significant impact on Allianz's business relationship with Sev.en, an energy company in the Czech Republic, according to the Urgewald environmental protection group. Sev.en operates what Urgewald describes as "two particularly dirty coal-fired power plants", each 40 to 50 years old. Sev.en has a coal share in electricity generation of well over 50%, but has an installed capacity of less than five gigawatts. According to the old Allianz criteria, the company would still be insurable. According to the new criteria, it will not be. Allianz's Czech subsidiary announced Thu...

Insurance can be a complex professional field. The competitiveness of selling insurance makes it difficult for producers to find and build strong books. Traditional companies, concerned about the safety of their assets, are often suspicious of entrusting the industry with new producers. An experienced insurance producer, John Ritenour, co-founder of IOA, recommends various measures to help insurance producers succeed at all levels. Knowing about insurance and successfully selling insurance are two very different things. Understanding customer needs and leveraging long-term relationships are also essential aspects of success. Throughout his long career in the insurance industry, John Ritenour has found ways to nurture all of these essential aspects that are required for success. Here are ten ways to build more leads and convert them into more active customers. Stay up to date on trends The innovation leadership at IOA looks forward to the benefits that new tools bring to insur...

Chubb Ltd. and Marsh LLC worked with the World Health Organization and Gavi, the Vaccine Alliance, to provide $ 150 million in insurance coverage for a program to compensate certain people for serious adverse events caused by vaccines. The no-fault compensation program provides eligible individuals in 92 lower-income countries with an opportunity to receive compensation for adverse events related to vaccines distributed under the COVAX vaccination initiative through June 30, 2022, Chubb and Marsh said in a statement on June 30, 2022 Thursday with. Marsh led the global placement of the coverage while Chubb is the primary insurer, backed by 10 other insurers in the US, UK, Germany, Ireland, Switzerland and Bermuda. "The scale of the COVID-19 pandemic requires everyone from governments and health officials to the private sector to contribute their skills, abilities and resources to help end this crisis," said Evan Greenberg, Chairman and CEO by Chubb. said in the stateme...

The owner of a container ship that has blocked the Suez Canal for almost a week is asking the owners of the cargo that the ship is carrying to pay for the damage requested by the Egyptian authorities. The container ship Ever Given, owned by Japan-based Shoei Kisen Kaisha, ran aground in the canal in March, blocking the canal and stopping billion-dollar trade. According to an Associated Press report, Shoe Kisen on Friday asked cargo owners to share the damage in a deal known as a general average declaration. The damage-sharing arrangement is often used in insured marine casualties, the AP reported. Shoei Kisen said he had notified several owners of the roughly 18,000 containers on the ship and asked them to pay for part of the cost, which is estimated at around $ 16 million. The company ...

“The sharing economy looks different from the typical corporate risk. You build your claims tools and your actuarial data. They need to be dynamic and work in-house or with a TPA to get the information right to the point, ”said Laura Langone of Airbnb. (Photo credit: Daniel Dror / Shutterstock) Companies like Uber, Instacart, and Airbnb have radically changed the way consumers view certain industries. These emerging and constantly developing companies also have special insurance needs and demand flexibility from the industry. Laura Langone, Head of Insurance at Airbnb, noted the tremendous opportunity these companies offer insurers: “The sharing economy is not disappearing and is evolving. We've seen it with Uber, and we've seen it with home sharing and many other goods and services. " The needs of the companies that make up the sharing economy are each unique. This, according to Langone, makes it a little harder to find a cover than simply going out on the m...

New partnership expands USI's expertise in trade, employee benefits and personal risk VALHALLA, NY and WARREN, PA, May 3, 2021 (GLOBE NEWSWIRE) - USI Insurance Services ("USI"), a global leader in risk management, employee benefits and retirement benefits, today announced the completion of its acquisition of the insurance business, offered through Northwest Insurance Services by Northwest Bank, a subsidiary of Northwest Bancshares, Inc. (NASDAQ: NWBI). Northwest Insurance Services is a wholly owned subsidiary of Northwest Bank providing property and casualty, life, disability and long-term care insurance, and group health, life and disability employee benefits. Northwest Bank President and CEO Ron Seiffert stated, “In finding the right partner for our insurance business, we had two main requirements: Positioning our Insurance Services group with a proven industry leader in property and casualty, benefits Employee, personal risk and retirement planning, and partnering with...

The Car Insurance Premium Expert Panel invites the Quebec public to provide their opinion on the changes to their car insurance premiums proposed by the Société de l'assurance automobile du Québec (SAAQ). The SAAQ proposed new changes to the insurance premium for the years 2022 to 2024. In a press release, the insurer stated that it plans to repay more than $ 1.158 billion to its customers, benefiting more than 6.4 million Quebecers - the move means savings of about $ 181.11 per year drivers, stated the insurer. The transfer takes place in the form of advance payments to the insurance premiums of the customers for the years 2022 and 2023 including insurance tax. In addition, license holders only need to pay the appropriate renewal fees and any additional costs related to failure point...

Insurers won two large business interruption lawsuits last week, continuing a largely successful defense against paying pandemic business claims. In California, U.S. District Judge Judge Jacqueline Scott Corley ruled in favor of the insurance industry on pandemic business interruption claims filed by attorneys representing two French restaurants in the Napa Valley on the grounds that virus exclusion precludes damage coverage that were caused by the COVID-19 pandemic. "While the court recognizes the chaos that the COVID-19 pandemic and ensuing protective measures have created businesses in this country and around the world, the court cannot put ambiguity into an insurance contract where there is none," said Judge Corley. This decision in California adds to the growing list of favorable decisions made over the past year and confirms the position of insurers that global pandemic risks are uninsurable. "Insurers are doing everything possible to respond to the pandemic, i...

Eastern Insurance Group LLC, a wholly owned subsidiary of Eastern Bank, announced today that it has acquired the business assets of Barr Insurance Agency, Inc., a family-run, full-service insurance agency based in Watertown, MA. The transaction takes effect May 1, 2021 and marks the 34th acquisition by an independent insurance agency for Eastern Insurance since 2002. Barr Insurance has provided personal and business insurance coverage to individuals and businesses for more than 50 years. "Barr Insurance is known for offering a wide variety of coverage to both individuals and businesses, from automobiles to households to commercial lines. It has great loyalty from many longstanding customers and we look forward to welcoming them to EIG . "said John Koegel, President and CEO of Eastern Insurance Group LLC. Marianne Jenkins, President of Barr Insurance added, "Having served our valued customers for the past five decades, we are excited about the new opportunities that are...