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Articles by Erich Bublitz
NYC's largest cab insurer ordered to explore sale
Taxis outside Penn Station in New York City on Thurs., Sept. 5, 2024. (Credit: Photographer: Yuki Iwamura/Bloomberg) (Bloomberg) — New York's insurance regulator ordered American Transit Insurance Co. to immediately find capital and explore a sale in a damning report laying out its severe financial condition.
Nuclear verdicts and the importance of E&S insurance
Public opinion has turned on large corporations but it does not mean that small and medium businesses are immune to social inflation. (Photo: andranik123/Adobe Stock) A July 9, 2024, Wall Street Journal article examined so-called "nuclear" jury verdicts and how this is fueled, in part, by juries' perception of plaintiffs as the little guys, or the 99% and corporations and insurance companies as the 1% who can and should pay the hefty settlements awarded by the jury.
Why Litigation Financing Should Be Driving the Industry Toward E&S Coverage to Buffer the Blows of Social Inflation
When medical device, pharmaceutical and other life science companies consider their liabilities, concerns over product safety, potential recalls or contamination and the potential for patient injury are front and center. Encompassing basically everything the FDA regulates save for food and tobacco, life sciences products can include everything from drugs that are in clinical trials to medical devices.
3 Progressive Housing Initiatives That Could Prompt a Greater Need for E&S Market Solutions - Risk & Insurance
The $1 trillion Infrastructure and Jobs enacted in 2021 has pumped billions of dollars into communities so that they can invest in building roads, bridges and improving power systems. Now as those projects are getting underway, they’ll need support from surety bonds. These financial tools help ensure that projects are completed on time. A contractor purchases a bond and the surety partner agrees to meet the obligations of a given project if something happens and they’re unable to finish the job.
5 E&S Trends to Watch in 2023
Topics: Excess/Surplus | Risk Insider The E&S market has weathered quite a few storms in the past few years, from the COVID-19 pandemic to supply chain issues to cataclysmic climate events. Because of these complex risks, the need for E&S insurance has grown dramatically. According to the U.S. Surplus Lines Service and Stamping Offices, E&S premiums exceeded $31 billion in just the first half of 2022. Experts predict that the growth will continue well into 2023.
When It Comes to E&S Underwriting, Data May Be a King, But the Human Touch Is the Queen
Topics: Excess/Surplus | Insurance Industry | Insurtech | Risk Insider Digital technology has been used in the insurance industry for years to increase speed, efficiency and accuracy throughout the insurance process. Technology also allows carriers to utilize data to carry business functions that range from predictive underwriting policy quotes to customer relations to improved internal processes.
Climate Change Risks: How the E&S Market Is Closing the Natural Disaster Coverage Gap
A lack of labor in any industry has many implications, from decreases in productivity to increases in workers’ compensation claims. For the construction industry, a labor shortage can contribute to delays in project completion, issues with quality control, increased builder’s risk costs and more. “Labor is a significant issue in today’s industry,” said David DeSilva, Head of Construction for The Hartford’s Middle & Large Commercial.
AmTrust's Erich Bublitz Shares Why Inflation May Be Driving Greater Interest Toward the E&S Insurance Market
If your client operates in a highly specialized business or has particular needs that are often difficult to find affordable coverage within the traditional insurance market, it’s vital that you partner with a specialty insurance provider. This will enable your customers to secure the appropriate cover and limits required to protect them and mitigate against their specific risks.
Insurance, Looking to Bolster Your Talent Pool? Don't Forget to Prioritize Company Culture
There are a host of different factors that captive insurance companies need to take into account when deciding on where to be domiciled. They need to look at the regulatory environment; capitalization, taxation and fees; the local captive community; and the implications of being onshore or offshore. But what is often most overlooked is the importance of the use and quality of regulatory examinations.
Small Business Owners: How Aware Are You of the Advantages of Excess and Surplus Insurance?
The cyber insurance landscape is changing every day as more technology is introduced and information is stored by digital means. Innovation and growth abound. But just as quickly as cyber-enabled technology and devices hit the market, so too do malicious actors — hackers who are more than happy to encrypt a file, hold data for ransom or demand bitcoin payment over threats of extortion. Businesses big and small have to be on the lookout for solutions to protect against unwanted cyber threats.
Employee Retention Has Never Been More Crucial - or More Difficult. Ways the E&S Sector Can Proceed
When a building suffers water damage, many would think a heavy rain or hurricane was the primary cause. But not all water damage is due to major storms. In fact, about 75% of all real estate water damage losses are caused by the accidental discharge of plumbing, HVAC systems and appliances, the Hartford reports. These losses aren’t just limited to claims for structural damage. Loss of income, the expense to rebuild and the cost of relocating residents during any building repairs can all add up.
How Unrelenting Litigation Funding, Social Inflation and Other Trends Affect E&S Markets
This injured worker recovery story sheds light on the benefits of having a specialized wound care program designed by a dedicated and knowledgeable team. Meeting the needs of a patient with chronic or acute wounds requires care beyond convention, including a multidisciplinary approach, specialized treatment, and comprehensive surgical and non-surgical interventions.
Knowing Where to Tap the Hammer: The Value of the Wholesale Broker Model
With an ever-aging population and labor gap, the home health care market is fraught with challenge, but utilizing the right people and technology will give way to opportunity. The home health care industry is set to undergo exponential growth over the next decade. Accounting for a range of medical services provided at home for an injury or illness, the market is expected to peak at almost $150 billion by 2028, growing from a base of $85 billion in 2020.
Dark Clouds Forming; Data Security Hurricanes Ahead For Cyber Insurers
Data security and privacy (cyber liability) insurance has become one of the hottest topics for the insurance industry and an area of growth for an industry emerging from a soft market. While data and privacy breaches continue to make big headlines, related insurance losses have generally been favorable, and carriers have been placing an increasing amount of cyber liability coverage.
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