Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: Impact of extreme weather, earthquakes in Puerto Rico, new overtime rules.
Gauging the impact of extreme weather
In 2018, extreme weather had a devastating impact on certain states – primarily driven by increasing severity, rather than frequency, of catastrophic events. George Hosfield, in his article for Insurance Thought Leadership, Grasping the Perils of Extreme Weather, writes about some of the highlights from the latest LexisNexis Risk Solutions Home Trends Report and covers challenges home insurance carriers face in managing by-peril risks.
Puerto Rico hit by earthquakes
Still reeling from devastation wrought by hurricanes over the past few years, Puerto Rico was hit by successive earthquakes this week, one of them the strongest in a century. The island commonwealth’s governor and financial oversight board approved use of emergency fund to provide assistance for residents as they wait for anticipated federal disaster relief funds. Read more in the Property Casualty 360 article, Earthquakes strike Puerto Rico, emergency funds released, by Michelle Kaske and Jonathan Levin.
Overtime rules change raises potential wage claims
Excerpted from Andrew Simpson’s Insurance Journal article, Employers Warned of Potential Wage-and-Hour Claims Under New Overtime Rule: Time is running out for employers to familiarize themselves with new federal rules on overtime pay. Starting January 1, the threshold for who is entitled to overtime pay — and who is not — changes. It’s the first change since 2004. Failure to properly implement the new regulations could expose employers to wage-and-hour type claims under the Fair Labor Standards Act (FLSA). For some employers, that could mean employment practices liability insurance claims.
Drivers urged to be patient for new rates
Excerpted from No-fault auto insurance: Michigan drivers won’t learn savings until spring or summer, by JC Reindl for the Detroit Free Press: Michigan drivers will have to wait until late spring or even summer to find out how much money they might save under the state’s revamped no-fault auto insurance system, which starts in July. The auto insurance industry has not made any across-the-board predictions for what will happen to drivers’ premiums once the new system begins. That is because of the multitude of factors that can determine an individual’s insurance rate, such as geographic location, vehicle type and history of filing claims and paying everyday bills on time.
Include insurance in your New Year’s resolutions
The start of a new year always brings a slew of resolutions: lose weight, get healthier. Many people also include improving their financial health. You as an insurer can help your policyholders make positive resolutions to achieve big things for 2020. Here are just a few ideas to get you started:
5 New Year’s resolutions you can achieve with life insurance, by Colin Lalley for Policy Genius
New Year’s Resolutions for Homeowners, from Heritage Insurance
Our Top New Year’s Resolutions for Insurance, by Laura Adams for HuffPost
Don’t forget to make a few professional resolutions for yourself: New Year’s Resolutions for Risk, Insurance and Claims Professionals on Riskonnect.com