Home Business Around the P&C insurance industry: October 4, 2023

Around the P&C insurance industry: October 4, 2023

by Cedric Guzman

Insurance Industry News: McGill and Partners Develop Catastrophe Models for Offshore Wind Portfolios, Verisk Updates ISO Businessowners Program, and More

The insurance industry is constantly evolving, with new developments and advancements shaping the way insurance companies operate. Here are some of the latest updates and news from McGill and Partners, Verisk, Duck Creek Technologies, and more.

McGill and Partners, a leading insurance broker and risk advisor, has collaborated with Renew Risk, a risk analytics SaaS provider for renewable energy assets, to develop catastrophe models for offshore wind portfolios. These robust models will help the market better understand and quantify the risk associated with offshore wind projects. The models will also help determine appropriate reinsurance limits and understand aggregation across multiple windfarms in one region. This collaboration will ultimately lead to increased insurance capacity available for developers, enabling reinsurers to offer more competitive and sustainable products while reducing their own capital requirements and volatility.

Verisk, a leading data analytics provider, has launched an update to its ISO Businessowners program. With over 300,000 new small businesses created annually over the past five years, this update is essential for the industry. The ISO Businessowners program provides insurers with standardized coverage forms and policy language for small business insurance. This update marks one of the most significant enhancements to the program, ensuring that insurers can effectively cover the evolving needs of small businesses.

Assurant, Inc., a global provider of risk management solutions, has signed a multi-year contract with Edward Rose & Sons, a real estate development and management company based in Michigan. Assurant will be the preferred provider of renters insurance for Edward Rose & Sons, using Assurant’s turnkey point-of-lease product, Cover360. The implementation of Assurant Cover360 will help property management companies and owner/operators increase participation in their renters insurance program and eliminate coverage gaps.

Coalition, a leading provider of cyber insurance and risk management solutions, has partnered with HDI Global Specialty SE, the specialty insurance carrier of HDI Global SE. HDI Global Specialty will join Coalition’s Cyber and Technology E&O (Errors and Omissions) panel in Canada, providing insurance capacity for cyber insurance products starting in 2024. This partnership will strengthen Coalition’s offerings in Canada, ensuring that businesses have access to comprehensive cyber insurance coverage.

In addition to its partnership with HDI Global Specialty SE, Coalition has announced that its executive risks insurance products are now available on surplus lines paper. This means that comprehensive management liability coverage, including directors & officers liability, employment practices liability, fiduciary liability, and crime insurance, will be available to a wider range of businesses. The surplus product is underwritten by certain underwriters at Lloyd’s, a leading insurance market.

INSHUR, an innovative provider of insurance for on-demand livery drivers, has launched its insurance offering in Arizona, marking its second state in the U.S. following success in New York. INSHUR’s expansion into Arizona is a strategic milestone and will allow the company to scale its insurance products for the on-demand economy across the country. This growth follows INSHUR’s acquisition of American Business Insurance Services, which has provided the company with a solid foundation to expand its offerings.

Duck Creek Technologies, a leading provider of core system solutions for the insurance industry, has extended its support to ecosystem partner Hyland by sponsoring its CommunityLIVE user conference. This conference, taking place in Las Vegas, allows industry leaders to come together and discuss the latest trends and innovations in insurance technology. By partnering with industry leaders like Hyland, Duck Creek Technologies is committed to delivering more humanized technology experiences across the insurance industry.

Florida Peninsula Insurance Company, a property and casualty insurance provider, has announced the availability of dwelling fire insurance, commonly known as a “landlord policy.” This type of policy is designed to provide coverage for homes that are not eligible for standard home insurance policies, such as homes rented to others, vacation homes, and residential investment properties. Dwelling fire policies are also available to individuals living in homes with older roofs or who are looking for basic coverage at an affordable price.

These are just a few of the latest developments and news in the insurance industry. As the industry continues to evolve, insurance companies are finding innovative ways to better serve their customers and meet the ever-changing needs of businesses and individuals.

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