Articles
Markets in Focus :: Cyber Q1 2023
Thursday, February 23, 2023
The underlying theme of Cyber risk remains volatility – for both insured and insurer. While Cyber insurance has been available for over twenty years, it has only come into mainstream focus in the past five years due to the prevalence of ransomware attacks. Prior to that, Cyber insurance was seen as mainly an instrument to manage data breaches and privacy. Ransomware has demonstrated that Cyber risk is not limited to theft of data and is truly an enterprise risk.
Rx Reporting – Round Two! (Sorry, you can’t ignore it this time.)
Thursday, February 16, 2023
We’ve made it through the first round of prescription drug reporting (a/k/a RxDC reporting) required by the Consolidated Appropriations Act. The reports for 2020 and 2021 were initially due December 27, 2022 which deadline was later extended to January 31, 2023.
Auto Insurance? But I Don’t Own a Fleet of Vehicles!
Thursday, February 16, 2023
Driving is a high-risk activity that can create significant exposure for businesses, even if transportation is not a core component of operations. Non-owned vehicle exposure is an often-overlooked risk that can be managed in various ways.
Markets in Focus :: General Q1 2023
Wednesday, February 15, 2023
COVID-19 caused a quick shift in the insurance industry in a number of ways. Technology is now more essential than ever in order for companies to run smoothly utilizing a virtual workspace.¹ As a result of the low-interest rates, demand for liquidity and the possibility of unexpected occurrences, organizations are being forced to modify their practices and specialize their insurance programs.
Risk in Focus :: Advanced Manufacturing Q1 2023
Wednesday, February 1, 2023
RISK in Focus is an overview to show recent risks in the workplace, on the jobsite and throughout the world.
A comprehensive review of hazards that contribute to the risks are spelled out to help you learn and avoid these hazards for yourself and your company.
Washington Partnership Access Line Fund
Thursday, January 26, 2023
The Partnership Access Line (“PAL”) is actually four services that assist healthcare providers in the management of their patients’ psychiatric needs and connecting their patients to care and support. In 2020, the Washington legislature passed a bill that established the WAPAL Fund and directed the Health Care Authority (HCA) to collect a quarterly assessment fee from Washington health carriers and self-insured plans based on the number of covered lives in their plans which would go toward funding the PAL program services.
Telemedicine & HSA Relief Included in 2023 Consolidated Appropriations Act (CAA)
Thursday, December 29, 2022
Earlier this week, Congress released the language of their year-end government funding bill, 2023 CAA, which included a two-year extension of this telehealth relief for HSA participants. The 2023 CAA bill has now been signed into law.
New Guidance and Delayed Enforcement for Prescription Drug Data Collection (RxDC)
Wednesday, December 28, 2022
On the eve of the requirement for employer sponsored health plans and health insurance carriers to submit prescription drug cost reporting data, the Departments of Labor, Health and Human Services, and the Treasury (collectively, the Departments), issued new guidance, and provided a submission grace period through January 31, 2023.
Paid Leave Oregon – Model Notice Posting Deadline and Tax Guidance
Thursday, December 22, 2022
Parker, Smith & Feek would like to remind employers about the OR PFML requirement deadline that is approaching on January 1st, 2023. Employers who have workers in OR should be aware of this important deadline approaching.
Markets in Focus :: Hotels & Casinos Q4 2022
Monday, December 19, 2022
The fifty most valuable hospitality brands lost almost a third of their value in 2021 due to the ongoing impact of COVID-19, but in 2022 financials are trending back toward their to a pre-pandemic pace.
Property market outlook: Insurance rates rising for catastrophe-exposed properties
Thursday, December 15, 2022
Rounding the corner of 2022 into 2023, the property market outlook is a little greyer. While we progressed through 2022 with slight decreases in rates, depending on the operations and geographic location, Hurricane Ian sent shock waves through the market.
Markets in Focus :: Real Estate Q4 2022
Wednesday, December 14, 2022
Without question, the most significant insurance market impact of late 2022 was Hurricane Ian, with insured losses upward of $60B. Ian impacted the Southwest Florida coast on September 28, as a Category 4 hurricane with sustained winds of 115 mph and a storm surge of 10-15 feet.
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