News Type: Articles

Many people affiliated with a multi-national insurance company or reinsurer consider the fast-approaching deadline for compliance with the General Data Protection Regulation (GDPR) to be old news.

But that’s not true of the entire insurance industry. It is less likely that an independent broker — one who has just placed a policy of insurance for a resident of the European Union who purchased property in the United States — realizes the urgency of becoming acquainted with the GDPR.

Pete Seeger, the legendary American folk singer, offered a great distinction between education and experience. “Education,” he said, “is when you read the fine print; experience is what you get when you don’t.” The point being: it is extraordinarily important for parties to an agreement to review and comprehend its terms, or else difficulties may well ensue. But achieving the requisite level of understanding is frequently easier said than done.

The drumbeat of the #MeToo movement continues to shine a critically bright light on sexual misconduct and its shocking prevalence in the workplace. Without question, no industry is immune from incidents of sexual assault, and that includes the hospitality space. Indeed, given the unique nature of their operations, hoteliers must address the specter of sexual misconduct on their premises on multiple fronts. Call it a triple threat: sexual assaults of staff by guests; sexual harassment of hotel and resort employees by coworkers and supervisors; and sexual violence in guest rooms involving customers and third parties.

For many, just the mention of the word is enough for eyes to glaze over and minds to wander. Bring it up as fodder for cocktail party conversation, and the universal response is oftentimes a collective yawn. But insurance, though much maligned and not the sexiest of topics, is a critical cog in the wheel of commerce, and one that cannot be ignored. And that is because this intangible product is an invaluable tool that allows businesses, including those in the hospitality space, to manage the risk of financial loss – catastrophic and otherwise – by transferring it to third parties (read: insurance companies).

This year marks Airbnb’s 10th anniversary. That’s right, for a decade now, the hospitality industry maverick has been eating away at something that hoteliers hold dear – market share of lodging worldwide. And it has done so with abandon, finding a seat at the table amongst hotels and resorts in a space that was clearly ripe for disruption in the age of the sharing economy.