Volunteers at special events can create risks – and insurance headaches – for non-profit event organizers. And as we head into the event months of summer, this takes on greater importance for non-profits.
This is where non-profit insurers come in – to help mitigate the risks created by having well-meaning, but untrained, amateurs in charge of potentially risky situations.
Today’s insurers want to be there for their customers—literally.
With sensors of various kinds in policyholders’ cars, homes and personal devices, “exposure data tracking” is rapidly becoming a competitive imperative in personal lines underwriting and rating
That was the message from two speakers on technological changes at the 2017 Ratemaking and Product Management Workshop of the Casualty Actuarial Society (CAS), March 28 in San Diego.
Vehicle sensors that plug into car portals don’t just track speed, braking and turning, said Sheri Scott, a principal and consulting actuary with Milliman. “They can even determine what kind of traffic and weather you’re driving in,” she said.
With access to such extensive data in real time, auto insurers can now monitor the risk posed by a vehicle without relying on information provided by applicants and insureds about their driving habits, territory and garaging.
Since Title VII of the Civil Rights Act of 1964 passed, the issue of employees' rights continues to be controversial. Employers involved in interstate commerce are prohibited from discriminating against applicants.
Understanding How Fast Lawsuit Risks Are Increasing
As more laws are enacted for workplaces, employers face a higher risk of lawsuits. The likelihood of discrimination lawsuits is especially high. In order to minimize this risk, employers need to create a workplace that offers workers equal rights, opportunities, job access, working conditions, job security and opportunities for advancement. They must also strive to create a workplace that is in compliance with federal employment guidelines for mature and disabled workers. During the time period between 1992 and 2004, the number of individual discrimination charges jumped from 72,302 to 79,432 annually. These figures, which were collected by the Equal Employment Opportunity Commission, include all types of discrimination filings.
The 2010 Wal-Mart Example
Claims of workplace discrimination hit a record high in 2010. The total number of claims was 99,922 during the fiscal year...
A friend of mine asked me the other day if the cyber-risk threat was a bit of flimflam designed to sell more insurance policies. When I asked him to expand on that most interesting comment he proceeded to compare cyber-risk to the Red Scare of the 1950s when families scrambled to build bomb shelters to protect them from a war that never came. The only ones who got rich back then were the contractors, he proudly concluded.
I found his question incredulous given the world we live in, not to mention his peculiar analogy. But realizing he didn’t work in the commerce stream, per se, quelled my impulse to slap him around.
So I shared with him some statistics that sobered him up quickly. I explained that cyber-crime costs the global economy over $400 billion per year, according to estimates by the Center for Strategic and International Studies; and each year over 3,000 companies in the U.S. have their systems compromised by criminals. IBM reports more than 91 million security events per year. Worse yet,