Danielle Lombardo

📈 The 2024 Connecticut Workers' Compensation Commission (CT WCC) report reveals a troubling rise in occupational diseases. This trend underscores the need for stronger preventive measures and better protection for workers. In the face of increasing occupational health challenges, it's crucial for employers and policymakers to prioritize enhanced safety protocols and proactive health management. The insights from this report serve as a call to action for all industries to address these critical issues. Read more about the report and its findings linked below from WorkCompWire. I encourage us all to continue working together to ensure safer and healthier work environments for everyone. #OccupationalHealth #WorkersCompensation #WorkplaceSafety #ViscardiInsights #HealthManagement

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🔒 Don't overlook Kidnap and Ransom (K&R) insurance! In Priya Cherian Huskins' latest Forbes article, she dives into its importance in risk management for directors and executives, covering personal physical risks during international trips.

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As climate change accelerates, the demand for agile, scalable reinsurance solutions is growing.

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Lawsuit Serves as Reminder to Employers A recently filed lawsuit targets group health plan fiduciary obliga- tions under ERISA and focuses on the “duty of prudence” when select- ing and monitoring health plan vendors. The lawsuit alleges that the plan participants and beneficiaries were harmed by paying increased plan costs because of these fidu- ciary breaches. Although this case is pending, it is a reminder to employ- ers sponsoring group health plans – especially self-insured health plans – to review their ERISA fiduciary obligations while maintaining robust processes and procedures. In the February 5 complaint, participants alleged that group health plan fiduciaries at Johnson & Johnson breached their fiduciary duties under ERISA by allowing the plan and its participants to pay “extraordinary” costs for prescrip- tion drugs as compared to other market options, resulting in millions of dollars in unnecessary costs to the plan. Specifically, the lawsuit alleges that the health plan fiduciaries mis- managed the plan’s prescription drug benefits. That allegedly cost the plan and its employees “millions of dollars in the form of higher payments for prescription drugs, higher premiums, higher deductibles, higher coinsur- ance, higher copays, and lower wages or limited wage growth.” The participants alleged the plan’s fiduciaries failed to: • Pay the lowest possible costs for the offered drugs; • Obtain competitive bids from other prescription drug service providers; • Monitor plan expenses; • Negotiate the prescription drug contract with its pharmacy ben- efit manager (PBM), especially given its bargaining power as a Fortune 50 employer; • Fully inform participants about the mail-order program, where drug prices were routinely higher than options at retail pharma- cies; or • Protect the health plan’s assets. The complaint gave specific examples of these “extraordinary” costs. For instance, the plaintiffs claimed that the PBM charged the plan over $10,000 for a 90-day sup- ply of a generic drug used to treat multiple sclerosis. This same drug was allegedly available without using insurance at various online and retail pharmacies for well under $100. The plan participants are asking for various remedies while also seek- ing to hold the fiduciaries personally liable under ERISA for their actions and inactions. The Johnson & Johnson lawsuit is one of the first of its kind, stemming from the disclosure and transparency in coverage requirements – but it mirrors the retirement plan excessive fee lawsuits that have come before it. As a fiduciary, it is your duty to act on behalf of the plan. Paying bills without reviewing them is not prudent. US Beacon identifies ineligible charges in 99% of the bills we review. https://lnkd.in/gBNyP_qn

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Check out today's episode!

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We know the challenges brokers and agents are facing when it comes to having access to stable and affordable insurance for professionally managed multifamily portfolios. Download this free report to better stand the root causes behind the hard market and strategies to mitigate the rise in the cost of insurance.

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The collapse of Baltimore's Francis Scott Key Bridge has significant implications for the food trade industry. Our latest blog explores the disruption in logistics, potential economic impacts, and the crucial role of insurance in risk management. Read the full analysis here: https://bit.ly/3JpJKo0 #BaltimoreBridgeCollapse #FoodTradeDisruption #LogisticsChallenges #EconomicImpacts #InsuranceRiskManagement #SupplyChainDisruption #FoodIndustryAnalysis #RiskMitigation #InfrastructureFailure #BusinessContinuity

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Interested in how Marsh can help your Franchise owners manage risk & increase value? We are here to help!

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As the economy and workforce continue to evolve, private companies are facing increased management liability risks. Munich Re Specialty’s Nan Murphy shares her insights on the current management liability environment in her recent article 👉 https://ow.ly/3bGH50SXzyQ #MunichReSpecialty #ManagementLiabilityRisks

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Getting there. I have seen more flexibility and creativity in recruiting talent in last few years.

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My latest article for Captive.com by International Risk Management Institute, Inc. (IRMI) showcases a new captive concept in NYC for affordable housing groups. This innovative concept is solving several challenges in the market and could be a model for other cities struggling with insurance availability and affordability for affordable housing. Share your thoughts in the comments! #abileads #captive #captiveformation #captivesolution #insurance #riskmanagement https://lnkd.in/eUq7F2-T

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The distance between economic and insured loss is a measure of systemic risk. This Q3 Global Cat loss report is another good data source compiled by our colleagues & friends at Aon. Our own Verisk contribution to systemic stability is the technical definition of natural catastrophe risk, https://lnkd.in/eV7X9tJG.

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BMS Tropical Update 09/27/2024 The "No Surprises" initiative aims to provide the insurance industry with insightful updates on tropical events like Hurricane Helene, highlighting the event's unique impacts on insurance-related concerns. While agencies like the National Hurricane Center provide vital forecasts, these BMS Tropical Updates focus on key nuances relevant to insurers, such as tree fall, storm surge, building density, and how catastrophe risk models might respond. Hurricane Helene made landfall in Florida’s Big Bend as a Category 4 storm, marking a record eight Category 4 or 5 U.S. Atlantic hurricane landfalls since 2017. Despite clear warnings, the event underscores the ongoing production gap in flood insurance, with many affected areas having minimal coverage, leading to significant uninsured losses. We need to remember the catastrophic models likely do not have events that match Helene forward speed, size, and intensity, and it will be a few days until they can provide realistic events for loss estimate. As Helene continues to affect inland areas, particularly the Appalachian region with record rainfall, flooding and potential landslides, the insurance industry is gleaning new insights for future preparedness. While additional work on intensity forecasting is needed, improved forecast models did accurately predict Helene’s severity. In response to these challenges, research teams and technology, such as drones and Doppler radar, captured valuable data during Helene, offering critical information for future loss analysis. Additionally, advanced storm mitigation measures, like Tampa General Hospital's AquaFense, showcased effective ways to limit damage. Despite Helene’s destruction, the insurance industry’s ability to adapt and build resilience continues to evolve. For more detail above below, take a few minutes to read and get educated on a unique aspects of #Helene that you likely won't read any other place. ⬇ https://lnkd.in/g_4PA7TJ Below is the BMS iVision 3 second wind gust swath, which is a geospatial data layer BMS clients can use to understand wind impact to specific risk better and apply damage ratio to get an idea of loss. This data layer from Verisk Respond gets updated four times a day and depicts at a high resolution what types of wind gusts could be experienced over the entire life of the storm. Other data layers include 1 wind speed, wind duration, and accumulated rainfall. #HurricaneHelene #TropicalUpdate #HurricaneSeason #Insurance #Reinsurance

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The latest report from Chubb highlights an alarming trend for US corporations: a big jump in liability losses. The 2024 Liability Limit Benchmark & Large Loss Profile by Industry Sector 2024 shows a 273% increase in large verdicts against corporate defendants from 2020 to 2022. Unfortunately many companies continue to underestimate their liability insurance needs and could expose themselves to severe financial and brand damage. Read more from Insurance Business America: https://lnkd.in/gREjXbwE #IndustryNews #Insurance 

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Great overview of natural catastrophe drivers affecting all industry segments. Hyperlinks to more detailed analyses and commentary is included, too. Enjoy the read!

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Despite overall tightening in the insurance market, Gallagher reports relief in Directors & Officers (D&O) and Errors & Omissions (E&O) lines. Many are seeing flat renewals or even reductions of up to 10%. In non-catastrophe-prone areas like the Midwest and Great Lakes, property rates are slightly elevated but remain competitive, thanks to these regions being shielded from the sharp rate increases seen in catastrophe-exposed areas during 2023. #PropertyInsurance #RiskManagement

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Despite overall tightening in the insurance market, Gallagher reports relief in Directors & Officers (D&O) and Errors & Omissions (E&O) lines. Many are seeing flat renewals or even reductions of up to 10%. In non-catastrophe-prone areas like the Midwest and Great Lakes, property rates are slightly elevated but remain competitive, thanks to these regions being shielded from the sharp rate increases seen in catastrophe-exposed areas during 2023. #PropertyInsurance #RiskManagement

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