Harassment Claims in Hollywood
The entertainment industry is facing renewed scrutiny over harassment claims, particularly with regard to intimate scenes that heighten workplace risks. The sector is attempting to establish clearer boundaries to mitigate these risks.
Wildfire Risk Assessment
The devastating California wildfires, with estimated insured losses as high as $50 billion, are driving interest in risk assessment tools. The magnitude of these disasters is expected to broaden the adoption of risk management technology to mitigate wildfire risk.
Workers’ Compensation Trends
A new law in New York allows workers to file claims for mental injuries related to ‘extraordinary work-related stress.’ Experts predict a surge in claim filings and litigation. In contrast, the market for kidnap, ransom, and extortion coverage remains stable despite increased geopolitical tension.
Emerging Risks in Insurance
The insurance industry is navigating various emerging risks, including cyber risks in mergers and acquisitions. Experts emphasize the importance of leveraging insurance to mitigate these risks. Helicopter insurance costs are rising due to high-profile accidents and substantial liability settlements.
Industry Perspectives
- Kristen Peed, chief risk officer at Sequoia Benefits and Insurance Services LLC, highlights the importance of risk management in her role as president of the Risk & Insurance Management Society Inc.
- The North Carolina Supreme Court ruled that businesses without virus exclusions in their property insurance policies are entitled to coverage for COVID-19-related business interruption losses.
- Diversity, equity, and inclusion programs remain a contentious topic as companies balance various needs.
Market Updates
- The inland marine coverage market remains stable, with some policyholders seeing slight rate decreases.
- Broker M&As continue, although at a slower pace than previously.
- Gender restrictions clash with EEOC rules, with transgender workers remaining protected under Title VII of the Civil Rights Act of 1964.
