Small businesses—which can include PIA members—are tempting targets for cyber crooks. They are just as vulnerable to data breaches as big companies, but they have fewer defenses. Members who have walked clients through the cyber claim process or who have been hacked...
Coastal insurance market update–2023
We have all seen on the news the of the intense hurricanes hitting Florida, the big Texas freeze in February of 2021 and most recently “island towns” forming in California due to runoff from the large amount of rain. The claims resulting from catastrophes are known as...
Hardbit ransomware attempts to acquire insurance information
Hardbit ransomware emerged in October of 2022 and by November, version 2.0 already had evolved. What’s important to know about Hardbit ransomware is that it attempts to broker ransom payments through its victim’s cyber insurance policies. What is the threat? According...
How to best prepare for the next pandemic
COVID-19 is not the first communicable disease to reveal just how susceptible the world still is to severe impact from germs. Modern medicine had seemingly veiled society from diseases like polio, tuberculosis, and influenza. However, even today we see outbreaks of...
N.Y.: Do you know what a hurricane is (for insurance purposes)?
In Formula 1 racing, rain changes the tenor of the race. The normally slick tires do not have the grip to handle a wet track, slowing the cars and amplifying the skills of the actual driver compared to other races. And if a race has even a threat of rain, it is...
Escalating reinsurance renewals
Reinsurance refers to the system in which an insurer moves all or some of a risk to another insurer to give protection in case of risks on the first insurance. In the last few years, reinsurance firms have proven themselves as essential in steering the direction of...
Economic momentum in U.S. auto, home, and business insurance
According to the Insurance Information Institute, the insurance industry is seeing more economic momentum in U.S. auto, home, and business insurance than the entire U.S. economy. Mortgages and other personal loans will cost less, allowing for economic development in...
Flexible schedules, not flexible rules
Well, that was weird. The COVID-19 pandemic certainly has changed the way we work. While employees are returning to the office after two years of remote working, not everything is returning to normal. Many employers are adopting hybrid-working schedules, which allow...
Don’t let your clients do it alone—quick action leads to better restoration
Disasters from water, fire, smoke or mold can occur at any time. These types of disasters are not only stressful for property owners, but costly. Common restoration and mitigation timelines and repair estimates can increase drastically when unexpected asbestos...
An explanation multi-factor authentication
Multi-factor authentication is a method of authenticating users on an information system and requires them to go through multiple steps to access that information system. Commonly, this is accomplished through a combination of a username and password, followed by a...