On April 23, 2024, the U.S. Department of Labor (DOL) announced a final rule to amend current requirements employees in white-collar occupations must satisfy to qualify for an overtime exemption under the Fair Labor Standards Act (FLSA). The final rule will take effect on July 1, 2024. Increased Salary Level The FLSA white-collar exemptions apply to individuals in executive, administrative, professional, and some outside sales and computer-related occupations. Some highly compensated employees may also qualify…

Amid challenging market conditions, most EPL insurance policyholders have experienced ongoing rate jumps, underwriting scrutiny and limited capacity over the last several years. The immensity of such premium increases and coverage limitations varied based on sector, location, potential exposures and prior losses. Additionally, retention increases became the norm across the segment, with further pressure on primary retention. Fortunately, these conditions have slightly cooled in the past 12 months, allowing for rate deceleration. According to industry…

Throughout the past five years, the D&O insurance segment has been characterized by frequent and abrupt changes, largely brought on by technological advancements and evolving cyber risks; environmental, social and governance (ESG) developments; and litigation shifts. According to industry data, the majority (between 75% and 96%) of publicly traded companies experienced ongoing rate increases from 2018-21; yet, by the first quarter of 2022, only about one-third (34%) of such policyholders encountered rising premiums. This market…

Over the last couple of years, evolving technology, increased threat vectors and growing attacker sophistication have driven up the frequency and severity of cyber incidents, causing a rise in cyber insurance claims and subsequent underwriting losses. As a result of this volatile risk environment, most policyholders have faced continued premium hikes. Specifically, industry data found that average cyber insurance rate increases peaked at 34% in the fourth quarter of 2021 and remained in double digits…

The insurance industry and policy-holders have often under-valued the cost of repairing and rebuilding commercial property and structures. The property insurance market has become distressed over the past few years due to the combination of valuation problems, construction inflation, and increased weather-related losses. That has driven insurance companies to ask more thorough underwriting questions, use new technology, and push clients to increase their property values. What does this mean to you? Insurance companies will be…

Prolonged market stability, strong reserves and profitable underwriting results have generated favorable conditions across the workers’ compensation insurance segment for nearly a decade, paving the way for flat premiums or moderate rate decreases for most policyholders. According to the National Council on Compensation Insurance (NCCI), the segment produced a combined ratio of 87 in 2022, demonstrating continued profitability and representing the ninth consecutive year in which the ratio fell under 100. Nevertheless, it’s worth noting…