10/24/2024
Work Comp for Truckers, Paragon Risk Control Expertise, and More
We know you need the latest buzz in the insurance realm, and as always, we’ve got you covered! From our special dedication to Work Comp for Truckers to the rise of 1st Amendment Auditors during elections, here’s your concise roundup of the past month’s Paragon and industry highlights.
Keeping Truckers on the Road
When it comes to work comp for truckers, companies need coverage that understands their unique demands. Finding the right program for your clients can be challenging as a broker. That’s where our specialized work comp for truckers program comes in—offering flexible, nationwide coverage that fits various trucking operations, from freight haulers to fuel dealers and everything in between.
We’ve designed our program to meet the specific needs of trucking businesses, providing brokers with a streamlined solution that’s easy to implement and packed with added benefits. Here’s what makes our program different and how it can help keep your trucking clients on the road.
Paragon Risk Control Highlight – First Amendment Auditors
Elections bring out lots of people to voting places, town halls, public meetings, and all sorts of places both public and private. And in this digital age where there’s politics, there are First Amendment Auditors ready to upload drama to YouTube.
So what do you do?
Armed with a cellphone camera and a social media account, anyone can open a situation for public record at the touch of a button. Doing this while confronting you as a public official can make them a First Amendment Auditor.
CAT Losses Way Up
The home insurance industry continues to grapple with rising all-perils loss costs, which are up 52% since 2019, per LexisNexis. Claims from hail, wind, fire and flooding, all contributed to last year’s saw record-breaking cat claims, 46% of which were deemed catastrophic. Read the full report.
Generative AI Insurance
Insurers and their customers don’t see eye to eye on generative AI, according to IBM, which recently published a study entitled, “Generative AI in the Insurance Industry: You Can’t Win if You Don’t Play.” The results show that insurance CEOs were basically evenly divided on whether they see generative AI as more of a risk vs. an opportunity, while less than a third of customers said they are comfortable.
Milton’s Woes
With Hurricane Milton still top of mind, it’s clear that climate disasters go well beyond borders. In fact, the Continent is on fire… and underwater. Floods are washing over Central Europe with deadly intensity, while wildfires tear through Portugal. According to AXA’s Pierre du Rostu, the time for idle chatter is over.
Weather Derivatives
Of course, Wall Street’s there to pounce. Amid the troubling climate headlines, a report by CME GROUP notes the average trading volume for weather derivatives has seen a big boost in interest. Last year, volumes surged by 260% compared to 2022, while the number of outstanding contracts was up 48% year-on-year as of May.
Surplus Growth
How about that growth in surplus lines? Last year saw $115.6 billion in DPW for 2023, marking a 17.4% surge vs. 2022. According to AM Best, wholesalers, MGAs and program managers continue to feed risk into the non-admitted space — and a good chunk of that might be sticking around for a while.
Elections
Lastly, buckle up, the election is upon us, and the political landscape has perhaps never been more polarized. Recent years have seen outbreaks of social unrest and political violence surrounding elections, at home and abroad, underscoring the tricky security challenges faced by our industry. Read more from WTW.
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