Insurance

Blockchain, Smart Contracts, and Index Triggers: Count the Frictional Costs As They Disappear

Is the insurance industry watching developments in blockchain  technology? Some of our folks in the market are, but it’s pretty clear to me that the focus is the other way around. The blockchain...

Stairs aren’t needed for a “slip and fall”

For workers' compensation insurers and those in loss control, slips, trips, and falls are all too common a challenge. Prevention is a complex problem and one garnering the attention of scientists...

Drought forecasts serve as a warning for insurers

The U.S. Forest Service (USFS) released a new report: “Effects of Drought on Forests and Rangelands in the United States: A Comprehensive Science Synthesis.” It assesses the effects of drought on...

What’s wrong with this picture?

I heard a story once that an advertising executive came up with the phrase “a picture is worth a thousand words” for an ad. But he felt he had to attribute it to “a Chinese proverb” so people would...

The high frequency of fires in grocery and convenience stores

According to the December 2015, report Structure Fires in Stores and Other Mercantile Properties published by the National Fire Protection Association (NFPA), grocery and convenience stores have th...

California imposes new notice of lapse requirements on insurers

Insurers that write private passenger automobile and residential property insurance offering six months or longer of coverage are now subject to an expanded policyholder notice requirement. This...

Tennessee prepares for 2017 ALIR implementation

Preparations are under way in Tennessee for the 2017 launch of a new electronic system that will facilitate automobile liability insurance reporting (ALIR). The new system was mandated in House Bil...

Tennessee OKs new towing law related to uninsured drivers

Tennessee House Bill 606, enacted on May 20, 2015, gives law enforcement entities the option of towing a vehicle if a driver is unable to provide proof of insurance. The law, which went into effect...

Alarming smoke alarm stats in college housing

A recent report featured disturbing facts about college housing and smoke alarms. According to Campus Fire Fatalities in Residential Buildings (2000-2015) , smoke detectors were either missing or...

Solving a problem before it’s a problem

Insurance trades, blogs, and websites devote a great deal of space to addressing two critical issues related to the risks associated with writing workers' compensation policies: claims costs and...