Courtesy of iii.org I came across this from Swiss Re around 2 a.m., which helps explain why it caught my (sleepy) eye: Consider these two facts: Firstly, two out of three man-made losses worldwide are due to human failure. Based on Swiss Re’s sigma research, this would mean that people trigger a loss volume of around USD 3 billion per year. Secondly, life insurance generated premiums of USD 2.6 trillion in 2017. These two facts are linked because tired people make more errors and insomniacs are at a greater risk of dying earlier than would otherwise be the case. That’s right – the insurance angle on sleep. The lack of sleep is associated with increased rates of heart attacks, strokes, obesity and other diseases. Sleeping less can also contribute to the development of Alzheimer’s. And recent research found that chronic sleep restriction increases risk seeking behaviour. If these trends change the loss patterns in property and casualty or mortality rates, this could have a …
Insurance
More Education About Cyberrisks
Courtesy of iii.org A lawyer once warned me during a seminar that I should never, ever send an email – ever. “Get on a phone instead,” he counseled. (I assume he hadn’t watched The Wire.) Impossible to follow as his advice was, it stuck with me because he was right, in a way. If there’s anything we should’ve learned after all the data breaches these past few years, it’s that nothing about our online lives is safe from prying eyes. Not Social Security numbers. Not medical records. And definitely not our social media activity. People know the risks. The good news is that many American consumers are aware that their connected lives are incredibly vulnerable. According to a recent Insurance Information Institute and J.D. Power 2018 Consumer Cyber Insurance and Security Spotlight SurveySM, almost seven out of 10 connected technology owners (69 percent) are not comfortable sharing personal information on social media such as Facebook and Instagram. But behavior is slow to change. …
Boating Insurance Checkup
Courtesy of iii.org Insurance can provide limited coverage for property damage for small boats such as canoes and small sail boats or small power boats with less than 25 mile per hour horse power under a homeowners or renters insurance policy. Coverage is usually about $1,000 or 10 percent of the home's insured value and generally includes the boat, motor and trailer combined. Liability coverage is typically not includedbut it can be added as an endorsement to a homeowners policy. Check with your insurance representative to find out if your boat is covered and what the limits are. Larger and faster boats such as yachts, and personal watercraft such as jet skis and wave runners require a separate boat insurance policy. The size, type and value of the craft and the water in which you use it factor into how much you will pay for insurance coverage. For physical loss or damage, coverage includes the hull, machinery, fittings, furnishings and permanently attached equipment as part …