LexisNexis Risk Solutions

December 7, 2018

Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week, we’ve compiled some valuable information on severe weather and events to share with your policyholders to help them prepare for the holiday season.

Watching Out for Porch Pirates

The holidays seem to present more risk every year. From car accidents on the icy roads to cooking fires, to decorating injuries and theft, this is the perfect time to remind your insureds to be extra vigilant. U.S. consumers are expected to spend $123.4 billion in online purchases during the 2018 holiday season, and that leaves homeowners open to package theft by ‘Porch Pirates’. Jayleen Heft provides some helpful tips to share with your insureds in her PropertyCasualty360 article, Porch pirates, decoration vandals and other holiday hazards, oh my!

When it Comes to Teen Drivers, Bigger May be Better

Getting your first car is a rite of passage for many teenagers. Parents, worried about higher insurance costs and novice driving skills, will typically buy their teens older, cheaper used vehicles. But, these older cars lack safety essentials like electronic stability control, and they’re usually smaller and offer less protection in a crash. When it comes to icy winter weather, the new “common knowledge’ may be to get teen drivers a newer, larger vehicle. Jessica Cicchino, in her Insurance Journal article Why Parents Should Buy Bigger, Safer Vehicles, for Teen Drivers, covers new data on the best choices for new drivers.

Even Holiday Parties Have Their Risks

Excerpted from Ana Robic’s PropertyCasualty360 article, Keeping holiday parties merry and bright: The right ambiance can make or break a holiday party, so it’s understandable that clients want to go all-out on decorations. String lights and candles are often popular choices. Yet, poor placement of such lights and candles can quickly cause a fire. The National Fire Prevention Association reports that from 2011-2015, U.S. fire departments responded to an average of 840 home structure fires that began with decorations each year. Of these fires, candles were the leading cause (36%). Additionally, decorations that were too close to a heat source caused two of every five fires (42%). Unsurprisingly, such decoration-related fires peaked in December.

Insurance Commissioner Encourages Insurance Review

The State Corporation Commission’s (SCC) Bureau of Insurance (Virginia) has added a new holiday to-do list item for Virginians to include checking with their insurance agent or company to ensure they have the insurance coverage they need in the event of an illness or mishap. The insurance commissioner encouraged residents to use extra caution to keep homes, vehicles, other belongings and personal information safe during the holidays. Carriers can help their policyholders know how much your their and homeowners insurance will cover if someone steals gifts, decorations or other items from their vehicles, home or yard, and to understand any deductibles or coverage limits that may apply. Read more in the press release on the Augusta Free Press.

Blast from the Past: Give the Gift of Life Insurance

Excerpted from Joe Lucey’s 2012 MarketWatch article, Hot holiday gift: 5 reasons to buy life insurance: Black Friday often creates “must haves,” such as Cabbage Patch Dolls, Beanie Babies, or Tickle Me Elmo. No doubt, this year will prove no different. But as you’re checking your list, and checking it twice, pause for a moment and realize that maybe the greatest gift for your financial health could be missed by an oversight. While often ignored, a life insurance policy should be poised to make a comeback and become a favorite for retirees this holiday season.