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Trench Safety Stand-down Week is June 19-23

 Trench Safety Stand-down Week is June 19-23 1024 534 Dominion Risk

Trench Safety Stand-down (TSSD) Week is scheduled for June 19-23, 2023. Each year, the National Utility Contractors Association (NUCA) holds this event to encourage employers to talk to their employees about trench safety and reinforce the importance of utilizing protective systems (e.g., sloping, shoring and shielding) to safeguard workers from trenching and excavation hazards. The event coincides with Trench Safety Month, which takes place throughout the month of June. This article provides more information on…

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auto insurance

Property and Casualty Industry Posts Largest Q1 Underwriting Loss on Record

 Property and Casualty Industry Posts Largest Q1 Underwriting Loss on Record 1024 535 Dominion Risk

U.S. property and casualty (P&C) insurers suffered a $7.34 billion net underwriting loss in the first quarter of 2023, driven primarily by some of the worst personal lines results in recent memory, according to a new analysis from S&P Global. The underwriting loss—the industry’s “first and largest” loss in 12 years—and a combined ratio of 102.2% marked a big swing from the first quarter of 2022 when the P&C insurance industry achieved a net underwriting…

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damaged property

Insurance Industry Paper Warns of the Hardest Property Market In a Generation

 Insurance Industry Paper Warns of the Hardest Property Market In a Generation 1024 536 Dominion Risk

Insurance buyers face the hardest property insurance market in a generation, with historic inflation and skyrocketing natural disaster losses causing “significant pressure,” according to a new report from the American Property Casualty Insurance Association (APCIA). “The U.S. property casualty insurance industry is facing significant pressure from rising economic inflation, legal system abuse, supply chain constraints, increasing catastrophic weather driving up losses, and historic cost increases for reinsurance and other forms of capital,” said Karen Collins,…

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Property Market update

 Property Market update 1024 536 Dominion Risk

Recent events have changed the trajectory of the E&S marketplace, especially for catastrophe-exposed property accounts. While it looked as though 2023 would bring a deceleration of rate increases, factors including CAT weather events, inflation, valuations, and reinsurance renewals have changed this path and we find ourselves in a continued hard property market for the foreseeable future. 2023 Catastrophic Property Events Whether you blame climate change or bad luck, catastrophic weather events have played a major…

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inside of a warehouse

Tips to Limit Supply Chain Exposure

 Tips to Limit Supply Chain Exposure 1024 538 Dominion Risk

In recent years, factors such as the COVID-19 pandemic, labor shortages, natural disasters, and production issues have contributed to supply chain disruptions worldwide, impacting high-end consumer products as well as basic commodities, such as generic drugs and energy. Below are some suggestions for how businesses can limit their exposure to supply chain disruptions: Diversify supplier base. Using a single supplier can disrupt a business’s entire supply chain should an issue arise. Having a diverse supplier base…

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private property sign

Protecting Vacant Property

 Protecting Vacant Property 1024 535 Dominion Risk

In a time when layoffs and foreclosures are widespread, your firm may be forced to manage vacant property. The insurance risks and liabilities associated with owning unoccupied property can be extensive. To ensure you are adequately protected, it is important to know the risks you confront. In addition to purchasing comprehensive insurance coverage, there are numerous preventive strategies for maintaining vacant property to reduce risk and liability. Potential Risks There are a host of risks…

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