Category Archives: Social Media

From the I.I.I. Daily: Our most popular content, April 5-11

Here are the 5 most clicked on articles from the I.I.I. Daily newsletter.

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Top 10 Posts of 2016

As we wrap up 2016 and look to the new year, we thought we’d share our most popular posts here at Terms + Conditions.

Our most-read posts of the year put some numbers around homes and insurance, communicated the many ways in which technology is affecting insurance, and how insurer payouts aid recovery in the wake of disaster.

Here’s the complete top 10 list:

1. How Many Homes Are Insured? How Many Are Uninsured?

2. An Early Take on the Kumamoto, Japan Earthquakes

3. Global Insured Disaster Losses in May: $7 billion and Counting

4. Cyberattacks Top Risk To Doing Business in North America

5. Self-Driving Cars Still Evolving

6. Commercial Insurance Rate Declines Continue

7. Women and Insurance

8. Teenage Drivers and the Surge in Claim Frequency

9. Latest on Commercial P/C Insurance Pricing in 2016

10. More On Employment and Claim Frequency

Thanks for following and keep the comments coming in 2017. We wish all our readers a safe and happy new year!

Warming Up Your Valentine’s Day With Insurance

Bitter cold and snow may be in the air for some this Valentine’s weekend, but there’s no better way to stay warm than by checking out these Valentine-themed messages from around the risk and insurance community.

First up, the Insurance Information Institute (I.I.I.) reminds us that while there is nothing more romantic than a marriage proposal on Valentine’s Day, getting adequate insurance for that ring will ensure you are financially protected.

Next, did you know that every year, thousands of Americans lose billions of dollars by falling victim to romance scams? The Financial Services Roundtable (FSR) warns that nearly every demographic is at risk, but the people who are most susceptible are the elderly and women over 40 who are divorced, widowed or disabled.

Among the most common romance scams are malicious actors (scammers) who create fake profiles on dating websites and establish relationships with other site members in order to scam them out of money.

Check out this story of the Emoji prince who thinks he’s found true love online, but soon becomes a victim of a romance scam narrated by FSR’s director of fraud risk, Roxane Schneider.

Finally, if you’re looking to heat up your romance…or your house…by lighting candles this weekend, the National Fire Protection Association (NFPA) has some timely  candle fire safety tips to consider.

From 2009-2013, U.S. fire departments responded to an estimated 9,300 home structure fires that were started by candles, causing 86 deaths, 827 injuries and $374 million in direct property damage.

On average, 25 home candle fires were reported per day over the five-year period, according to the NFPA.

The I.I.I.’s Valentine’s Pinterest Board has additional tips to ensure your loved ones and their valuables are financially protected.

Top Ten Posts of 2015

As we get ready to ring out the old and ring in the new, we wanted to share with you our most popular posts in 2015.

Our most-read posts here at Terms + Conditions illustrated how interested our readers are in the advancing technology landscape and its impact on the insurance industry. Self-driving cars, cyber insurance and the sharing economy were all featured among the top 10 posts during the year.

In Self-Driving Cars – With or Without You? we recounted a writer’s chauffeured ride by a prototype Audi from Silicon Valley to Las Vegas for last year’s Consumer Electronics Show. Self-driving vehicles are no longer a thing of the future, we wrote, and this has evolving implications for insurers.

Our post Cyber Business Interruption Risk Often Underestimated reported on a study by Allianz warning that the impact of business interruption (BI) from a cyber attack is a risk that is often underestimated. It predicted that BI costs could be equal to–or even exceed–direct losses from a data breach.

The growing appetite for cyber insurance among small and mid-sized companies was another popular post.

Two of our most-read posts during 2015 also revisited the impact of Obamacare on workers compensation insurance.

In case you missed them, here’s a complete list of our top 10 posts from the year:

  1. Self-Driving Cars – With or Without You?
  2. WCRI Looks At Impact of Affordable Care Act on Workers Comp
  3. A Revisit: Impact of Obamacare on Workers Comp
  4. Cyber Business Interruption Risk Often Underestimated
  5. More Small and Mid-Sized Companies Buying Cyber Insurance
  6. Cyber Value-At-Risk
  7. Homeowners Claims: A Picture of Volatility
  8. Cyber Losses vs. Property Losses
  9. One Ruling, but Uber Impact
  10. Litigation Trends and the Class Action Factor

Thanks for following. We wish all our readers a happy and healthy new year!

Year in Review

As another year comes to an end, we thought it would be fun to take a look back at our most popular posts in 2014.

Our most-read posts here at Terms  + Conditions ran the gamut from extreme weather, to drones, Obamacare and cyber risk.

Perhaps not surprisingly, three of our top 10 posts during the year were on the topic of cyber risk and its impact on companies large and small.

In Latest Cyber Security Breach: 1.2B Passwords Stolen we reported on the largest known data breach to-date, in which a Russian crime ring amassed billions of stolen Internet credentials, including 1.2 billion user name and password combinations and more than 500 million email addresses.

Our post Data Breaches Becoming More Damaging revealed that data breaches are now the greatest risk factor for identity fraud. In 2013, one in three consumers who received notification of a data breach became a victim of fraud, up from one in four in 2012, according to a report by Javelin Strategy & Research.

And in The Importance of Having a Cyber Liability Policy we highlighted that while companies hit by a data breach look to their insurance policies for coverage, recent legal developments indicate that reliance on traditional insurance policies is not enough.

In case you missed them the first time round, here’s a complete list of our top 10 posts:

1. NOAA: Extreme Cold and Snow Unlikely This Winter
2. Drones and Insurance
3. IRC: P/C Insurers Not Immune to Effects of Affordable Care Act
4. Cavalcade of Risk #209: Risk Assessment
5. Latest Cyber Security Breach: 1.2B Passwords Stolen
6. Poor Service, Not Price Drives Auto Insurance Customers to Shop
7. Data Breaches Becoming More Damaging
8. Sports, Concussion Risk and Liability
9. To Lie or Not To Lie
10. The Importance of Having a Cyber Liability Policy

Thanks for following and commenting. We wish all our readers a very happy new year!

Growing Need for Businesses to Manage Social Media Risks

More and more companies are using social media and many recognize the potential risks, but few have an adequate plan in place to manage those risks.

Two separate surveys point to the fact that as social media becomes even more widely used in the corporate setting, businesses need to properly assess and monitor the risks involved.

Chubb’s just-published 2013 Private Company Survey found that 68 percent of companies are using social media – up from 39 percent in 2010 – but only 12 percent are concerned that they will be sued for allegedly making defamatory posts.

Further, only 49 percent have a written social media usage policy for their employees, Chubb found.

Executives at 450 U.S. for-profit private companies were interviewed for the Chubb survey.

An earlier report from Grant Thornton LLP and the Financial Executives Research Foundation (FERF), found that some 71 percent of public and private company executives are concerned about the potential risks involved in the use of social media, but they believe the risks can be mitigated or avoided.

More than half (59 percent) of executives surveyed said their companies do not perform a social media risk assessment.

Also, two-thirds (66 percent) of respondents see their company’s use of social media increasing during the next 12 months, but only a third of respondents (36 percent) reported that their company has social media training.

As the report says:

The evaluation and monitoring of risk needs to be a key component of any organization’s social media strategy, and its importance cannot be overstated.†

More than 100 senior-level executives from public and private companies participated in the 2013 Social Media Risks and Rewards survey, which was conducted during May and June of this year.

Check out the I.I.I. paper Social Media, Liability and Insurance.

Social Media Usage Increases Among Fortune 500

The Center for Marketing Research at the University of Massachusetts Dartmouth has released its annual report on social media usage by Fortune 500 companies.

It shows a surge forward in the adoption and use of social media and new communications tools among this year’s Fortune 500.

Of note for the insurance industry in 2012:

Some 81 percent of companies in the property and casualty insurance industry (stock) had Twitter accounts, while 69 percent had corporate Facebook pages. As for blogging, just 19 percent of these companies had corporate blogs.

Several  P/C insurers have also adopted specialty blogs—those focusing on the company career paths and hiring information, social responsibility and community causes—including State Farm Insurance Cos and Liberty Mutual Insurance Group.

Back to the broader picture:

Overall, the study notes that some 73 percent of the 2012 F500 had corporate Twitter accounts, 66 percent had a corporate Facebook page and 28 percent had corporate blogs.

Furthermore, in the past year, F500 companies have increased their adoption of blogging by 5 percent, their use of Twitter for corporate communications by 11 percent and their use of Facebook pages by 8 percent.

For the first time this year’s study recorded corporate and specialty YouTube accounts. It found some 62 percent of the 2012 F500 (309 companies) had corporate YouTube accounts and 2 percent (11 companies) are posting on Pinterest.

The study notes:

It is obvious that there has been a surge forward in the adoption and use of social media and new communications tools among this year’s Fortune 500. For years, this group has lagged behind other sectors and at times appeared to shun social media. These latest numbers show a renewed interest that includes using these tools for engagement, hiring and fundraising as well as for corporate advancement.”

Annual Webby Awards Open for Voting

This landed in my inbox a few days ago. If in the course of the past year you’ve built an insurance website, created a mobile app or made an online film or video, you may want to submit your work for consideration for a Webby Award.

The International Academy of Digital Arts and Sciences just opened its call for entries for the 17thAnnual Webby Awards.

Hailed as the “Internet’s highest honor† by The New York Times, The Webby Awards celebrate the year’s best websites, interactive advertising and media, online film and video, mobile and apps, and social experiences.

If your company is interested in submitting for a Webby Award, the category to choose is: Financial Services + Insurance (Interactive Advertising). This is for the sites promoting financial services, information, or insurance on behalf of a brand.

The early entry deadline to submit works for consideration is October 26, 2012, and the nominees will be announced April 2013.

Judges include Tumblr founder and CEO David Karp, Instagram Co-Founder Kevin Systrom, and media mogul Arianna Huffington among others.

Entrants compete not only to win a Webby, but to deliver their 5-Word Speech. Since 2007, Webby Awards 5-Word Speech videos have garnered over seven million views on

Worth checking out.

Twitter Trial Highlights Social Media Risks

Be careful what you say online.

A British court earlier this week awarded libel damages of  £90,000 ($140,000) to former New Zealand cricketer Chris Cairns as a result of a tweet posted about him in 2010.

The 24-word tweet, by former Indian Premier League head Lalit Modi, alleged that Cairns had been involved in match-fixing.

According to an Associated Press report, the ruling from London’s High Court determined that Modi “singularly failed† to provide any reliable evidence that Cairns was involved in match-fixing.

Modi was also ordered to pay  £400,000 ($635,000) in costs to Cairns’ solicitors within 28 days.

This isn’t the first time a tweet has turned litigious.

In May 2011, singer Courtney Love was sued for alleged defamation on Twitter by former lawyers who had represented her in 2008 in an effort to recover money allegedly stolen from the estate of her late husband, Kurt Cobain.

And in March 2011, Love agreed to pay $430,000 plus interest, to settle a landmark Twitter defamation lawsuit brought in March 2009 by her former designer over comments Love made on her Twitter and MySpace accounts.

A recent I.I.I. paper co-authored by myself and I.I.I. president Dr. Robert Hartwig, notes that the growing use of social media in everyday life is giving rise to a range of evolving liabilities.

The good news is that insurance is available to help both individuals and companies better manage and reduce their potential financial losses from social media and cyber risks in future.

Check out a post on ZDNet blog Social Business for more on recent Twitter defamation cases.

Women In Insurance

Some of our readers may know that March is Women’s History Month. In celebration of the event, the Insurance Information Institute (I.I.I.) has developed facts and statistics that provide information on the number of women employed in the industry today and the percentage of women workers in selected insurance occupations.   In addition, the I.I.I. has posted pictures and historical facts on its Women in Insurance Pinterest board.  

Today, Insurance Information Institute (I.I.I.) vice president of communications Loretta Worters tells us more about  women’s history in  insurance:

Did you know that married women in the 1840s could not buy life insurance policies on themselves, a stumbling block to growth of the life industry?   Or that the Insurance Standard was the only insurance paper actively managed by a woman, Emily Ransom in 1897? Did you know that in 1910, out of 9,386 managers in insurance, only four were black women?

There is much we can be proud of as women in the insurance industry and what we’ve accomplished since those early days.   Today, for example, 49.4% of insurance sales agents are women, 57.4% are claims adjusters, appraisers, examiners and insurance investigators and 59.3% are underwriters.   In fact, women have comprised about two-thirds of the insurance industry workforce in each year from 2002 to 2011, according to the Current Employment Statistics Survey (CES). In 2011, there were 1.5 million women employed in the insurance sector, accounting for 66.1 percent of the 2.3 million workers in the insurance industry.

There have been a lot of firsts for women in the insurance industry.   The first woman insurance commissioner in West Virginia was Virginia Mae Brown.   In May 1961 she took office, making her also the first woman insurance commissioner in the United States.   The first recorded women’s insurance industry organization was the Women Leaders Round Table founded in 1936.   Today, we have similar organizations such as the Association of Professional Insurance Women started in 1976 which provides assistance to women with career development.

While the insurance industry is “doing the right thing,† still more can be done.   In 2010, less than 25,000 women were insurance actuaries, too few to calculate a percentage. In 2010, the ratio of women’s to men’s earnings was 81.2% for all insurance occupations; for insurance sales agents it was just 66.7%.

Bina West Miller, founder of one of the first organizations in the country to offer life insurance to women said something in 1892 that still applies today:   “Insurance is the coming work for intelligent, energetic women in the South, North, East and West.†

For more interesting facts in celebration of Women’s History Month, check out our tweets.