Data, disasters and distractions Trends to watch in the insurance world
But several insurance-industry observers in
A day doesnt go by that we dont hear of some data breach, said
We are afraid businesses are not up on the issue, Ernest added. This can affect anybody.
For those companies that have some protection, it usually isnt enough, he said, adding that his organization recommends a two-prong approach to coverage. Get it, and then make sure it covers everything, he said.
I am fearful that a lot of businesses either dont have it or dont have enough coverage, he said.
Ernest was one of several insurance-industry experts asked by the
They need to get out in front of cyber attacks, Buterbaugh said.
A lot of small businesses including shops, restaurants and professional offices mistakenly think cyber criminals only go after big companies, Ernest said. But all it takes is one breach and a business could be liable for the loss of personal data of most or all customers, he warned.The natural disasters of the past year make property insurance top of mind for people reading or hearing about the misfortunes of others. But a lot of businesses neglect to add business interruption insurance, which could be a fatal mistake, Ernest said.
A hurricane, for example, might spare a business building but take down the communications and electrical systems needed to serve customers. If that problem lingers, a business in operation for years could be forced to close within weeks or months, if it doesnt have coverage for businesses interruption or equipment breakdowns, he said.
The coverage might not offer 0 percent replacement of lost business, but it could buy enough time until the lights come back on, he said.
Gallagher, who spent 25 years with the
Still, because
Distracted pedestrians are causing auto accidents all across the county, Buterbaugh said.
Ernest pointed out that a standard fender-bender, which could come from hitting a deer or striking a pedestrian, is much more costly for newer models of cars because of the increased safety equipment that might include cameras and sensors to avoid crashes.
While the technology has helped decrease the frequency of crashes, the severity of the crashes has gone up, he said.
And that means that insurance premiums are going up, Ernest and Buterbaugh said.
So far in
Pennsylvanias average premium in 2015 was
The agency also said that, during the same period, premiums in
In general, we have a pretty competitive market, Ruman said, whether that be for individuals or businesses.Who:
What: Annual spring conference
Where:
When: March ,
Why: A main focus will be on insurance issues tied to global warming and what insurance companies should do.
More information: https://www.pamic.org/event-2761215View the full article from the
CREDIT:
Principal Financial Group Inc. Files SEC Form 8-K, Current Report: (Jan. 29, 2018)
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