Around the P&C insurance industry: April 15, 2020
News from Paladin Cyber, Next Insurance, AAIS, FEMA, and more.
Paladin Cyber, which provides comprehensive cyber protection for businesses and government entities, will offer independent agents and brokers throughout the U.S. free one-year enrollment in its Paladin Shield cybersecurity platform. The offer is in response to a sharp rise in cyberattacks related to the COVID-19 pandemic. To request free one-year enrollment in Paladin Shield, insurance agents and brokers can visit meetpaladin.com/shieldforagents.
The National Alliance for Insurance Education & Research has postponed all classroom programs until May 1, 2020, to keep insurance and risk management professionals safe and released Distance-Learning Programs amid the coronavirus pandemic. The National Alliance will continue to provide online, self-study options that can be accessed and completed 24/7 on a computer or mobile device as well as live, instructor-led webinars that include interaction with faculty and real-world scenarios.
Arbol Inc. has acquired eWeatherRisk, a weather risk management company. After the acquisition, Arbol launched new, bespoke products to support underserved growers, crops, and regions where risk management solutions have proven inadequate.
Insurance Commissioner Ricardo Lara issued a notice instructing all insurance companies to stop enforcing policy or statutory deadlines on policyholders for claims or coverage until 90 days after the statewide “state of emergency” or any other “state of emergency” has ended related to COVID-19. It will assist wildfire claimants after the Department of Insurance began receiving complaints that some insurance companies are insisting their insureds who suffered losses from the November 2018 fires must continue to repair or rebuild their homes during the COVID-19 crisis if they wished to obtain the full replacement cost and additional living expense (ALE) benefits owed to them.
Matrix Integration, an IT solutions provider for more than 1,000 businesses and schools, acquired Cornwell Communications of Bloomington, Ind. Matrix Integration plans to expand the offerings of the Bloomington office to provide clients with integrated IT capabilities, such as managed IT services, security, networking, data center, and end-user computing, as well as expanded unified collaboration solutions.
Next Insurance, a national insurance provider for small businesses, announced that it is processing a 25% reduction to its policyholders’ April general liability and commercial auto premiums in an effort to help small businesses hit hard by COVID-19. The company’s CEO, Guy Goldstein, is making an insurance industry call to action, urging all insurance companies across the country to do the same. In a letter to policyholders, Goldstein said, “We strongly encourage other insurance companies, if they are profiting from reduced risk, to take similar steps. Insurance is a social good, and it’s supposed to help the community. At Next Insurance, we are trying to deliver on that every day — now more than ever.’
Charles Taylor, the provider of services and technology solutions to the global insurance market, expanded its marine capabilities by integrating Bowditch Marine, Pilot Marine, and the marine surveyors of Charles Taylor Adjusting U.S., as Charles Taylor Marine Technical Services, effective April 1, 2020. The newly integrated team will provide marine and cargo surveying and consulting services to assist vessel owners, reinsurance and insurance underwriters, and other maritime interests.
AAIS launched a Pandemic Resource Center to provide timely and critical updates to insurance and regulatory leaders. This reference site provides easy access to Department of Insurance (DOI) communications, as well as regulatory and legislative updates. It includes information on cancellation and nonrenewal, premium payment grace periods, data calls, requests for policyholder notices, and proposed regulations. You can review the site here.
FEMA has announced the extension of the National Flood Insurance Program (NFIP) grace period to renew flood insurance policies from 30 to 120 days. This extension applies to NFIP flood insurance policies with an expiration date between Feb. 13-June 15, 2020. To avoid a lapse in coverage, there is typically a 30-day grace period to renew policies.