The commercial property-casualty marketplace is holding steady thus far in 2013. The market is in a positive, rate increase environment. It evolved to this point throughout 4Q11 and 2012 and in general terms is holding at a 5-7% rate increase in commercial lines. Investment yields continue to decline while catastrophe-related results worsen for insurers, so it is quite likely that rate increases will continue in 2013. Insurers are also facing challenges on certain lines of coverage notably workers’ compensation. Overstated reserves from prior years have been released which tends to temporarily help earnings, and with medical inflation eroding workers’ compensation loss ratios underwriters will focus on pricing integrity and risk selection. Employers with hazardous workers’ compensation exposures and claims experience will see the highest rate increases.

Meanwhile, insurers have the surplus to grow. Rate actions, while positive, are not enough to allow the industry to cover its cost of capital. Thus, underwriters will continue to look at developing market share which will create competition as the economy continues its fight to fully emerge from the recession.

This month marks the third anniversary of the Patient Protection and Affordable Care Act becoming law.

Consumers have gained access to many new benefits under the law including free preventive services, new rights to appeal insurers' decisions, drug discounts for seniors on Medicare, and tax credits for small businesses.

Yet the biggest

Our President & CEO, Tim Leman, recently wrote in his executive blog about the terrific news Gibson received a few weeks ago being named a Best Places to Work in Indiana firm. We had applied for this distinction twice before and were not successful either time. Why did we succeed this year when we had failed twice in the same endeavor?

When we talk about risk management and risk assessment, the focus is often on the big issues. But it’s not the only way to look at risk assessment. When you’re working to identify every potential risk, you sometimes need to think outside the box. Well, in this case, inside the box.

Every individual product, from food to electronics, encounters risks throughout its lifespan. As the product passes through production lines, across borders, and through the hands of numerous organizations, it encounters a wide array of risks. By applying a risk assessment to the product itself, rather than the individual businesses involved we can get a unique view.

According to a recent survey by Pew Research, approximately 45% of adults own a smartphone in the US.  Replacing a broken smartphone, or purchasing insurance through the phone carrier to cover a loss, can be very costly.

One of the many components of the Patient Protection and Affordable Care Act (PPACA aka Health Care Reform) is each state must decide if they will implement the Medicaid expansion. The goal is to expand coverage to state residents that aren’t covered by or eligible for one of the many programs currently offered.

Indiana already has several program options in place, including the Healthy Indiana Plan (HIP), but eligibility can be complicated and varies based on the individual program guidelines. There is much disagreement between parties as to which program is the most cost-effective for the state and how to provide the coverage needed by over 400,000 low-income Hoosiers.

There are certain tools that are required for every risk management plan. Whether you work in construction or manage a busy office, there will be many factors that are the same. Every risk management plan requires safety equipment, training, and insurance.

There’s a simple rule in safety procedure that sticks in most people’s minds. Before you use any piece of equipment, you check it to make sure everything is working correctly. Then, when you’re done, you check it again. Once you’ve done that and you’re ready to move on to another risk management step, you check it again.

This may sound like overkill but it is necessary, especially when that equipment is designed to save your life. In construction risk management, you can never be too careful. The risks are too great to leave anything to chance.

Falltech & Construction Risk Management

A company experiencing a disruption of three days or more is at risk of going out of existence. Disruptions like natural disasters (storms, tornados), human risk (infectious disease, labor disputes) and business risks (financial crisis, supply chain) are a few of the events that can affect a business. Within two years, of the companies that experience this kind of delay, 70% will fail. After five years that figure rises to 90%. The majority of companies will have insurance coverage, but this may not be enough to protect them in the long-term. The key to a business surviving one of these events is to be prepared for every eventuality.

There are inherent risks when traveling abroad. Of course there’s the more simple possibility of a flight being cancelled, or perhaps you fall ill the day before a luxury cruise. But what if you break a tooth or develop severe abdominal pain? It’s not as simple as taking a trip to the local dentist or doctor.

The best ways to protect yourself are to research your destination and purchase travel insurance.

Travel Insurance