Insurance Industry Is Incredibly Well Capitalized, Lloyd’s of London CEO says

Welcome to iLeads Insurance Market Minute, where we bring you the latest, most relevant news regarding the insurance market. Last week you were reading Insurers Will See Cyber Coverage Rise In Wake of COVID-19. This week we’re bringing you:

Rent is the new buy: an opportunity for brokers and agents*

There are more than 43 million renters in the United States, with over half of those being under the age of 30, according to the National Multifamily Housing Council (NMHC). Millennials, along with older members of Generation Z, are choosing to rent instead of buying condos or houses for a number of reasons, including affordability, flexibility and a greater focus on careers and education. As rentals and multi-family properties continue to be a growing part of society, brokers and agents have an opportunity to tap into the emerging market of renters’ insurance.

“More renters translates into bigger liabilities for landlords, particularly when the renter is a young person generally focused more on their careers, social lives and fun with less of a focus on the condition of their apartments,” said Nelson Townes III, vice president of national sales at QBE North America. Read more in-depth here.

2020 workplace safety index: the top 10 causes of disabling workplace injuries*

The 2020 Workplace Safety Index (WSI) shows that the total cost of serious workplace injuries has exceeded $59 billion per year, or more than $1 billion per week.

The good news is, the vast majority of workplace injuries could be reduced or prevented through thoughtful, proactive risk control measures. And the first step is understanding how these accidents happen. Read more in-depth here.