<![CDATA[Blog]]> https://www.risk-strategies.com/ en info@risk-strategies.com Copyright 2022 2022-07-04T10:39:31-04:00 <![CDATA[Hurricane Season 2022 - Time to Prepare]]> https://risk-strategies.com/knowledge-center/article/hurricane-season-2022-time-to-prepare#When:19:27:34Z When we think of June 1, we fondly think of warm days and cool nights, budding spring flowers, fresh cut grass but we should not forget that it also means the start of the Atlantic Hurricane season.

According to the National Hurricane Center, the 2021 Atlantic Hurricane Season was ranked as the third busiest with 21 named storms. The only two busier seasons were 2020 with 30 named storms and 2005 with 27 named storms. Meteorological forecasts for the 2022 Hurricane Season are once again predicting an above average season with between 14 and 21 named storms.

If you live…]]> 2022-06-14T19:27:34+00:00 <![CDATA[Breaking Barriers Through Conservation, Philanthropy and a 24-Hour Race]]> https://risk-strategies.com/knowledge-center/article/breaking-barriers-through-conservation-philanthropy-and-a-24-hour-race#When:16:41:18Z In business, and in life, we should constantly seek growth, and it does not come easily or comfortably. To experience the most growth, achieve necessary change, and advance, we need to push ourselves outside our comfort zones. We need to challenge the “normal” way of doing things in search of improvements that benefit all. We need to break barriers.

I have been committed to driving transformational change in all aspects of my personal and professional life for a long time. As a business leader, I believe we have a broader responsibility to support important causes and champion philanthropic organizations that…]]> 2022-05-02T16:41:18+00:00 <![CDATA[Cyber: Private Equity’s New Priority]]> https://risk-strategies.com/knowledge-center/article/cyber-private-equitys-new-priority#When:15:32:08Z The Cyber insurance market is at an inflection point where significant losses, concern surrounding systemic risk, and increased regulatory scrutiny are driving up Cyber insurance premiums and retentions at a fast pace. More than ever, private equity firms need to consider the cybersecurity of their firm and their portfolio as a top priority.

Private equity firms store large amounts of sensitive first and third-party data, have access to large quantities of capital and have frequent online financial transactions, all which make them a prime target for cyberattacks. In February 2022, the SEC proposed new rules under the Investment Adviser Act…]]> 2022-07-01T15:32:08+00:00 <![CDATA[Group Health Plan Considerations in the Wake of the Reversal of Roe v. Wade]]> https://risk-strategies.com/knowledge-center/article/group-health-plan-considerations-in-the-wake-of-the-reversal-of-roe-v-wade#When:14:03:28Z Group Health Plan Considerations in the Wake of the Reversal of Roe v. Wade

The speculation is now over as the Supreme Court released its decision on Friday, June 24, 2022 in the Dobbs v. Jackson Women’s Health Organization case (“Dobbs decision”) overturning Roe v. Wade and Planned Parenthood v. Casey, precedents that established and maintained a federal constitutional right to abortion. The Dobbs decision did not render abortion illegal nationwide. Rather, the decision removed the federal constitutional protection of abortion access across the country and provided states the ability to enact laws regulating abortion.

Even though the Dobbs…]]> 2022-06-28T14:03:28+00:00 <![CDATA[Recent Updates to State and Local Leave Laws]]> https://risk-strategies.com/knowledge-center/article/recent-updates-to-state-and-local-leave-laws#When:19:32:34Z .img {display:none;}

This article summarizes recent legislative and regulatory updates to certain state and local paid family and medical leave programs as well as state and local paid and unpaid leave laws. Employers, particularly multistate employers, are advised to pay close attention to any updates that affect their employees in the jurisdictions listed below. Read on for more information. 

State PFML Regulatory Updates

 Washington State

As of June 9, 2022, the following changes are in effect for the Washington State Paid Family and Medical Leave (WA PFML) program:

  • Eligible employees are entitled…]]> 2022-06-24T19:32:34+00:00 <![CDATA[Manage Loss Ratios by Implementing Mediation Strategies]]> https://risk-strategies.com/knowledge-center/article/manage-loss-ratios-by-implementing-mediation-strategies#When:14:20:05Z Industry experts predict that 2022 will mark the beginning of a multi-year upswing in growth for the AEC (Architectural Engineering and Construction) sector. Thanks to a massive influx of federal infrastructure spending and the continued strength of the residential construction subsector, proposal activity for AEC firms is on the rise after two years of COVID-19 driven slowdowns.

    However, success can come with a price. More projects mean more opportunities for disputes with clients, leaving AEC firms vulnerable to rapidly rising costs in civil litigation. This dynamic has led to an increase in the popularity, and viability, of using mediation…]]> 2022-06-15T14:20:05+00:00 <![CDATA[CAT Property Update - Florida: Navigating a Hard Pricing Market]]> https://risk-strategies.com/knowledge-center/article/cat-property-update-florida-navigating-a-hard-pricing-market#When:14:10:31Z Companies and individuals that own property in areas of the country that are exposed to risk from Catastrophic events have seen property/wind/wildfire/flood premiums skyrocket over that last three years. The increase in rates is directly correlated to the increase in frequency and severity of large catastrophes throughout the US and Globally.

    In 2021 alone, the United States experienced 20 catastrophic events - defined as a single event that causes in excess of $25 million in insured losses - that exceeded $1 billion in losses to insurance carriers. The two largest events were Hurricane Ida, at $32 billion, and winter storm…]]> 2022-06-13T14:10:31+00:00 <![CDATA[Viewing Cyber Risks Through the Lens of Critical Health Care Infrastructure]]> https://risk-strategies.com/knowledge-center/article/viewing-cyber-risks-through-the-lens-of-critical-health-care-infrastructure#When:18:07:16Z An awareness of the need to incorporate cyber protection into existing Property & Casualty insurance programs is growing but planning and preparation for the underwriting submission requires a sharp focus to clearly present the risk to the cyber underwriting community.

    Identifying New Risk Factors

    The ever-evolving threat vectors of cyber-attacks on organizations of all sizes present unique challenges for both insureds and insurers. A 2021 study released by the International Data Corporation (IDC) found that more than one-third (37%) of organizations globally had experienced a ransomware attack during the previous year, and that 87% of those who experienced a ransomware attack…]]> 2022-06-09T18:07:16+00:00 <![CDATA[Change Management Planning and Preparation are Key to Higher Ed Survival]]> https://risk-strategies.com/knowledge-center/article/change-management-planning-and-preparation-are-key-to-higher-ed-survival#When:17:26:16Z The past two and a half years have pushed the adaptability of higher education institutions to their limits and revealed weaknesses in their change management processes. Almost universally, colleges and universities found themselves unprepared for the pandemic and the swift action it would require. Lessons learned through unexpected challenges shape policies and procedures in higher ed. COVID-19 taught institutions the importance of agility and quick coordination organization-wide. If institutions integrate learnings from recent events into their risk management strategies, they will be far better prepared to handle crises of all sizes in the future.

    Tuition and Additional Contract Considerations

    At…]]> 2022-06-09T17:26:16+00:00 <![CDATA[PCORI Fee Filing Reminder for 2022]]> https://risk-strategies.com/knowledge-center/article/pcori-fee-filing-reminder-for-2022#When:20:16:15Z .img {display:none;}

    The Patient-Centered Outcomes Research Institute (PCORI) filing and fee payment deadline of August 1, 2022 for plan years ending in 2021 is quickly approaching (the traditional July 31st deadline is extended because July 31, 2022 falls on a Sunday).  Plan sponsors of self-funded group health plans are responsible to file and pay the PCORI fee annually whereas fully-insured group health plans are assessed this fee in their monthly premium payments by their health insurance carriers.

    PCORI Fee Background

    The PCORI fee is a requirement under the Affordable Care Act to fund the Patient-Centered Outcomes Research Institute,…]]> 2022-06-08T20:16:15+00:00