Insurance Industry News – Week of November 5

Coverage for Bitcoin Losses . . . or Is There?
American Bar Association
It is hard to open a newspaper without reading something about blockchain technology. If one is to believe the hype, this new technology will revolutionize business practices, change the very nature of contractual relationships, and maybe even save the whales. Whether reality lives up to the hype remains very much to be seen. But blockchain usage has become a reality for enough businesses—whether through the use of a cryptocurrency such as Bitcoin or otherwise—that it is worth considering the risk associated with the technology and the applicability of insurance to potential losses.
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Hack the Vote 2: Cyberrisks to Election Infrastructure
Risk Management
In October 2016, the Risk Management cover story “Hack the Vote: Cyberrisk at the Ballot Box” highlighted many of the vulnerabilities in America’s election infrastructure. Continuing investigation in the wake of that election has made the stakes clearer than ever. Two years later, many of the vulnerabilities still remain, and many of the threats are a lot more real.
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Chubb & HSB Are Predicting & Preventing
Coverager
Chubb announced it will partner with Hartford Steam Boiler to begin installing IoT technology in the homes and businesses of Chubb policyholders. The sensors and devices will monitor for water leaks and changes in temperature, humidity, vibration and water pressure that, if left undetected, can lead to severe property damage.
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Millennials in the insurance industry are staying put
Property Casualty 360
As more baby boomers retire from the insurance world, it’s clear that the industry’s future is being left in good hands, according to Vertafore’s 2018 “Millennials in Insurance” survey. The Denver-based provider of software for independent insurance agencies and brokers polled more than 1,200 insurance professionals, including nearly 400 millennials, and found that more than three quarters (76%) of millennials have been in the insurance industry for more than three years — an impressive statistic considering that the younger generation is known for job-hopping.
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Workers’ compensation liability and the remote employee
Property Casualty 360
Historically, employees either drove or commuted into work five days a week. As the digital age has advanced, remote work has become a standard practice for many companies in various types of industries.
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