Greetings Everyone!
Spring has sprung! The changes around us are welcomed – sunshine, raindrops, green grass, and tulips! As I take note of the changes in climate, transitioning from winter to spring, I also recognize other changes, whether social, political, technological, scientific, economic or otherwise. These changes require that we help our clients navigate through new and increasingly complex landscapes, which profoundly impact the companies for which we work, as well as our communities. COVID-19 related claims activity, particularly related to Business Interruption insurance, requires that we as CPCU’s be diligent in understanding the coverages available in the insurance marketplace, including “parametric” insurance. The importance of reviewing policy verbiage, including policy exclusions, is of key importance, to be in a position to better service our clients.
The insurance marketplace is shifting, as we all have witnessed. Increased claims activity, in both frequency and severity, is contributing to the increase in rates. Capacity is shrinking, with carriers pulling back on limits offered. Nuclear Verdicts are becoming more common. I recently read an article on Nuclear Verdicts that was very well-written, by Bob Tyson of the law firm Tyson and Mendes. It offers suggestions on what we, as the insurance community, could do differently in calming these verdicts. I have included a copy of the article, which appeared in Advisen, for your review.
I would like to thank National CPCU Society, for holding outstanding webinars, available to membership. These webinars include valuable information on the timely topics, such as those I have outlined. I encourageeach of you to register for these, when the announcements arrive in your email inbox!
If you missed the Ethics Event held by the Connecticut Chapter: “Ethics: Where DO YOU Draw the Line?” Presented by Marsha Egan, CPCU, CSP, PCC, Past President of the CPCU Society, you missed a lot! Marsha is a very energetic and engaging speaker who presented many interesting ethical dilemmas; she definitely had us thinking bright and early!
April’s Joint RIMS/CPCU webinar was a huge success! Thanks to the folks at Willis for presenting on the subject of Alternative Risks and Captives!
I hope everyone is doing well and looking forward to seeing you all soon!