Parametric insurance sounds a lot like betting on horses. In betting on horse races, there is a set threshold - the finish line - that must be crossed to trigger a payout. In parametric insurance, there is a threshold that set parameters must cross to trigger payout.
With the start of 2024 comes a wave of substantial changes to the retirement landscape caused by the rollout of version 2.0 of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which was passed by Congress in 2022. The legislation contains provisions aimed at increasing retirement savings and preparedness for millions of U.S. workers.
A new independent contractor rule from the U.S. Department of Labor (DOL) could spark an increase in misclassification lawsuits and make businesses less likely to hire gig workers, experts say.
Employee benefits are the cornerstone of a thriving organization. Perks and benefits are pivotal in enhancing job satisfaction,attraction and retention rates, employee well-being and overall workplace morale. While some organizations may feel constrained by budget limitations, there are numerous low- and no-cost benefits that can significantly impact employee happiness and productivity.
When nonprofit health insurer Blue Shield of California announced significant changes to how it conducts pharmacy benefit management (PBM) for its 4.8 million members, the health insurance industry took notice. What does this mean for employers sponsoring health plans? There are a few key points they shouldn't miss.
Employers are facing immense healthcare cost pressures going into 2024. According to industry experts, medical benefit expenses are predicted to rise 5.4% next year — outpacing the 3-4% average annual increases seen over the past decade. This spike ties back to factors like lingering inflation, more expensive treatments, and pandemic care deficits coming due.
A new survey reveals that the costs of covering increasingly popular obesity drugs like Ozempic and Wegovy are quickly mounting for employers. But with demand from employees high and potential health benefits significant, more companies are considering taking on the pricey medications.
Cyber incidents—including data breaches, ransomware attacks and social engineering scams—have become increasingly prevalent, impacting organizations of all sizes and industries. Such incidents have largely been brought on by additional cyberthreat vectors and growing attacker sophistication. As these incidents continue to rise in both cost and frequency, it’s crucial for organizations to take steps to address their cyber exposures and bolster their digital security defenses.
One of the biggest components of workers’ compensation is an effective return-to-work (RTW) program. Eliminating injuries and illnesses is paramount for reducing workers’ compensation costs, but after an incident, an RTW program can significantly reduce workers’ compensation costs for employers and improve the lives of employees by getting them back to work when there is an injury or illness. This article provides an overview of RTW programs and discusses the best practices for establishing and maintaining such programs.
When properties are left idle or vacant, the risk of fire-related incidents increases. Therefore, implementing a comprehensive fire prevention strategy is crucial. This article explores essential fire prevention measures for idle and vacant properties to ensure the safety of the premises and minimize the risk of destructive fires.
