Morning Briefing: Italian earthquakes are a warning to US homeowners says III

Morning Briefing: Italian earthquakes are a warning to US homeowners says III

Morning Briefing: Italian earthquakes are a warning to US homeowners says III Italian earthquakes are a warning to US homeowners says III
The earthquake in Italy which has claimed at least 250 lives is a shocking reminder of the devastation that quakes can cause and the Insurance Information Institute has issued a reminder of the importance of protection.

The III says that only around 1 in 10 homeowners has earthquake insurance, with many believing that standard homeowner policies will cover quake-related property damage. This is also true for business owners.

The institute also highlights the frequency and magnitude of earthquakes in the US with 32 of magnitude 4.0 and above in 2015, almost double 2014’s total. These occurred across Kansas, Texas and Oklahoma.

There were also quakes of magnitude 6.0 and above in Alaska and moderate quakes in Nevada and Arizona.

California suffered a 6.0 magnitude quake in 2014 in South Napa which resulted in one death and $150 million in insured losses (economic losses were $700 million).
 
Westchester expands small business segments
Westchester’s wholesale small business insurance coverage has been expanded to six new business segments.

The Philadelphia-based insurer, part of Chubb, has introduced coverage for restaurants, retail businesses, concessionaires & caterers, fitness centers, personal improvement centers, and for lessor’s risk.

"Westchester's diversification into these new markets brings our deep underwriting expertise to bear for a broader range of small business exposures and fills a need in the wholesale marketplace for tailored property, casualty and specialty insurance to address the industry-specific risks these firms face," said David Charlton, Executive Vice President, Westchester Binding Authority."

Charlton added that the company will continue to find new ways for producers to provide solutions for clients as the small business insurance marketplace evolves.
 
Workers want better benefits study reveals
With a better labor market, workers are becoming more inclined to look for another job if their benefits package falls short.

A survey by Aon Hewitt shows that above average pay is the top differentiator between workplaces (62 per cent) but above average benefits is a close second (61 per cent).

Better benefits beats being a fun place to work, flexible working and fitting with values as a key reason for staying in a job…or deciding to leave.