“The way I look at cannabis companies is that they’re very similar to any other company.
Insurers are hesitant to work with them due to the drug’s illegal status at the federal level.
Two pieces of legislation, Secure and Fair Enforcement Act, seek to address these issues by clarifying that banks and insurance companies can take on cannabis-related business endeavors without facing federal penalties.
The American Farm Bureau named wildfires as one of the top two causes of the at least $12.5 billion in crop and forage losses the U.S.
During the pandemic, many dispensaries pivoted to delivery, either by acquiring companies or setting up operations of their own.
Hill explained the marijuana industry’s rapid growth is exacerbating talent concerns and increasing safety risks.
While some companies may have an eye towards growth through merger and acquisitions, others in the industry are finding themselves struggling to survive.
Losses for 2021 are estimated to cost over $67 billion, making it among the most expensive hurricane seasons yet, according to the National Oceanic and Atmospheric Administration.
Floods have always been there,” said Scott Ewing, regional manager of Risk Consulting for the Americas at AXA XL.
The risk consultant sits at the crossroads of client and data — a great role, indeed, where they can collect various data points from different partners and use what they learn to drive solutions.
When it comes to looking at severe weather risk, a risk consultant team can be a great asset to have.
They will take that information, along with data collected on occupancy and a building’s construction, in an effort to categorize the partner’s risk exposure.
“We’ll look for items like if water will recede or if it will rage through, because the level of damage can be significantly different based on the velocity of the water.
Another innovation the AXA XL team has been working on is its Remote Risk Dialogue, or RRD.
Risk Scanning is another tool Ewing and his team utilize to help clients.
And then we pull them back into the system and we use the system to categorize and analyze and do some data analytics to show us trends,” said Ewing.
“We’re very flexible in how we scope out the work we are going to do to make sure we meet the client’s needs,” said Ewing.
What’s key to the AXA XL strategy is that “we don’t hold anything back.
This article was produced by the R&I Brand Studio, a unit of the advertising department of Risk & Insurance, in collaboration with AXA XL.
When a gas station is notified of a vapor leak, it turns to its insurer for aid.