Cyber risks are skyrocketing. A recent IBM breach report revealed that 83% of organizations experienced more than one data breach in 2022. The severity of the situation continues to be evident in 2023 with the public disclosure of at least 310 cyber incidents in the first quarter of the year alone.

Flooding continues to be one of the most significant risks property owners face. According to the National Flood Insurance Program (NFIP), 90% of all U.S. natural disasters involve flooding (source 1). Many people assume that only those who live in coastal areas or near bodies of water are vulnerable to flooding, but that’s not actually the case. In fact, 98% of counties in the United States have been impacted by flooding at some point (source 2).

While the summer sun is shining, only remnants of California’s three-year drought remain after a winter of massive storms. As of early April, the U.S. Drought Monitor reported that areas of drought covered less than 9% of the Golden State, a sharp fall from more than 99% as of October 1, 2022. Into May, the state remained roughly 92% drought-free after months of rain and snow. California’s winter was marked by multiple atmospheric rivers that dumped vast amounts of rain and blanketed mountains with an extraordinary level of snowpack. According to the National Oceanic and Atmospheric Administration (NOAA), there is a 50% - 60% chance weather in central and Northern California will be wetter than usual.

The use of Artificial Intelligence (AI) by law firms has recently become a hot topic of discussion. Definitive answers regarding the appropriateness of its use remain elusive. While technology evolves quickly and the conversation may change over time, it’s important to consider the potential issues around the use of generative AI. Currently, discussion with various law firms indicate that many firms are working to develop internal policies regarding the use of AI. Some have shared that they’re trying to get out ahead of the issue even as many lawyers are likely already utilizing AI. If so, policies are likely needed in relatively short order.

As the U.S. embarks on a nationwide infrastructure upgrade, a challenging casualty insurance market may make for
a bumpy road. Millions of miles of roads as well as thousands of bridges and dams need repair across the country. A massive federal program aimed at addressing those needs is getting underway even as contractors face shortages of skilled labor and tight material supplies following the pandemic-related supply chain logjams. Social inflation is also generating other roadblocks as liability verdicts soar into the tens of millions of dollars. In the current legal environment, insurers have been pulling back on casualty coverage for public works projects, particularly those involving streets and roads, to limit their own exposure. As placements become more complex, experienced wholesale brokers with strong market relationships can be an invaluable ally for meeting insureds’ casualty insurance needs.

The REDY Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data-driven expectations with their clients. Removing the guesswork empowers CRC team members to negotiate competitively, consistently producing better outcomes, better deliverables, and better results.

The REDY Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides
critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data-driven expectations with their clients. Removing the guesswork empowers CRC team members to negotiate competitively, consistently producing better outcomes, better deliverables, and better results.

The REDY Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data-driven expectations with their clients. Removing the guesswork empowers CRC team members to negotiate competitively, consistently producing better outcomes, better deliverables, and better results.

The REDY Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data-driven expectations with their clients. Removing the guesswork empowers CRC team members to negotiate competitively, consistently producing better outcomes, better deliverables, and better results.

Turmoil in the property market, higher interest rates, and a slowing economy are complicating the Builder’s Risk market. Capacity is available but with higher deductibles and stronger risk mitigation requirements. Increasingly complex placements require skilled brokers with strong market relationships to get the job done.

In the summer of 2014, a near-perfect copy of Action Comics No.1, the first comic book featuring Superman in 1938, was listed for auction on eBay. Bidding began at less than $1. Within 2 hours, it had skyrocketed to $1.6 million. The comic ultimately sold for more than $3.2 million, making it the most expensive comic ever sold at the time. This is a prime example of how collectibles like comic books, sports memorabilia, fine art, or other items can become more valuable over time. Collectibles can also be rich in nostalgia, history, and memories, making them priceless to an owner (source 6). Once a collection becomes valuable, it’s wise to see that it’s adequately insured.

Technology impacts every aspect of our lives. From social media to biometrics or artificial intelligence, the world is changing at an astounding rate. Generally, technology makes life easier. It creates efficiency and enhances the ability to connect with others. However, technology also generates new risks, especially when companies deploy technology without fully considering the possible consequences, disadvantages, or how it may interact with the law.

The trucking industry has experienced a volatile cycle over the past few years, and it continues to grapple with the COVID pandemic's economic fallout and driver shortages. In 2022, the trucking sector saw a shortage of just over 78,000 drivers, down only slightly from 2021’s shortage of 81,000 drivers (source 1). Controlling losses remains a big challenge for the trucking industry, especially as the need for drivers grows. According to the American Trucking Association, the trucking industry is likely to see a record deficit of 160,000 drivers by 2030 (source 5).

Many private companies, especially early-stage startups, are struggling to find funding, and often, those that do are experiencing “down rounds.” In a down round, a company typically sells larger stakes to new investors at the same cost or less than what earlier investors paid, driving down the company’s valuation and diluting shareholder values in the process. Down rounds pose multiple risks, from reduced capital support, to shrinking confidence among investors and employees, as well as greater exposure to Directors and Officers (D&O) liability.

When it comes to cyber and professional liability exposures, law firms can’t afford to assume that a professional liability policy is enough to cover all the bases. It’s important to utilize the right coverage needed to address different areas of risk. However, despite growing cyberattacks, many law firms still don’t carry cyber insurance or wrongly assume that their first line of defense against cyber and phishing losses is their Lawyers Professional Liability (LPL) policy.