The Provant Group

Workers' compensation claims are on the rise in extreme weather—up by 10% on both hot and cold days, according to the National Council on Compensation Insurance (NCCI). Why? Because heat and cold don’t just affect comfort; they directly impact motor and cognitive performance. And it doesn’t matter if the work is indoors or out—the data shows negative effects across the board. Here’s what NCCI discovered: Heat affects every sector. Claims spike in all industries on hot days, but the largest surges are in outdoor sectors: construction, natural resources, and maintenance, like landscaping. Cold hits transportation hard. Transportation and warehousing see the most claims on cold or wet days. Delivery drivers face greater risks from slippery roads and increased slip-and-fall hazards. Winter weather takes its toll. An uptick in winter precipitation impacts colder cities more, especially as temperatures hover near freezing. Noteworthy trends post-pandemic: Injuries on cold days are down, likely due to the rise of hybrid and remote work, shifting exposure indoors. Over the past two decades, the impact of extreme temperatures has largely remained steady. Yet, recent data shows a subtle shift: claims on scorching days have dipped, while those on very cold days have declined since COVID-19 changed the work landscape. Weather doesn’t just influence our moods; it changes how we work, our risk levels, and ultimately, the frequency of claims. 📈 Stay ahead - connect, subscribe, follow for business & insurance insights.

U.S. commercial insurance rates are diverging, revealing two distinct worlds: large accounts and small commercial businesses. Each is following its own path, with trends that ripple across different lines of coverage. Let’s start with the big players. Marsh’s Q3 report, focused on larger accounts, paints a clear picture. Rates jumped by an average of 3%, accelerating from the 1% increase seen in Q2. What’s fueling this? A sharp 10% rise in casualty rates. But the standout is umbrella and excess liability. These surged by a staggering 21%, more than doubling the growth of the previous quarter. Not everything followed this upward trend, though. Property rates dipped 1%, and financial and professional lines saw a 3% decline. Meanwhile, on the global stage, something unexpected happened: rates fell by 1%. This marks the first decline since 2017, driven by heightened competition in the property market. It’s a stark contrast to the rise seen in the U.S. for larger accounts. But what’s happening with smaller commercial accounts? Ivans Insurance Services provides the other side of the story. Specializing in smaller commercial businesses, Ivans reports that commercial auto rates continued their upward climb, reaching an average increase of 9.71% in Q3, slightly higher than the 9.27% hike in Q2. Commercial property rates? They jumped too—an 11.69% rise compared to 10.85% last quarter. Yet, not all news is of escalating costs. Some lines are seeing relief: umbrella premium renewal rates fell by 8.56%, and business owners' policies saw an even sharper drop at 8.68%. These reports from Marsh and Ivans draw a clear line between the two worlds. Larger accounts are battling rising casualty and excess liability costs, while smaller businesses are shouldering steeper auto and property rates, but finding some respite in general liability and umbrella premiums. Two markets. Two stories. One shared theme: insurance is never a one-size-fits-all game.

Big changes are coming in the commercial insurance market. But it’s not what you might think. Property rates? They could drop by 10% or rise by 10%, depending on risk. Non-catastrophe risks? Expect rates to move between -5% and +5%. Casualty insurance? Get ready for rate hikes. General liability will climb 2% to 8%. High-hazard umbrella? A 10% to 20% increase is likely. Excess casualty? Expect 20%+ increases for high-risk industries. Cyber insurance? That’s one bright spot. Rates are flat or dropping slightly. But storms like Hurricane Milton could flip this upside down. A single major event could reshape everything overnight. WTW's report says the market is steady now, But uncertainty is just one storm away. So, how are you preparing for these shifts? Let’s connect and keep you ahead of the trends. #OneProvant #InsuranceInsights #RiskManagement #StayAhead #CommercialInsurance

Moody's Corporation just upgraded reinsurance to a positive outlook. And for good reason! Three key factors driving this momentum: 1. Increased premiums support stronger pricing, tighter policies. 2. Risk shift moves smaller events to primary insurers. 3. Limited capital keeps reinsurers disciplined and profitable. Despite slower price increases, profits remain strong. Moody’s expects favorable conditions for at least one year. Fingers crossed for continued success. Let’s stay ahead and informed. __________ Found this valuable? ♻️ Repost and follow The Provant Group to stay up to date on all things insurance.

This Week's Top 3 Insurance Game-Changers in under 1 minute. Let's dive in. 𝗚𝗹𝗼𝗯𝗮𝗹 𝗿𝗲𝗶𝗻𝘀𝘂𝗿𝗲𝗿𝘀 𝗳𝗶𝗻𝗮𝗹𝗹𝘆 𝗲𝘅𝗰𝗲𝗲𝗱 𝗰𝗼𝘀𝘁 𝗼𝗳 𝗰𝗮𝗽𝗶𝘁𝗮𝗹. The first time since 2019! This means stability in pricing and more capacity for insurers. 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲-𝗹𝗶𝗻𝗸𝗲𝗱 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝗶𝗲𝘀 (𝗜𝗟𝗦) 𝗮𝗿𝗲 𝗿𝗶𝘀𝗶𝗻𝗴 𝗶𝗻 𝗱𝗲𝗺𝗮𝗻𝗱. Balanced growth here means better risk transfer options for insureds. 𝗨.𝗦. 𝗰𝗮𝗽𝘁𝗶𝘃𝗲 𝗶𝗻𝘀𝘂𝗿𝗲𝗿𝘀 𝘀𝗮𝘄 𝗮 𝘀𝘁𝘂𝗻𝗻𝗶𝗻𝗴 𝟱𝟯% 𝗻𝗲𝘁 𝗶𝗻𝗰𝗼𝗺𝗲 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗲! They’re outperforming commercial peers, highlighting big savings. So, how can you leverage these insights? 1. Embrace reinsurers’ newfound stability for pricing strategies. 2. Be aggressive when exploring risk transfer solutions. 3. Consider captive arrangements to optimize risk and costs. Harness these trends to stay competitive. Back next week with 3 more insights you need to know. __________ Follow us to stay up to date on all things insurance.

We are proud to congratulate Mike Rizzo, our VP of Private Risk, on earning the prestigious Chartered Private Risk and Insurance Advisor (CPRIA) certification! Join us in congratulating Mike on this remarkable achievement and his commitment in serving clients with the best advice and solutions! #CPRIA #ProfessionalDevelopment #OneProvant #InsuranceExcellence

Impressive work, Radish Health! At The Provant Group, we're excited to see our partner driving innovation in healthcare. Real-time access and tailored prescribing decisions will truly enhance the patient experience. Kudos to the team for reshaping prescription coverage! 🚀👏

Exciting News for Pet Parents! 🐾 Did you know that probiotics are just as essential for our furry friends as they are for us? 🌟 At Truffle Paws, we believe that pets are family, and we’re committed to keeping them healthy and happy. Check out our latest video to discover the benefits of probiotics for your pets! 🐶🐱 From boosting digestion to supporting their immune system, probiotics are a simple addition to their diet that can make a world of difference. Watch the video and see how easy it is to add probiotics to your pet's meals. Let’s give our pets the best care they deserve because happy tummies mean happy pets! #PetHealth #ProbioticsForPets #TrufflePaws #HealthyPets #PetLovers Check out our latest blog for more detailed information! 🔗: https://lnkd.in/dxDjDW9H https://lnkd.in/dZAt4wi3

Discover the best vet-approved dog treats! 🐾 Ensure your furry friend enjoys healthy, tasty snacks by learning what to choose and what to avoid. Say goodbye to unhealthy options and hello to a happier, healthier pup with Truffle Paws! 🐶🍖 Check out our latest blog that dives into the dos and don’ts of selecting the perfect treats for your pet. Check it out and make informed choices for your dog's well-being! Read the full blog here: https://lnkd.in/g925S_wg #DogCare #HealthyTreats #TrufflePaws #VetApproved #HappyPup https://lnkd.in/gQxDNHAy

Curious about anesthesia-free dog teeth cleaning? 🐾 Our latest video explores whether this method is safe and effective for your furry friends. Learn the pros and cons as well as discover why thorough dental cleaning under anesthesia might be the best choice for your pet’s health. Watch now and consult with your vet to make an informed decision. Choose Truffle Paws for expert pet care! Dive deeper into the details here: https://lnkd.in/gxApcra9 #dogcare #PetHealth #TrufflePaws #DogTeethCleaning #HealthyPets https://lnkd.in/gkznidVN