The Provant Group

The Provant Group Group is thrilled to announce a strategic partnership with United Care Consortium (UCC)! Together, we’re transforming employee benefits by combining our expertise with UCC’s innovative solutions to deliver enhanced care, cost savings, and support for businesses and their employees. #OneProvant ?? Stay ahead—connect, subscribe, follow for business & insurance insights.

This week’s news to know. Perspectives by Provant. https://lnkd.in/g3b4hBpc

Announcing Perspectives by Provant – Your Essential Insurance Resource At The Provant Group, staying informed is key to smarter decisions. That’s why we're excited to introduce Perspectives by Provant—a newsletter designed as your go-to resource for timely insights and expert guidance. We’ve launched two editions already, and the response has been amazing! But we want every client and partner to benefit from this valuable tool. What’s Inside Perspectives by Provant? ? Essential Updates on insurance, carriers, and compliance. ? Insightful Articles to support your risk management strategies. ? Practical Tips for navigating industry changes. We’re not just brokers; we’re your strategic partners, committed to helping you minimize risk and maximize growth. If you haven’t subscribed, now’s the time to gain the insights that keep you a step ahead. Learn more: https://lnkd.in/gjiGPbJt ?? Stay ahead - connect, subscribe, follow for business & insurance insights.

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.

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. ???????????? ???????????????????? ?????????????? ???????????? ???????? ???? ??????????????. The first time since 2019! This means stability in pricing and more capacity for insurers. ??????????????????-???????????? ???????????????????? (??????) ?????? ???????????? ???? ????????????. Balanced growth here means better risk transfer options for insureds. ??.??. ?????????????? ???????????????? ?????? ?? ???????????????? ????% ?????? ???????????? ????????????????! 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