Authored by Sara Weathers Due to the current levels of risk, flood risk management is under strain, according to a recent Insurance Business Magazine article. The global flood risk is expected to continue to increase in the future. There are multiple factors that are creating a heightened risk of flooding, with climate change being one of the main ones. A...

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Authored by Sara Weathers According to a recent Insurance Journal article, U.S. commercial insurance rates grew during the fourth quarter of 2022 by 4.8%. This was down from 5.2% in quarter 3 of 2022. While rates still showed an increase, the director of Insurance Consulting and Technology, Yi Jing, said the market is starting to show a stabilization tren...

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Authored by Sara Weathers La Nina was stationary over the southeastern part of the United States over the past three years and has finally moved from over the region, according to a recent Insurance Journal article. While La Nina is not the sole reason for the severe weather that has hit the southeast recently, it tends to bring more frequent hurricanes a...

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Authored by Sara Weathers The White House has released a new strategy for cybersecurity to help reduce the risks for both people and businesses. The National Security Strategy released a document that outlines a plan to find “a careful balance between defending ourselves against urgent threats today and simultaneously strategically planning for and invest...

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Business interruptions have become increasingly common in the past few years. Having a risk management plan that minimizes the impact on your firm is now more important than ever. Between the COVID-19 pandemic, supply chain shortages, labor force disruptions, and global unrest, it’s now harder than ever to predict what could affect your firm, its employee...

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Authored by Sara Weathers The COVID-19 pandemic exposed many weaknesses in the world when it comes to communicable diseases. While the world is still recovering from COVID-19, firms need to be thinking about the next one, so they can be adequately prepared. Firms need to be sure that their risk management plans are up to date to protect both their busines...

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At AdvoCap Insurance Agency, Inc., we are excited to let you know that we now offer Notary Bonds and Notary E&O Insurance. As all of our friends at law firms know, there are many transactions and circumstances that need a notary public. If your firm already has a notary that needs to renew its commission or is considering getting someone at the firm a...

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Authored by Sara Weathers Climate change and the natural disasters that come with it are becoming costly for insurance companies. According to a recent Insurance Journal article, the total insured damages in 2022 cost $120 billion. Insurance is meant to give its customers comfort that they are covered when disasters hit by paying small premiums but when m...

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Authored by Sara Weathers A recent Insurance Journal article stated that natural disasters in 2022 caused $313 billion in damages, with only $132 billion covered by insurance. 2022 comes in as the fifth most expensive year for insurers. Around 42% of the damages were covered by insurance, which converts into a protection gap of 58%, currently the lowest g...

Read More About Global Insured Losses in 2022

Authored by Sara Weathers According to the latest cyber report from Beazley, a global insurance firm specializing in cyber security, professional service firms are being increasingly targeted by cyber attacks. One reason firms are being targeted is the amount of data they have on their servers. Even if the data that firms have is old and may not be useful...

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