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ACIL is pleased to announce the publication of a significant report following our Nationwide Survey on Questionable Practices in Strata Insurance initiated on 20th March 2024. This detailed report compiles insights from a broad spectrum of responses into a clear summary, pinpointing major concerns and outlining ACIL's path forward for advocacy and reform in the strata insurance industries. ACIL is delighted by the strong response to our Strata Insurance survey, with 87 participants exceeding our expectations. This high level of engagement, especially from those within the industry, signals a commendable readiness to confront and rectify the issues plaguing the strata insurance sector. It's particularly encouraging to see significant input from industry insiders, with some of the most revealing insights coming from these individuals, including an anonymous tip-off that brought to light the questionable practices of a previous employer." Key Report Findings: 1. New Revelations: The survey revealed additional concerns, including supply chain ownership conflicts and identified bad actors—five strata managers and five insurance brokers—now under ACIL’s investigation, likely leading to further referrals to ASIC & ACCC. 2. Regulatory Confusion: There's evident confusion among participants about which body properly regulates the industry, underscoring the need for clarity on governance and oversight. 3. Challenges in the Competitive Landscape: Findings indicate a troubling industry environment where ethical conduct is often penalised, and questionable and unlawful practices are incentivised, pointing to a systemic issue that goes beyond individual bad actors. 4. Criticism of the SCA: There is a notable dissatisfaction with the SCA, with some survey respondents calling for significant reforms or even the organisation's complete overhaul, reflecting broader discontent with current industry standards. 5. Broader Industry Concerns: The survey underscores that the issues extend well beyond strata insurance alone, advocating for a more extensive examination of the strata management industry to address a wider range of consumer concerns. 6. Advocacy for Government Inquiry: ACIL emphasises the urgent need for a government-led inquiry to provide clear guidance on disputed practices. Such an initiative is deemed essential for enabling strata managers to operate with greater confidence and for empowering consumers to make well-informed decisions. With the release of this report, ACIL seeks to drive substantial reform, aiming for an industry that upholds the highest standards of integrity and fairness. The document not only highlights the need for change but also proposes a roadmap for ACIL’s continued efforts to safeguard consumer rights and interests nationwide. https://lnkd.in/gEBYHmWc

What the heck is going on with Insurance in California? According to: Insurance News Overview / Press Releases / 2024 Press Releases / Commissioner Lara announces next phase of Sustainable Insurance Strategy to safeguard Californians’ access to insurance. Help is on the way: “Commissioner Lara’s proposed regulation will have major benefits for Californians in the form of: More reliable rates: Insurance consumers will have more stable costs than under current regulations, which have resulted in sudden and steep increases for those at higher risk of wildfire. Greater availability of insurance: Insurance companies will increase their writing because they can better anticipate future losses, rather than making abrupt decisions to non-renew higher-risk policyholders, pause writing, or rapidly increase rates. Stronger oversight: The Department of Insurance will have strong public oversight of modeling, which is already being widely used by insurance companies outside of rate-making and across the nation. The Department will have access to models and build expertise, so California can continue to lead on consumer protection. Safer communities: Catastrophe models can capture efforts taken by federal, state, and local governments, property owners, communities and utility companies to mitigate the exposure of communities to catastrophic events – encouraging and rewarding those efforts.”

The commercial-property insurance landscape is undergoing a notable evolution, marked by a discernible shift toward non-traditional solutions.

The world of insurance can be complex, but one important document you should be familiar with is the certificate of insurance. This little piece of paper proves that you or your business has the necessary insurance coverage in place.

As we navigate the evolving landscape of business insurance in West Virginia, here are some key updates and trends shaping the industry: Regulatory Changes: - Recent updates from the West Virginia Insurance Commissioner are bringing new guidelines to enhance transparency and consumer protection. It’s essential for businesses to stay informed to ensure their insurance policies are compliant and effective. Economic Impact: - With ongoing economic growth and infrastructure developments in West Virginia, commercial insurance rates and coverage options are evolving. As businesses expand, it's crucial to reassess insurance needs to align with new opportunities and associated risks. Workplace Safety Enhancements: - There is an increasing emphasis on workplace safety regulations and best practices. West Virginia is seeing more stringent safety requirements and standards, which impact insurance policies. Businesses should prioritize safety improvements to reduce risks and potentially lower insurance premiums. Emerging Industry Risks: - As industries evolve, new risks are emerging that impact the insurance industry. For example, sectors like manufacturing and energy are facing unique challenges such as supply chain disruptions and regulatory changes. Understanding these industry-specific risks can help businesses tailor their insurance coverage to better manage potential liabilities. At WatchTower, we are committed to helping businesses navigate these changes and secure the best possible coverage. Stay ahead of the curve with tailored insurance solutions designed to meet your unique needs. 🔗 https://lnkd.in/ewNVJM4B

AKUR8 and Georgia Farm Bureau Insurance Company join forces for cutting-edge insurance pricing solutions Akur8 and Georgia Farm Bureau Mutual Insurance Company have embarked on a strategic partnership, marking a significant leap forward in the insurance pricing sector. Read the story here: https://lnkd.in/dtin7HHN #FinTech #InsurTech #Insurance

https://lnkd.in/dn9TnDmn Insurance Near Me: Why Local Insurance Providers Matter The Convenience of Local Insurance Companies In today’s fast-paced world, convenience plays a crucial role in choosing services, and insurance is no exception. Having a local insurance company or a nearby branch can simplify everything—from getting quotes to filing claims or seeking guidance on complex policies. When an insurance provider is physically

#umbrella #insurance is a type of casualty insurance created to protect customers from fateful liability claims that may exceed the policy limits of their primary commercial general liability coverage under a conventional business insurance policy, business auto policy, and other business insurance solutions. Let’s take a look at QR code payments. 📚𝐓𝐡𝐢𝐬 𝐢𝐬 𝐲𝐨𝐮𝐫 𝐥𝐚𝐬𝐭 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐭𝐨 𝐝𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐭𝐡𝐞 𝐏𝐃𝐅 𝐛𝐫𝐨𝐜𝐡𝐮𝐫𝐬: https://bit.ly/3VxitXN It is a cost-effective strategy to considerably raise liability limits to protect against fateful claims in an uncertain world. - Furthermore, major market players are undertaking various strategies to increase the competition and offer enhanced services to their customers. For instance, In February 2021, Umbrella Network announced a partnership with Bridge Mutual, a decentralized #peertopeer discretionary coverage platform for #digital assets. Through the partnership, Umbrella Network will provide secure and scalable price feed data to Bridge Mutual’s platform. With the help of this partnership, the companies delivered more personal approach to umbrella insurance that build customer and bank relationship, which provided a strategic advantage to the company and the umbrella insurance market size. - On the basis of distribution channel, the insurance agents and brokers segment attained the highest market share in 2021. This is attributed to the fact that insurance agents and brokers are investing in digital technologies to provide assistance online and increasing sales and margins. Moreover, the process of converting information into digital formats is known as digitalization. This includes providing agents and brokers with knowledge and techniques in digital formats via insurance websites, digital distribution channels, and website interactions. - On the basis of region, North America attained highest growth in 2021 owing to increased frequency and increased cost of each natural disaster which results in insurance carriers paying out money in claims. Furthermore, various small business owners have gained awareness of this insurance policy, with rise in security concerns. Also, the demand for umbrella insurance market has grown in North America, due to massive increase in natural hazards and loss by theft in developing countries. - According to a new report published by Allied Market Research, titled, “Umbrella Insurance Market," The umbrella insurance market was valued at $72.5 billion in 2021, and is estimated to reach $170.7 billion by 2031, growing at a CAGR of 9.2% from 2022 to 2031.

Avoid Small Claims to Save on Insurance Costs | LeTip of Bordentown | Steven Wolf Insurance Agency Welcome to LeTip of Bordentown! Explore the critical importance of managing insurance claims effectively to avoid unnecessary premium increases. Steven Wolf shares valuable advice on the pitfalls of filing small claims, explaining that even minor claims can have significant long-term impacts on your insurance rates. He emphasizes the importance of weighing the cost of the claim against potential increases in premiums, as insurers often remember past claims, leading to higher costs down the road. This topic is particularly relevant for New Jersey business owners and families who need to protect their financial assets while keeping insurance costs manageable. By understanding how claims impact rates, local business owners can make informed decisions about when to file and how to minimize their risks. The Steven Wolf Insurance Agency specializes in Property and Casualty insurance, providing the guidance necessary to navigate these complexities. Located at 2607 S Broad St, Hamilton Township, NJ 08610, our team is here to help you safeguard your future while saving you money. Join us for our engaging breakfast networking events where local business owners come together to build strong partnerships and develop powerful connections. Our group is founded on mutual respect, collaboration, and a shared commitment to helping each other succeed. Whether you're looking to expand your network, share warm referrals, or simply enjoy a supportive community, LeTip of Bordentown offers a dynamic environment for professional growth. Don’t miss the chance to connect with like-minded professionals and experience the power of genuine networking. See you at our next breakfast event! 📅 Meeting Day: Wednesday Mornings 🕒 Time: 7:00 AM – 8:30 AM 📍 Location: Town & Country Diner - 177 US-130 Bordentown, NJ 08505 🌐 Website: bordentownletip.com 📧 Contact Us: info@bordentownletip.com Interested in becoming a member? We’re currently seeking professionals in various fields to join our dynamic group. Reach out to us at info@bordentownletip.com for more information about membership opportunities and how you can get involved. Connect with Us: Follow us on Facebook: https://lnkd.in/eQNHnpgu Follow us on LinkedIn: https://lnkd.in/enCMYx48 Don’t forget to like, comment, and subscribe for updates on our events and member spotlights! via YouTube https://lnkd.in/eEJdy2GR

https://buff.ly/3OOcF80 Who potentially benefits from mergers and acquisitions in the insurance market? We could expect the following parties to benefit from M&As: 1. The end consumer - Pricing gains and more competitive premiums - Diverse product offerings - Better customer service and client experience - Technological innovation - Product innovation 2. The employees of insurance companies - Greater potential for growth - Better pay and remuneration - Job security and stability - Access to more resources and platforms 3. The market as a whole - Long term stability - Standardized product offering - Synergies and economies of scale We also have other parties and other key stakeholders such as Management and Board of Directors who would potentially gain in actual practice. It would be interesting from an empirical perspective to assess whether the above mentioned parties do actually gain and to what extent they benefit from M&As?