The insurance industry is always a leader in the business world.
A hallmark of our leadership is the ability to (1) find innovative solutions to meet insurance needs created by new types of businesses and (2) adapt to our customers’ changing demands within a complex regulatory and competitive environment.
The vape industry is an example of a new industry with uncertain risks. E-cigarettes have taken over since their introduction into the U.S. market, generating over $7 billion in 2021, and some estimate that number will hit $180 billion by 2030.
Although touted as a safer alternative to traditional cigarettes, vaping still carries many adverse health effects. Because medical researchers have only recently begun to study vape usage, we won’t know for many years the full health impact. Combined with insurance for manufacturing vapes, and potential product liability in the event of improper labeling, false advertising, and product defects, the vape industry will likely pose a concern well into the future.
Vape manufacturers and retailers can be difficult for insurers to manage,
especially as the industry grows.
Innovation requires awareness and the ability to evolve to meet changing needs. A key element of awareness is having accurate information about hidden risks in your book of business.
At BuildingMetrix, it’s our mission to provide tools to help underwriters and agents make effective, profitable decisions. Our new tool, Vape Check, allows you to run your book of business against known vape establishments in your state and across the country to view your overall vape-related risk geospatially. This information will help you chart the best course of action – whether that’s simply awareness of the magnitude of your risk, offering special coverage, or initiating non-renewal.
Here is a link to learn more about the growth of the vape industry and the potential risk for insurers.
As always, we’re here to help as you continue to innovate and meet your customers’ changing needs.
To find out whether BuildingMetrix Vape Check can help you manage the hidden risk in your book of business, contact our data experts today!