Category: Property & Casualty

Affordable Housing’s Economic Impact

The economic impact of affordable housing at the local level is significant. In fact, the development of affordable housing in communities has many short- and long-term economic benefits. This industry combines the investment potential of real estate development with the mission of helping low- and moderate-income individuals and families, while impacting the local economy through job creation and increased government revenue.

 Impact on Employment

One of the primary ways affordable housing positively impacts the economy is through direct and indirect job creation. In Virginia alone, it is estimated that from 1996-2016 266,135 short-term jobs and 10,245 long-term jobs were created due to affordable housing development, according to a report from the Virginia Housing Alliance. Another study released earlier this year, concluded that a total of 329,000 jobs were supported throughout New York State between 2011 and 2015 due to the construction or preservation of affordable housing units. 

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Run-off Insurance A Necessity in Today's Market

Today’s merger and acquisition (M&A) landscape is hyper active. In 2016 alone, there were more than 12,000 M&A deals in the U.S. These opportunities often create significant financial opportunity for the purchasing and selling entities. Alternatively, during the same period corporate bankruptcies totaled over 46,000, revealing that many companies are facing significant difficulties.

Both M&A events and bankruptcies typically lead to significant changes in a company’s corporate structure, which in turn impacts the exposures faced by its directors and officers (D&O), and their respective insurers. So, how does a D&O policy respond to changes in the structure of a business? When should management consider run-off insurance for ongoing protection?  

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OSHA Electronic Reporting Delay

The OSHA electronic reporting rule requires certain establishments to report information electronically from their OSHA Forms 300, 300A and 301. The rule also requires OSHA to create a website that can be used to submit the required information. Under the rule, the first reports were due by July 1, 2017. 

However, on a recent update to its recordkeeping webpage, OSHA indicated that the Injury Tracking Application (ITA) website will not be ready to receive electronic workplace injury and illness reports until Aug. 1, 2017, and has proposed Dec. 1, 2017, as the new deadline.  

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Cyber Risk: What Is Your Company Doing About It?

Businesses of every size and in nearly every industry are facing increasing cyber risk. Cyber threats that seemed far-fetched for many companies only a few years ago are very real today – as evidenced by the recent WannaCry ransomware attack that spread to over 150 countries last month. Results from the 2017 Cyber Risk Survey indicate that many businesses are not adequately protected and lack the knowledge and resources to prepare for, or respond to, a cyber-related incident.  

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Property & Casualty Market Outlook 2017

Property and Casualty (P&C) insurance tends to be one of the most important items that businesses review on an annual basis. At Scott, our clients often ask us to predict how their insurance costs will change each year. While no two businesses are exactly alike and many factors go into the pricing of insurance policies, we can make a number of predictions based on the current state of the insurance market.  

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