<![CDATA[Articles]]> https://www.risk-strategies.com/ en info@risk-strategies.com Copyright 2022 2022-01-20T10:16:16-05:00 <![CDATA[Navigating a Hard Property & Casualty Market Cycle]]> https://risk-strategies.com/knowledge-center/article/navigating-a-hard-property-casualty-market-cycle#When:17:19:15Z Over my twenty years as an insurance broker I have guided many clients through numerous hard market cycles. Prior to our current hard market, those cycles would typically last for 12-18 months; however, based on a number of factors, many experts indicate the current hard market could last for well over 24 months. Let’s understand factors driving this environment, and then we will turn our attention to proven strategies that have helped companies successfully navigate prior hard markets.

Factors driving hard market conditions:

  • Increased frequency and severity of Catastrophic Events worldwide.

These include Hurricanes, Wildfires, Typhoons,…]]> 2020-09-17T17:19:15+00:00 <![CDATA[Are Medicare Supplement Plans Going Away?]]> https://risk-strategies.com/knowledge-center/article/are-medicare-supplement-plans-going-away#When:21:03:16Z Some in the benefits industry believe the Center for Medicare Services’ (CMS) elimination of Medicare Supplement Plan F signals the beginning of the end for those plans. In particular, they believe, that Medicare Advantage (MA) plans, and an increase in group retirement plans offered by employers, will eliminate the need for them. We not only disagree with that notion, but believe that the growth in individuals turning 65 every day presents an opportunity for regional insurers and health plans to build a profitable Medicare Supplement portfolio. 

The U.S. Congress’ prohibition, beginning January 1, 2020, on offering Plan F for newly…]]> 2020-02-10T21:03:16+00:00 <![CDATA[Courier And Same Day Delivery Insurance in 2020, A Bumpy Road Ahead?  ]]> https://risk-strategies.com/knowledge-center/article/home-delivery-in-2019.-are-you-prepared-for-change#When:16:44:53Z As demand for home delivery services skyrockets, retailers and the industry at large are working to accommodate an exploding service sector.  New technology and innovative solutions (apps, business models, insurance, etc.) are required to meet these demands and support companies operating in this segment.

Risk Strategies Transportation VPs, Brian Jungeberg, Bryan Paulozzi and Bryan Ice weigh in on the state of the industry, including top trends, challenges and insurance implications in 2020.

Q: In 2020 how are nuclear verdicts impacting the carrier world and where do we see this trending?

Brian Jungeberg:  Unfortunately, the verdicts are still trending in a…]]> 2020-02-05T16:44:53+00:00 <![CDATA[Part 3: Threats, Trends & Policies That Shaped Insurance Markets in 2019]]> https://risk-strategies.com/knowledge-center/article/part-3-threats-trends-policies-that-shaped-insurance-markets-in-2019#When:03:30:21Z This is part three of a three-part blog series in which we share the highlights of the insurance industry in 2019.

Architects & Engineers (A&E)

Green building design is one of the hottest trends in architecture, but a lot can go wrong when a project involves the latest, and possibly untested, materials and techniques. There’s no guarantee that a project will achieve LEED certification once it’s finished, even if that’s what the client demands. We wrote about how A&E firms can avoid the pitfalls of guaranteeing LEED certification to green-minded clients.

Another exposure A&E firms can encounter is…]]> 2020-01-24T03:30:21+00:00 <![CDATA[Connect the Dots: Estate Planning meets Property and Casualty Insurance]]> https://risk-strategies.com/knowledge-center/article/connect-the-dots-estate-planning-meets-property-and-casualty-insurance#When:03:17:44Z Big or small, complex or simple, every estate has one thing in common — you can’t take it with you when you die. Planning for the distribution of your assets in accordance with your wishes ensures smooth passing of your estate to the right people at the right time. But the best of intentions can go awry if your Property & Casualty (P&C) insurance advisor isn’t included in the discussion.

Take for example Mark and Jennifer Williams, who are transferring title of their $4,000,000 California home into an irrevocable trust, naming their daughter as trustee. After transferring ownership of the…]]> 2020-01-24T03:17:44+00:00 <![CDATA[Part 2: Threats, Trends & Policies That Shaped Insurance Markets in 2019]]> https://risk-strategies.com/knowledge-center/article/part-2-threats-trends-policies-that-shaped-insurance-markets-in-2019#When:15:16:08Z This is part two of a three-part blog series in which we share the highlights of the insurance industry in 2019.

Waste & Recycling

In the Waste & Recycling industry, reverberations of China’s National Sword policy are still being felt worldwide. For the past 25 years, U.S. Materials Recycling Facilities (MRFs) counted on selling most of their plastics and recyclable waste to China for a healthy profit. Now, with China rejecting most recyclable material because of its new contamination standards, we looked at how American waste and recycling companies are having to renegotiate contracts with towns and municipalities.…]]> 2020-01-16T15:16:08+00:00 <![CDATA[Don’t Let a Contract LEED to Liability]]> https://risk-strategies.com/knowledge-center/article/dont-let-a-contract-leed-to-liability#When:21:19:28Z No matter how skilled the surgeon, they cannot – and will not – guarantee the results of a surgery. Always going in with the best of intentions, the result is typically left to forces beyond their control.

The same can be said of architecture and engineering firms contracted to design a LEED-certified building, with admittedly lower stakes.

LEED (Leadership in Energy and Environmental Design) is the most widely used green-building rating system in the world, commissioned by the U.S. Green Building Council. As the country continues to confront the effects of climate change, most organizations are working to lessen…]]> 2019-11-21T21:19:28+00:00 <![CDATA[California Law Shakes up Gig Economy]]> https://risk-strategies.com/knowledge-center/article/california-law-shakes-up-gig-economy#When:17:11:01Z On September 18, California Gov. Gavin Newsom signed Assembly Bill 5 (AB5) into law, making California the first state to require businesses to hire workers as employees in certain industries instead of using them as independent contractors. It’s a move that’s sure to have reverberating effects on the gig economy.

The law was aimed at companies like Uber and Lyft that rely on a workforce of drivers who use their own cars and carry their own insurance, but it applies to other industries, including trucking, health care and media. AB5 is intended to protect workers who are classified as independent…]]> 2019-11-04T17:11:01+00:00 <![CDATA[Q&A with Risk Strategies Founder Mike Christian ]]> https://risk-strategies.com/knowledge-center/article/qa-with-risk-strategies-founder-mike-christian#When:16:10:39Z Editor’s note: Mike Christian, a 40-year veteran of the insurance industry, founded Risk Strategies in 1997. After growing the company into one of the largest and most prestigious specialty insurance brokerages in the United States, he is shifting gears - relinquishing the CEO seat to take a position as Executive Chairman. Here, he reflects on his time at the helm, giving thanks and looking toward the future.

What are you most proud of about Risk Strategies?

The thing that is most striking to me is how many great people we have in the company, both those who have been here…]]> 2019-11-04T16:10:39+00:00 <![CDATA[Reinsurance Protects Against Rising Drug Costs]]> https://risk-strategies.com/knowledge-center/article/reinsurance-protects-against-rising-drug-costs#When:17:50:51Z Consider these astonishing statistics about the cost of specialty drugs in the U.S.:

  • Zolgensma, which cures spinal muscular atrophy in children, costs $2.1 million for a single course of treatment
  • Actimmune, Myalept, and Daraprim, which are filled at pharmacies and self-administered, all cost over $40K for a typical monthly supply
  • From 1998 to 2017, the average per-patient cost for orphan drugs increased 26-fold. 88% now cost more than $10K per patient per year
  • Between 2013 and 2017, the national spend on prescription drugs rose by 25.7%

In the era of gene therapy, cures for once-incurable diseases are getting…]]> 2019-11-01T17:50:51+00:00