Insurance News Today; Condo Owners Will Face an Inevitable Calamity

Insurance News Today; Condo Owners Will Face an Inevitable Calamity

Author: SK

Monday, July 19, 2021

Since the collapse of Miami’s condo, there have been pressures upon the insurers. Also, condominium owners across Florida are highly concerned with the fact of rising insurance premium costs. Today, there was a report circulating which was outlining the after-effects of the condo’s collapse.

In between the infamous condo’s fall, there have been cybersecurity concerns, and Wisconsin’s governor is signing agreements to amend measures for protecting confidential data of companies. Moreover, an insurer, Beazley, conducted a report to analyze critical areas of the insurance business in the post-pandemic world.

Without further ado, let’s delve into more details of these events.

Miami’s Condo Fall

Since the collapse, many insurers are planning to stop reimbursing for such cases. There have been several measures undertaken before approving insurance for properties. Some of them are as follows:

·       Homeowners should undertake engineering assessments of their property.

·       There should be structural repairs before getting any coverage.

Such measures will give a resounding blow to the condo’s owner’s pockets. Moreover, insurers will also require documentation to have proof of all the building inspections and repairs. On top of that, insurers will also have to raise premiums to cover the risks. Therefore, such measures will make it difficult to afford the coverage.

Wisconsin’s Governor announcement

The governor inaugurated a new law in the legislation which supports Consumer data protection and reduces cybersecurity threats. Threats, including data breaches and ransomware, can be very harmful to consumers. The new law will aim to keep personal consumer data safe and protect the insurance company.

All the insurance companies will have to devise a security program and conduct annual risk assessments to counter all the threats.

Insurance specialist report

Beazley, an insurance specialist, conducted a report to identify business risks across the insurance industry. Around 85% of respondents considered the risk to be moderate or high. Following are the risks types (starting from the most important):

·       Technology risk

·       Business-related risk

·       Political and economical

·       Environmental

Final Verdict

As we progress in the dynamic world, many new risks are surmounting across the insurance industry. Therefore, it’s important to make contingencies before matters worsen. If you’re looking to provide a safe haven for your properties, get quotes at insurance shopping and avoid losing out.