Looking for new hires for your agency this year? Why not get a jump start in February, the 4th Annual Insurance Careers month? We offer a variety of resources to help you make the most of the month, including a great video from the Insurance Information Institute on working in the insurance industry that would be great to share on your agency's social media.
The National Flood Insurance Program’s (NFIP) goal to double the amount of homes insured for flood by 2023 has been characterized as a "moonshot" goal that will require private flood insurance to supplement the coverage available from NFIP. The expansion of the private market recently got a boost when regulators issued new federal rules for private flood insurance, making private options more acceptable to lenders.
If you have Massachusetts clients who engage in short term rentals of their property, be aware that there are new regulations that will affect them. A new law aimed at rental property arrangements, such as Airbnb, will impose a 5.7% hotel room tax to short term rentals and require short-term rentals to be registered with the state. The law also allows for cities and towns to add local taxes above and beyond that. In addition, people who rent out their property must also obtain $1 million in liability insurance.
One of the common reactions that people have about being replaced by robots is that "a robot couldn't do my job." But, indeed, millions of dollars in insurtech startups are betting on the idea that machines powered by artificial intelligence can indeed automate much of the insurance process, making things faster, easier and cheaper for both the insurer and the buyer. All well and good in terms of issuing a basic quote, but can machines deliver on more complex service?
The issue of private or "concierge" insurance has surfaced in the insurance-related coverage related the recent devastating fires in California. Articles with provocative headlines like Rich People Pay for Private Firefighters While the Rest of Us Burn (Motherboard) and Another Way the Rich Are Different (L.A.Times) talk about how mega rich celebrities like Kim Kardashian and Kanye West have private forces protecting their property from the fires.