As European governments approved a controversial plan to share 120,000 refugees between most of the European Union countries, there’s an important insurance story playing out amid the ongoing flow of thousands of refugees into Europe. The risk management challenges and costs for freight transporters, haulers and shipowners arising from the refugee crisis are outlined in...
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Of Course You Don’t Need Life Insurance!
Most of us take more time planning our vacations than our financial futures. That’s why we decided that a quick chat with a top financial advisor might do us all some good. We spoke with Sarah Kaelberer, CFP, ChFC, who is a partner and President of Business & Estate Advisers Inc. in the Minneapolis area....
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Effective Use of Functional Capacity Evaluations
It is important for claims management teams to make effective use of Functional Capacity Evaluations (FCE) in workers’ compensation cases. Failure to do so can result in losing control of your case. What is a Functional Capacity Evaluation? A Functional Capacity Evaluation (FCE) is a series of tests performed on an injured worker to determine...
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Using Job Descriptions to Control Workers Compensation Losses
Complete job descriptions, with proper compliance can help reduce workers compensation loss values. They can be used both as preventative measure and as a tool to reduce a claim exposure. Job descriptions that are stated clearly, as well as describe all duties and functions, will bring the most desired results. Preventative Uses: Job descriptions can be...
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California WCIRB Notes Proposed Rating Changes
Recently, the WCIRB submitted a regulatory filing to the California Department of Insurance proposing a number of changes to the Insurance Commissioner’s regulations. Among the proposed changes is a recommendation to amend the experience rating formula to replace the fixed primary and excess split point with a variable split point based on an employer’s size....
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Cyber Business Interruption Risk Often Underestimated
Corporate data breaches and privacy concerns may dominate the headlines, but a new report by Allianz Global Corporate & Specialty makes the case that future cyber threats will come from business interruption (BI), intellectual property theft and cyber extortion. The impact of BI from a cyber attack, or from operational or technical failure, is a...
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All Things Wildfire
A report in USA Today throws the spotlight on just how many homes in California are vulnerable to wildfire. Data from the U.S. Forest Service cited by USA Today reveals that one-third of homes in California are located in areas prone to wildfires. Apparently the Forest Service’s report estimates that 4.5 million homes in California...
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Women Good for Insurance
We spend a lot of time explaining why insurance is good for individuals, society and the economy as a whole, but a new report reverses that equation. It focuses on the current and anticipated impact of women on the global insurance market. Conducted by the International Financial Corporation (IFC), AXA and Accenture, the report estimates...
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Predictions for work comp; how am I doing?
Way back in January I posted my 10 predictions for work comp in 2015. Usually I do a mid-year review how things are going; it was such a busy summer I haven’t had time till now. So, here we go… 1. Aetna will NOT be able to sell the Coventry work comp services division. In...
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Spreading Awareness of Insurance to Small Businesses
A couple of new studies appear to shed light on the continuing need to communicate the importance of insurance for small business owners. First, a Nationwide-sponsored survey found that 66 percent of small businesses do not have business interruption insurance (hat tip to Insurance Journal for its report here). This is despite the fact that...
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