Latest Insurance News


Auto dealership market – what insurance brokers need to know

11/22/2023

White Car

Challenges in the auto dealership space have seen some carriers turn away from the market and newer entrants could be looking to unsustainable pricing models, an industry leader has cautioned.  “The franchised auto dealers market has historically been very

Read More


Disruptive Thanksgiving-week storm to ramp up across the East ahead of holiday travel rush

11/21/2023

Airplane in Sky

A strong storm system is pushing its way across the eastern US ahead of Thanksgiving and is expected to deliver its most widespread and significant impacts on Tuesday, threatening to disrupt holiday travel with severe thunderstorms, drenching rain and snow

Read More


Cyber ‘Catastrophe Bonds’ Move Step Closer to Hitting Public Debt Markets

11/13/2023

Computer

Cyber catastrophe bonds may be about to move out of the shadows of private deal-making and into the public debt markets. So-called cat bonds, which farm out hard-to-insure risks to capital market investors in exchange for double-digit returns, have typical

Read More


Climate change is impacting the home insurance industry and damaging the U.S. housing market

11/7/2023

Forest Fire

When Michael Monaghan, a real estate agent with Coldwell Banker Sellers Realty in northern California, got an offer for a home in Bayside at the seller’s $650,000 list price in September, he told the buyer’s agent that the buyer needed to start looking for

Read More


Guernsey States hopes insurance will cover Storm Ciarán costs

11/6/2023

Storm Ciaran Water Rescue

The hospital, airport and college of further education were among the government properties damaged by the violent storm last week.  The States says it would pay for tree surgery work, but any significant structural damage will likely be covered by insuran

Read More


Storm Ciarán batters Northwest Europe, killing at least 4 people and cutting 1 million off power grids

11/3/2023

Storm Ciaran Water Rescue

Storm Ciarán has brought hurricane-strength winds to France, the Channel Islands and southern England, leaving more than a million people without access to electricity and forcing hundreds of schools to close. The storm has claimed at least four lives, two

Read More


Travelers to Buy Cyber MGU Corvus for $435 Million

11/3/2023

Travelers Logo

The Travelers Companies today said it has agreed to buy cyber managing general underwriter Corvus Insurance Holdings, Inc. for about $435 million for its middle-market excess and surplus lines presence. “This transaction accelerates our access to cutting-e

Read More


Specialty insurance company reports on key issues for P&C sector

11/2/2023

Business Men Meeting

American Modern Insurance Group, a speciality insurance company and a subsidiary of Munich Re, has released a report on key issues facing the personal lines property-casualty market. The report is based on a survey of 240 independent insurance agents acros

Read More


Allstate, Allianz invest $265 million in Next Insurance in a big bet on insuretech

11/1/2023

Allstate

NEXT Insurance is entering a strategic partnership with Allstate to develop products including commercial auto policies and extending its existing reinsurance relationship with Allianz. The insurance giants are making a $265 million strategic investment i

Read More


South Carolina Seeing Record Number of Insurance Fraud Complaints

10/31/2023

Auto Fraud

South Carolina in 2022 saw a record number of complaints about insurance fraud, and has almost matched the number through the first 10 months of this year. And some state lawmakers are now looking into the reasons for the increase. More resources are neede

Read More


Hurricane Otis death toll rises to 48, missing now number 36 as search and recovery work continues

10/30/2023

Hurricane Otis 01

At least 48 people died when Category 5 Hurricane Otis slammed into Mexico’s southern Pacific coast, most of them in Acapulco, Mexican authorities said Sunday as the death toll continued to climb and families buried loved ones. Mexico’s civil defense agenc

Read More


Feeling the pinch of high home insurance rates? It's not getting better anytime soon

10/26/2023

Hurricane Home Damage

Many in Florida are finding homeowners' insurance unaffordable, and it's only getting worse. Gregg Weiss lives in an older neighborhood in West Palm Beach. His home and many others are nearly a century old. It's a great place to live he says, except when i

Read More


Chubb Q3 Net Income Increases 158% to $2 Billion

10/25/2023

Chubb Insurance

Third quarter net income at Chubb Ltd. shot up to $2.04 billion, an increase of nearly 158% over last year’s $792 million during the same quarter. Chubb’s P/C underwriting income was up about 84% to $1.3 billion in the third quarter. Net premiums written w

Read More


California considers new rules for property insurance pricing

10/24/2023

California Smoke

California Insurance Commissioner Ricardo Lara recently announced a package of executive actions aimed at making property insurance more available throughout the state. Considered the largest insurance reform since state voters approved Proposition 103 to

Read More


Is Florida's insurance market finally recovering?

10/20/2023

Palm Trees Storm

Florida’s insurance market has managed to see an upturn after years of struggling with profitability. This is according to Mark Friedlander of the Insurance Information Institute (Triple-I), who pointed to figures from the state’s insurance regulator. “Acc

Read More


Health insurance premiums rise 7 percent: study

10/19/2023

Healthcare Doctor

The average annual premium for employer-sponsored family health insurance coverage rose by 7 percent in 2023, according to a study published Wednesday. The results were derived from health research organization KFF’s annual Employer Health Benefits Survey.

Read More


Some Floridians are seeing 6-figure home insurance prices

10/18/2023

Florida Palm Trees

Floridians are facing home insurance sticker shock, with some annual policies now costing six figures. James Molinari, who owns a four-bedroom home in West Palm Beach, told the Wall Street Journal the new rate for his homeowners insurance came in around $1

Read More


Freedom Insurance and Risk Management Joins VIAA

10/17/2023

VIAA Logo

Freedom Insurance and Risk Management recently joined Valley Insurance Agency Alliance (VIAA), a cohesive family of more than 160 independent insurance agencies in Missouri and Illinois. Founded in 2023, Freedom Insurance and Risk Management was created by

Read More


Is ChatGPT an insurance fraudster's best friend?

10/12/2023

ChatGPT

The use of artificial intelligence (AI) to facilitate fraud insurance claims has grown over the past decade, especially as AI has become more sophisticated. But the entry of generative AI could drive insurance fraud to levels yet unseen, a digital intellig

Read More


Citizens Property Insurance reaches deadline, forcing customers to respond

10/10/2023

Citizens Property Insurance

People insured with Citizens Insurance will have a decision to make, stick with their current coverage with Citizens or transfer to a private insurer. More than 300,000 Floridians received a letter through their mail that read an offer of property insuranc

Read More


US Regulators Push for Recall of 52 Million Air Bag Inflators

10/9/2023

Car Airbag

U.S. National Highway Traffic Safety Administration (NHTSA) officials on Oct. 5 told a public hearing that the government should require the recall of 52 million air bag inflators produced by auto suppliers ARC Automotive and Delphi Automotive because they

Read More


6 new insurance companies approved in Florida as state looks to reduce Citizens Insurance policies

10/6/2023

Florida House

WEST PALM BEACH, Fla. — A new set of insurance companies have been given approval to step in and make offers to take over Citizens Insurance policies in Florida. The six orders signed by Insurance Commissioner Michael Yaworsky in the last several days open

Read More


Rainbow launches new annual term BOP for restaurant industry

10/5/2023

Restaurant Kitchen

Rainbow has unveiled what it touts to be an industry-first annual term business owner’s policy (BOP) designed specifically for the restaurant industry. The new offer provides a variety of flexible payment options, including a pay-as-you-go billing method.

Read More


Homeowners Flock to Last-Resort Insurance Policies

10/4/2023

California Home

Robert Dubie was paying around $1,100 a year to insure his Paradise, Calif., home before it burned down in a wildfire five years ago. He rebuilt it with a host of fire protections, but it costs 10 times as much to insure. He couldn’t get a policy that cove

Read More


Is Your AI Model Going Off the Rails? There May Be an Insurance Policy for That

10/2/2023

AI Sign

The many ways a generative artificial intelligence project can go off the rails poses an opportunity for insurance companies, even as those grim scenarios keep business technology executives up at night. Taking a page from cybersecurity insurance, which sa

Read More


New York City in state of emergency as torrential rain floods subways, roads and basements

9/29/2023

New York Flooding

Torrential rain caused flooding that forced rescues, closed roads, disrupted subway service and overwhelmed basements in the New York City area as “dangerous and life-threatening” rainfall surged across the concrete expanse on Friday. A month’s worth of ra

Read More


Rising Claims Costs Limit US P/C Profitability in 2023

9/27/2023

Financial Report

While the profitability outlook for the U.S. P/C industry this year is mixed, Swiss Re predicts a stronger year in 2024, as premium increases and interest rates improve industry results. According to the U.S. Property & Casualty Outlook report, the P/C ind

Read More


Blue Cross backs off plan for $2.5 billion sale to Elevance Health

9/26/2023

Blue Cross Blue Shield of Louisiana

Blue Cross and Blue Shield of Louisiana, the nonprofit that provides health insurance to more than 40% of the state's residents, is scrapping — for now — its plan to sell to Elevance Health, according to documents filed with regulators. The Baton Rouge-bas

Read More


Ophelia causes widespread flooding as storm marches up East Coast

9/25/2023

Tropical Storm Ophelia Cars Intersection

Tropical Storm Ophelia lumbered up the Eastern Seaboard on Saturday, flooding streets, downing power lines and sparking an explosion while sparing much of the East Coast from more catastrophic damage. About 14 hours after making landfall near Emerald Isle,

Read More


Allstate Records About $640M in August Cat Losses, Half From Maui Wildfire

9/22/2023

Wildfire Neighborhood Damage

Allstate reported about $641 million in August catastrophe losses from 18 events, with about half coming from the Maui wildfire. The losses for the month of August were $551 million or $435 million, after-tax, partially offset by favorable reserve reestima

Read More


Auto dealership market – what insurance brokers need to know

11/22/2023

Challenges in the auto dealership space have seen some carriers turn away from the market and newer entrants could be looking to unsustainable pricing models, an industry leader has cautioned.  “The franchised auto dealers market has historically been very...

Read More

White Car

Disruptive Thanksgiving-week storm to ramp up across the East ahead of holiday travel rush

11/21/2023

A strong storm system is pushing its way across the eastern US ahead of Thanksgiving and is expected to deliver its most widespread and significant impacts on Tuesday, threatening to disrupt holiday travel with severe thunderstorms, drenching rain and snow...

Read More

Airplane in Sky

Cyber ‘Catastrophe Bonds’ Move Step Closer to Hitting Public Debt Markets

11/13/2023

Cyber catastrophe bonds may be about to move out of the shadows of private deal-making and into the public debt markets. So-called cat bonds, which farm out hard-to-insure risks to capital market investors in exchange for double-digit returns, have typical...

Read More

Computer

Climate change is impacting the home insurance industry and damaging the U.S. housing market

11/7/2023

When Michael Monaghan, a real estate agent with Coldwell Banker Sellers Realty in northern California, got an offer for a home in Bayside at the seller’s $650,000 list price in September, he told the buyer’s agent that the buyer needed to start looking for...

Read More

Forest Fire

Guernsey States hopes insurance will cover Storm Ciarán costs

11/6/2023

The hospital, airport and college of further education were among the government properties damaged by the violent storm last week.  The States says it would pay for tree surgery work, but any significant structural damage will likely be covered by insuran...

Read More

Storm Ciaran Water Rescue

Storm Ciarán batters Northwest Europe, killing at least 4 people and cutting 1 million off power grids

11/3/2023

Storm Ciarán has brought hurricane-strength winds to France, the Channel Islands and southern England, leaving more than a million people without access to electricity and forcing hundreds of schools to close. The storm has claimed at least four lives, two...

Read More

Storm Ciaran Water Rescue

Travelers to Buy Cyber MGU Corvus for $435 Million

11/3/2023

The Travelers Companies today said it has agreed to buy cyber managing general underwriter Corvus Insurance Holdings, Inc. for about $435 million for its middle-market excess and surplus lines presence. “This transaction accelerates our access to cutting-e...

Read More

Travelers Logo

Specialty insurance company reports on key issues for P&C sector

11/2/2023

American Modern Insurance Group, a speciality insurance company and a subsidiary of Munich Re, has released a report on key issues facing the personal lines property-casualty market. The report is based on a survey of 240 independent insurance agents acros...

Read More

Business Men Meeting

Allstate, Allianz invest $265 million in Next Insurance in a big bet on insuretech

11/1/2023

NEXT Insurance is entering a strategic partnership with Allstate to develop products including commercial auto policies and extending its existing reinsurance relationship with Allianz. The insurance giants are making a $265 million strategic investment i...

Read More

Allstate

South Carolina Seeing Record Number of Insurance Fraud Complaints

10/31/2023

South Carolina in 2022 saw a record number of complaints about insurance fraud, and has almost matched the number through the first 10 months of this year. And some state lawmakers are now looking into the reasons for the increase. More resources are neede...

Read More

Auto Fraud

Hurricane Otis death toll rises to 48, missing now number 36 as search and recovery work continues

10/30/2023

At least 48 people died when Category 5 Hurricane Otis slammed into Mexico’s southern Pacific coast, most of them in Acapulco, Mexican authorities said Sunday as the death toll continued to climb and families buried loved ones. Mexico’s civil defense agenc...

Read More

Hurricane Otis 01

Feeling the pinch of high home insurance rates? It's not getting better anytime soon

10/26/2023

Many in Florida are finding homeowners' insurance unaffordable, and it's only getting worse. Gregg Weiss lives in an older neighborhood in West Palm Beach. His home and many others are nearly a century old. It's a great place to live he says, except when i...

Read More

Hurricane Home Damage

Chubb Q3 Net Income Increases 158% to $2 Billion

10/25/2023

Third quarter net income at Chubb Ltd. shot up to $2.04 billion, an increase of nearly 158% over last year’s $792 million during the same quarter. Chubb’s P/C underwriting income was up about 84% to $1.3 billion in the third quarter. Net premiums written w...

Read More

Chubb Insurance

California considers new rules for property insurance pricing

10/24/2023

California Insurance Commissioner Ricardo Lara recently announced a package of executive actions aimed at making property insurance more available throughout the state. Considered the largest insurance reform since state voters approved Proposition 103 to ...

Read More

California Smoke

Is Florida's insurance market finally recovering?

10/20/2023

Florida’s insurance market has managed to see an upturn after years of struggling with profitability. This is according to Mark Friedlander of the Insurance Information Institute (Triple-I), who pointed to figures from the state’s insurance regulator. “Acc...

Read More

Palm Trees Storm

Health insurance premiums rise 7 percent: study

10/19/2023

The average annual premium for employer-sponsored family health insurance coverage rose by 7 percent in 2023, according to a study published Wednesday. The results were derived from health research organization KFF’s annual Employer Health Benefits Survey....

Read More

Healthcare Doctor

Some Floridians are seeing 6-figure home insurance prices

10/18/2023

Floridians are facing home insurance sticker shock, with some annual policies now costing six figures. James Molinari, who owns a four-bedroom home in West Palm Beach, told the Wall Street Journal the new rate for his homeowners insurance came in around $1...

Read More

Florida Palm Trees

Freedom Insurance and Risk Management Joins VIAA

10/17/2023

Freedom Insurance and Risk Management recently joined Valley Insurance Agency Alliance (VIAA), a cohesive family of more than 160 independent insurance agencies in Missouri and Illinois. Founded in 2023, Freedom Insurance and Risk Management was created by...

Read More

VIAA Logo

Is ChatGPT an insurance fraudster's best friend?

10/12/2023

The use of artificial intelligence (AI) to facilitate fraud insurance claims has grown over the past decade, especially as AI has become more sophisticated. But the entry of generative AI could drive insurance fraud to levels yet unseen, a digital intellig...

Read More

ChatGPT

Citizens Property Insurance reaches deadline, forcing customers to respond

10/10/2023

People insured with Citizens Insurance will have a decision to make, stick with their current coverage with Citizens or transfer to a private insurer. More than 300,000 Floridians received a letter through their mail that read an offer of property insuranc...

Read More

Citizens Property Insurance

US Regulators Push for Recall of 52 Million Air Bag Inflators

10/9/2023

U.S. National Highway Traffic Safety Administration (NHTSA) officials on Oct. 5 told a public hearing that the government should require the recall of 52 million air bag inflators produced by auto suppliers ARC Automotive and Delphi Automotive because they...

Read More

Car Airbag

6 new insurance companies approved in Florida as state looks to reduce Citizens Insurance policies

10/6/2023

WEST PALM BEACH, Fla. — A new set of insurance companies have been given approval to step in and make offers to take over Citizens Insurance policies in Florida. The six orders signed by Insurance Commissioner Michael Yaworsky in the last several days open...

Read More

Florida House

Rainbow launches new annual term BOP for restaurant industry

10/5/2023

Rainbow has unveiled what it touts to be an industry-first annual term business owner’s policy (BOP) designed specifically for the restaurant industry. The new offer provides a variety of flexible payment options, including a pay-as-you-go billing method. ...

Read More

Restaurant Kitchen

Homeowners Flock to Last-Resort Insurance Policies

10/4/2023

Robert Dubie was paying around $1,100 a year to insure his Paradise, Calif., home before it burned down in a wildfire five years ago. He rebuilt it with a host of fire protections, but it costs 10 times as much to insure. He couldn’t get a policy that cove...

Read More

California Home

Is Your AI Model Going Off the Rails? There May Be an Insurance Policy for That

10/2/2023

The many ways a generative artificial intelligence project can go off the rails poses an opportunity for insurance companies, even as those grim scenarios keep business technology executives up at night. Taking a page from cybersecurity insurance, which sa...

Read More

AI Sign

New York City in state of emergency as torrential rain floods subways, roads and basements

9/29/2023

Torrential rain caused flooding that forced rescues, closed roads, disrupted subway service and overwhelmed basements in the New York City area as “dangerous and life-threatening” rainfall surged across the concrete expanse on Friday. A month’s worth of ra...

Read More

New York Flooding

Rising Claims Costs Limit US P/C Profitability in 2023

9/27/2023

While the profitability outlook for the U.S. P/C industry this year is mixed, Swiss Re predicts a stronger year in 2024, as premium increases and interest rates improve industry results. According to the U.S. Property & Casualty Outlook report, the P/C ind...

Read More

Financial Report

Blue Cross backs off plan for $2.5 billion sale to Elevance Health

9/26/2023

Blue Cross and Blue Shield of Louisiana, the nonprofit that provides health insurance to more than 40% of the state's residents, is scrapping — for now — its plan to sell to Elevance Health, according to documents filed with regulators. The Baton Rouge-bas...

Read More

Blue Cross Blue Shield of Louisiana

Ophelia causes widespread flooding as storm marches up East Coast

9/25/2023

Tropical Storm Ophelia lumbered up the Eastern Seaboard on Saturday, flooding streets, downing power lines and sparking an explosion while sparing much of the East Coast from more catastrophic damage. About 14 hours after making landfall near Emerald Isle,...

Read More

Tropical Storm Ophelia Cars Intersection

Allstate Records About $640M in August Cat Losses, Half From Maui Wildfire

9/22/2023

Allstate reported about $641 million in August catastrophe losses from 18 events, with about half coming from the Maui wildfire. The losses for the month of August were $551 million or $435 million, after-tax, partially offset by favorable reserve reestima...

Read More

Wildfire Neighborhood Damage