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The challenges of cyber coverage for property insurers

As digital technologies have come to play a bigger and bigger role in our lives, cyber attacks having been growing in their scope, prevalence and variety. This creates many new pressures and challenges. This includes challenges for property insurers.

Cyber coverage is among the coverage such insurers may provide businesses and other policyholders. Given the damage cyber attacks can cause, claims related to such coverage could get quite high. So, what happens with the cyber insurance policies they provide can have major impacts on the financial situation of property insurance companies.

What vehicles see the least seat belt use here in Louisiana?

Traffic accidents can involve a wide variety of motor vehicles. Different types of vehicles vary in the types of issues that could be likely to come up in accidents involving them. For example, here in Louisiana, it appears there is a fair amount of variation in how likely seat belt use is among different vehicles.

Recently, the Louisiana Highway Safety Commission did a study on seat belt use in the state. Among the things the study looked at was the rate of driver and front passenger seat belt use in cars, SUVs, pickup trucks and vans. The study found pickup trucks to have the lowest rate among these four vehicle types. Here are the driver/front-passenger seat belt use rates that the study determined:

Home risks, insurance rates and insurance laws differ from area to area

Different locations differ in a wide range of ways. This includes ways that can have big implications when it comes to homeowners’ insurance.

For one, locations vary in what risks homes in them are likely to face. For example, some areas may have a higher likelihood of seeing major natural disasters. Other areas may see higher crime or theft rates.

How common is it for businesses to experience cyber attacks?

Cyber attacks can cause all manner of havoc for a business. A recent survey points to it being very common for businesses to find themselves the victims of such attacks these days. It suggests that over half of U.S. companies have been subjected to such an attack in the past year.

The survey was of over 400 executives from businesses from across the United States. The responses of these executives indicated that around 53 percent of U.S. companies were the victim of a cyber attack within the past year. According to the responses, some of the most common kinds of attacks such companies were subjected to were malware and viruses.

The rise of humor in insurance company branding

There are a variety of things that can have an impact on an insurer’s brand. This includes what an insurer does in its advertising.

Insurance advertising has seen a pretty big shift over the past few decades. Previously, the TV advertising of insurance companies was generally focused on having a solemn and reassuring tone. However, this started to change around the turn of the millennium. Humor started to enter such advertising in a significant way. This move away from the solemn ads of the past has continued, with humor being an incredibly common element in today’s insurance TV commercials.

Auto insurers can face mileage-related lies

Unfortunately, auto insurers can’t always count on people being honest with them. There are a variety of policyholder lies such companies could be exposed to. Among the things that could tempt a policyholder to be dishonest with their insurer is the prospect of gaining some sort of financial advantage by lying.

For example, a person might be tempted to be dishonest in an auto insurance claim they filed to try to increase the likelihood of the claim being approved or increase the amount of the claim.

Louisiana’s auto insurance rates among nation’s highest

Local conditions in a state can have impacts on many things, including auto insurance.

Variation in conditions among the states is among the things that make it so auto insurance rates can differ quite a bit between states. There are a variety of factors within a state that can have impacts on auto insurance premium levels.

Big gap developing in commercial insurance customer satisfaction

Among the things that have major impacts for an insurance company is how happy customers are with their experience with the company. An insurer’s customer satisfaction levels could affect its abilities to keep current customers. Such levels could also impact an insurer’s likelihood of attracting new customers.

A recent study looked at customer satisfaction in the field of commercial insurance. Specifically, it looked at how satisfied small businesses were with their commercial insurers.

Summer and theft crime claims

One thing homeowners insurance companies can see a lot of during the summer months are insurance claims related to theft. Experts point to theft claims being at rather high levels during the summer. And statistics indicate that we are entering what is traditionally the most theft-claim-heavy time of this season.

The statistics are from Travelers Insurance, and they regard which months see the most theft -related claims. They indicate that the month we just left, July, sees the second highest total of such claims. What month holds the highest total? The month that just started, August.

Weather-related payouts hit high levels in 2017’s first half

Severe storms can cause a great deal of damage. For example, hail and wind from such storms can end up significantly damaging homes, businesses and motor vehicles. The damage from severe weather can have big financial implications for many parties.

This includes insurance companies. This is because such companies can receive significant claims (such as large auto insurance or property insurance claims) from policyholders in connection to severe weather damage. An insurer’s overall financial situation following a storm can be greatly impacted by what ends up happening with such claims. So, ensuring the handling of storm-related claims and any disputes or problems connected to them is done properly can be important for an insurance company.

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CAFFERY, OUBRE, CAMPBELL & GARRISON, L.L.P.

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Lafayette, LA, 70501
Phone: 337-446-2442
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