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Exposures Evolve CLASS RESUMES: Schools face tough cyber market, tricky health risks - PAGE 4 JULY/AUGUST 2021 SPECIAL REPORT BROKER PROFILES & RANKINGS PAGE 28 EXPOSURES EVOLVE AS WORLD CHANGES Insurers, brokers develop strategies to manage sector’s sustainability risks PAGE 22 WHEN YOU KNOW JUST HOW AN INDUSTRY TICKS, YOU CAN DO MORE TO PROTECT IT. We make it our business to know the business of healthcare. That specialization translates to exceptional service. With expertise in underwriting, risk engineering and claims, we help develop customized product solutions that mitigate risk for mid- to large-size businesses across many industries. The Buck’s Got Your Back.® TheHartford.com The Hartford® is The Hartford Financial Services Group, Inc. and its property and casualty subsidiaries, including Hartford Fire Insurance Company. Its headquarters is in Hartford, CT. 21-ML-728636 © June 2021 The Hartford Ad Template.indd 6 6/29/21 3:01 PM PRESIDENT Steve Acunto (Greenwich) [email protected] PUBLISHER Keith Kenner (Chicago) COVER STORY [email protected] EDITOR Employees, policyholders, Gavin Souter investors and ratings agencies (Chicago) [email protected] are increasingly scrutinizing how businesses, including DEPUTY EDITOR Claire Wilkinson brokers and insurers, address a (New York) range of environmental, social [email protected] and governance issues, such as ASSISTANT EDITOR climate change, diversity and Louise Esola (New Orleans) inclusion, workplace conduct [email protected] and racial justice. PAGE 22 SENIOR REPORTER Judy Greenwald (San Jose) [email protected] REPORTER Angela Childers (Chicago) INSIDE [email protected] REPORTER Matthew Lerner (New York) [email protected] SPECIAL REPORT: BROKER PROFILES & RANKINGS COPY CHIEF John Obrecht Business Insurance’s annual Broker Profiles issue details changes in the ranks of the (Chicago) top 10 largest insurance brokers worldwide and the top 100 brokers of U.S. business, [email protected] highlights market trends and profiles the leading brokers. PAGE 28 COPY EDITOR Brian Gaynor (Portland) [email protected] NEWS ANALYSIS PRESUMPTION TREND ART DIRECTOR A growing number of states are considering permanent Jeremy Werling FOR BREAKING NEWS infectious disease presumptions. PAGE 8 (Cincinnati) [email protected] COVERAGE, VISIT businessinsurance.com DIRECTOR OF RESEARCH, SECONDARY PERILS PLANNING AND INSIGHTS Severe convective storms and wildfires are causing Andy Toh increasingly large insured losses. PAGE 10 (Chicago) [email protected] MAJOR ACCOUNTS DIRECTOR - INTERNATIONAL NORTHEASTERN U.S. & INTERNATIONAL The growth prospects for Laos’ commercial insurance Ron Kolgraf (Boston) market appear good over the next five years. PAGE 14 [email protected] SENIOR VICE PRESIDENT, BUSINESS DEVELOPMENT Stephen Acunto (Princeton) PERSPECTIVES [email protected] The intensifying effects of climate change call HEAD OF SALES, EVENTS for resilient design and construction practices, VIEW FROM & REPRINT SALES MANAGER writes Andrew D. Mendelson of Berkley Design Susan Stilwill THE TOP (Nashville) Professional. PAGE 47 [email protected] VICE PRESIDENT OF MARKETING RICHARD E. Brian McGann ANDERSON (Buffalo) OFF BEAT [email protected] LEGAL BRIEFS Budweiser Canada Dr. Richard E. DIGITAL AD OPERATIONS MANAGER has brewed up plans Anderson is chairman Recent court opinions PAGE 17 Jordan Kilty to offer what it calls and CEO of The (Raleigh) Doctors Company, a [email protected] OPINIONS “unique” insurance Napa, California-based DIGITAL MARKETING MANAGER Ransomware concerns; event risks coverage opportunities. physician-owned Jen Jonasson rise as sports return PAGE 46 PAGE 50 (Chicago) medical malpractice [email protected] MARKET PULSE insurer that was MARKETING & EVENTS MANAGER formed amid the med mal crisis of the mid-1970s. Brittany Collins Products, deals and more PAGE 48 (Lafayette) Dr. Anderson, who practiced as an oncologist for 25 years, [email protected] PEOPLE discusses the rise in the severity of med mal losses and risk MARKETING & EVENTS SPECIALIST management steps that can be taken to reduce physician Beth Wojdyla Insurance industry moves PAGE 49 (Chicago) exposures. PAGE 18 [email protected] SUBSCRIPTIONS & SINGLE COPY SALES BUSINESS INSURANCE (ISSN 0007-6864) Vol. 55, No. 8, Copyright © 2021 by Business Insurance Holdings, Inc. is published monthly by Business Insurance Holdings, Inc., 1030 Lake Avenue, [email protected] Greenwich, CT 06831. Accounting, business, circulation and editorial offices: PO Box 1010, Greenwich, CT 06836. Call 954-449-0736 to subscribe. Periodicals postage is paid at Greenwich, CT. 954-449-0736 Printed in the USA. POSTMASTER: Send address changes to Business Insurance at PO Box 1010, Greenwich, CT 06836. BUSINESS INSURANCE JULY/AUGUST 2021 3 NEWS ANALYSIS CLASSROOM HEALTH RISKS Schools hit with cyber price hikes IN SPOTLIGHT Reuters BY ANGELA CHILDERS accinations and the [email protected] safety and health of V students and staff remain irus resurgence remains a major risk man- a priority for schools across agement issue for school districts and the country, with many V universities opening in the fall, but others questioning their ability to are joining the lineup of top concerns, includ- mandate vaccinations and ing cyber protection and campus security. how far they should go with Cyber risk has been a pressing worry in safety protocols. both K-12 and higher institutions, some of “One of the questions which are seeing cyber premium increases of we get most often from as much as 300%, said Julie Theirl, San Fran- members, particularly in cisco-based senior vice president and regional higher education, is can or education practice leader at Aon PLC. should we mandate vaccines,” “Cyber and ransomware are increasing at said Hillary Pettegrew, senior a staggering pace,” she said. “This July 1 risk management counsel at (renewal) cycle has been really difficult for Bethesda, Maryland-based most organizations, and I think schools in United Educators, a reciprocal particular.” risk retention group that “That quick change to online learning cre- provides risk management ated a huge, increased cyber risk,” said John consulting to more than 1,600 McLaughlin, senior managing director of K-12 CYBER INCIDENT TYPES ment liability is coming to the forefront.” schools. “On the federal level, Arthur J. Gallagher & Co.’s higher education Luke Figora, vice president for operations at it’s pretty clear that they can Data breaches/leaks: 36% be mandated (for employees) practice in Rolling Meadows, Illinois. Ransomware: 12% Northwestern University, said that the sensi- Cyber underwriters are looking for institu- tivities surrounding the role of campus police and very likely for students tions that have “stepped up their game” and Denial of service: 5% is a top concern for the university. as well. But you do have to devoted the resources to provide sufficient Phishing: 2% While that risk has always been present, it is allow for certain exemptions. protection; those that haven’t are facing non- Other: 45% “magnified today in terms of the reputation- And some states have specific laws playing on that as well.” renewal or substantially reduced limits and Other includes unattributed malware, class and al risk of having police deployed, and we’re significantly higher premiums, he said. absolutely paying attention to that,” he said. Although many are meeting invasions, email invasion and website expecting the school year San Diego-based Lilian Vanvieldt-Gray, and social media defacement. “If something was to turn violent, when do beginning this fall to be a executive vice president and chief diversity Source: K-12 Cybersecurity Resource Center you escalate toward (police) deployment?” and inclusion officer at Alliant Insurance Ser- College and university risk managers are return to normal, Jennifer vices Inc., who also manages a portfolio of One school district, when faced with just also apprehensive about how divided poli- Smith, partner in the Chicago schools and public agencies, said her school $3 million in coverage for $500,000 and a tics and civil unrest issues may affect students office of Franczek P.C., warns clients collectively have received 37 cyber $1 million deductible, opted to use that pre- back on campus, experts say. that may be premature with declinations this year. Those that have found mium money to invest in technology upgrades “How this might present on campuses is the number of unvaccinated coverage are facing deductibles of $1 mil- instead of purchasing the policy, she said. certainly a concern,” Mr. McLaughlin said. individuals, particularly in lion compared with $25,000 and premiums “I have yet to have a client that just for- “There’s concern with security … how to best lower-level schools with climbing to $500,000 from $55,000 last year. goes it entirely, but I can see it heading in recognize the exposure and provide supportive many children under age 12. that direction,” Ms. Theirl said. “What we’re security service that is viewed positively by all.” “In the fall, everyone trying to do with our clients is say, ‘Here are Higher education is trying to take pro- is going to be used to a the things you need to be doing over the gressive steps to head off potential issues new normal with no new next nine months
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