<![CDATA[Blog]]> https://www.risk-strategies.com/ en info@risk-strategies.com Copyright 2020 2020-12-03T14:21:44-05:00 <![CDATA[2021 - Why Brokers Need to Specialize]]> https://risk-strategies.com/knowledge-center/article/2021-why-brokers-need-to-specialize#When:20:36:43Z This past year sent shock waves through the insurance marketplace. Claims are up, investment income is down. The COVID-19 pandemic dealt a financial blow to virtually every industry, climate change is altering risk models, economic and racial tensions led to widespread civil unrest, and insurers’ profitability has suffered.

The bottom line is that the hard market we are now in is here to stay, at least for a while.

For insureds, the hard market means that it will become increasingly more challenging and costly to secure coverage. Underwriters are repricing and reassessing the amount of risk they’re willing to absorb.…]]> 2020-12-02T20:36:43+00:00 <![CDATA[The State of State-Sponsored Attacks ]]> https://risk-strategies.com/knowledge-center/article/the-state-of-state-sponsored-attacks#When:17:28:38Z The recent advisory issued by the Office of Foreign Assets Control (OFAC) reminded companies to be wary of potential government sanctions when making ransomware payments. There has been an overall increase in state-sponsored attacks during the pandemic, particularly on financial and health care institutions. It makes sense that the OFAC would want companies (and their insurers, who often facilitate payments) to be especially cautious during these times.

So, exactly how worried should you be about a state-sponsored attack, and what can you do to protect yourself?

A State of Uncertainty

One of the most frustrating aspects of…]]> 2020-12-01T17:28:38+00:00 <![CDATA[How COVID-19 is Changing Life Insurance]]> https://risk-strategies.com/knowledge-center/article/how-covid-19-is-changing-life-insurance#When:16:22:45Z The COVID-19 pandemic has brought many things front and center, most notably: the need to begin or review one’s planning. The impact the pandemic has had on our health, physically and mentally, has been insurmountable. While life insurance has always been relevant, it’s never been more top of mind. As we see a rise in our high-net-worth and business owner clients who are updating planning or inquiring about their existing policies, we’re tracking the key shifts in the industry.

How Policies Are Being Written Is Changing

We’re seeing major changes to the underwriting of life insurance policies since the start…]]> 2020-11-30T16:22:45+00:00 <![CDATA[MARKET OVERVIEW: Directors & Officers Liability (D&O) Insurance]]> https://risk-strategies.com/knowledge-center/article/market-overview-directors-officers-liability-do-insurance#When:20:24:34Z In this blog we examine the current market conditions and how best to navigate Directors & Officers Liability (D&O)

Overview

Buyers of Directors & Officers Liability (D&O) Insurance should be aware that pricing continues to increase, limits may be further reduced, retentions increased, and some coverage extensions may be removed at renewal.

COVID-19 financial challenges has been the tipping point for D&O insurers. This comes after years of price decreases and increasing frequency and severity of claims – both of which negatively affected insurer loss ratios. These market trends over the past several years, meant we were in a buyers’…]]> 2020-11-24T20:24:34+00:00 <![CDATA[Can You Save Your Art Collection from Climate Change?]]> https://risk-strategies.com/knowledge-center/article/can-you-save-your-art-collection-from-climate-change#When:15:39:53Z This year has been full of major challenges for the fine art world. The global pandemic has forced some galleries and museums to close their doors, art fairs have been canceled internationally, and auctions and exhibitions have moved online. The biggest challenge facing the industry, however, predates COVID-19 and may prove harder to mitigate.

Climate Change and Fine Art

Museums have been worried about the impact of climate change on their collections for several years. Hurricane and wildfire seasons start earlier and produce even more violent storms and infernos than the years previous. Other natural disasters are worsened…]]> 2020-11-12T15:39:53+00:00 <![CDATA[Hurricane Alert - Time to Prepare]]> https://risk-strategies.com/knowledge-center/article/hurricane-alert-time-to-prepare#When:13:56:16Z The 2020 Hurricane Season is extremely active. If you’re in the path and haven’t already taken prep steps, it’s time to get busy. Here are a few ideas and resources to guide your efforts for this and any subsequent storm:

  • Track the forecasts – You’ll need the latest information to know when to act. Improved forecasting technology makes following storm movements and anticipated track easy. The National Weather Service and The National Oceanic and Atmospheric Administration’s National Hurricane Center should be your primary resources.

  • Prepare for wind AND water – Wind speeds get the…]]> 2020-11-08T13:56:16+00:00 <![CDATA[Event Cancellation Coverage Is Available]]> https://risk-strategies.com/knowledge-center/article/event-cancellation-coverage-is-available#When:12:49:30Z No one knows what will happen in the next six to 12 months with the COVID-19 pandemic. Will there be an effective vaccine? Will we see more waves of outbreaks? Will there be a tightening of restrictions limiting public gatherings? Will your event be cancelled?

    In part 1 of our event cancellation blog, we looked at how COVID-19 has been particularly devastating to the trade association industry, where conventions and conferences make up the vast majority of revenue, because of the unprecedented number of event cancellations. Canceling an event equates to huge financial and business costs from lost revenue…]]> 2020-11-06T12:49:30+00:00 <![CDATA[Alert: Coordinated Ransomware Attacks Targeting Hospitals]]> https://risk-strategies.com/knowledge-center/article/alert-coordinated-ransomware-attacks-targeting-hospitals#When:19:52:55Z Cyber threats are looming over the health care industry even as the Coronavirus pandemic is resurging. As noted in this Reuters News story, “Eastern European criminals are targeting dozens of U.S. hospitals with ransomware, and federal officials on Wednesday urged healthcare facilities to beef up preparations rapidly in case they are next.”

    If you click through to the story, you can see the threat is severe – with some hospitals reverting to operating paper.

    The FBI and the Cybersecurity and Infrastructure Security Agency (CISA) did release an advisory this week warning of a wide scale ransomware attack targeting…]]> 2020-10-30T19:52:55+00:00 <![CDATA[The 2020 ballot: What Matters for Insurance?]]> https://risk-strategies.com/knowledge-center/article/what-matters-for-insurance-on-the-2020-ballot#When:14:58:21Z With Election Day just around the corner, Risk Strategies is keeping a close eye on several state ballot initiatives unrelated to the presidential election that could have far-reaching implications for several key industries.

    Cyberattacks have increased significantly in recent years, putting our personal data at risk. The impacts of climate change, and particularly wildfires, continue to become more destructive. And COVID-19, of course, has affected millions of Americans. The ballot measures we’re tracking reflect the changing concerns of voters in response to these conditions.

    Transportation & Workers’ Compensation

    California

    Proposition 22 in California has been dominating headlines all…]]> 2020-10-29T14:58:21+00:00 <![CDATA[Yes to Prop 22? The Future of App-Based Services]]> https://risk-strategies.com/knowledge-center/article/yes-to-prop-22-the-future-of-app-based-services#When:15:54:57Z It’s rare that the future of an industry relies upon a vote in an election, but that’s what seems to be happening with the gig economy. Employers and workers are both anxiously waiting for November 3rd.

    Now considered the most expensive ballot measure in state history, California’s Proposition 22 is clocking in at $200 million after being bankrolled by gig economy powerhouses like Uber, Lyft and DoorDash. Coined “Prop 22,” this ballot initiative would override AB5 and classify app-based delivery drivers as independent contractors (IC) rather…]]> 2020-10-27T15:54:57+00:00