Latest Insurance News


Conduit Holdings reports 60% growth in estimated ultimate premiums

1/27/2023

Man and Graph

The parent company of Conduit Re has provided an update to its January 1 renewal season after seeing a strong start to the year. Conduit Holdings chief executive officer Trevor Carvey called it an “exceptional” renewal season for the company, with estimate

Read More


Few Florida Carriers Filed for Arbitration in 2022, But It’s Coming, Attorneys Say

1/26/2023

Arbitration Agreement

After American Integrity Insurance Co. filed for a binding arbitration endorsement on homeowner policies one year ago, many in the industry expected a wave of other insurers to follow suit as claims litigation costs continued to rise in Florida. So far, th

Read More


Reinsurers with richer supply curves more likely to hit targets: Tremor

1/25/2023

tremor-technologies-logo

Reinsurance pricing and placing platform provider Tremor Technologies has reported a strong correlation between the likelihood of a successful allocation and the number of points in a reinsurer’s supply curve. Reinsurers who provide richer supply curves ar

Read More


No, a Purchase Order Is Not Like Insurance, State High Court Says in Reversal

1/23/2023

Legal Books and Gavel

A grocery chain is entitled to recoup costs it incurred defending an automatic door installer against negligence claims brought against them both, but it is not entitled to recover the costs it incurred defending itself under the terms the installer’s purc

Read More


AI Tools Can Create New Images, but Who Is the Real Artist?

1/20/2023

Art

Countless artists have taken inspiration from “The Starry Night” since Vincent Van Gogh painted the swirling scene in 1889. Now artificial intelligence systems are doing the same, training themselves on a vast collection of digitized artworks to produce ne

Read More


California flooding highlights need for strong private flood market – report

1/19/2023

Rain Drops in Puddle

Historic flooding in California highlights the need for a strong private flood insurance market, according to a new report from AM Best. Private flood insurance accounts for more than 40% of California’s entire flood market – a significantly higher share

Read More


Study: 4 in 10 consumers shop for life insurance online or using app

1/16/2023

Online Insurance Shoppig App

Life insurers, welcome to the 21st Century. More than 4 in 10 consumers go online or use an app when shopping for life insurance, according to a new TransUnion report, a significant shift as most people still buy life insurance policies through an agent. W

Read More


What’s next for commercial auto risk in 2023?

1/13/2023

Car in Driveway

Brokers and policyholders should brace for additional rate pressure in commercial auto insurance this year as carriers continue to grapple with costly claims, caused by increasing parts costs, labor shortages, poor driving behaviors, and social inflation.

Read More


Top 10 global insurers – ratings agency announces latest rundown

1/10/2023

Insurance Woman Technology

AM Best has unveiled the latest edition of its top largest insurers – with UnitedHealth Group maintaining its top spot on the list for the eighth consecutive year. The rankings were published in the January 06, 2023 issue of Best’s News. Each insurer was r

Read More


Vista Equity Partners to Buy Duck Creek for $2.6B Cash

1/9/2023

Business People Handshake

Insurance software provider Duck Creek Technologies said it has entered into an agreement to be bought by Vista Equity Partners in an all-cash deal of about $2.6 billion. Pending Duck Creek stockholder and regulatory approvals, the transaction is expected

Read More


Chubb unveils global climate business unit

1/6/2023

Office Building

Chubb has announced the launch of a global climate business unit dedicated to tackling the impact of climate change and working toward the goal of a net zero future. The new business unit will offer a full spectrum of insurance products and services to bus

Read More


Some rates will stabilize; less optimal risk profiles will see hikes

1/4/2023

Business Analytics

While rates are stabilizing for some property/casualty buyers, organizations with less favorable risk profiles or challenging loss exposures will continue to see rate increases in 2023, USI Insurance Services Inc. said in a report Tuesday. Hurricane Ian lo

Read More


Growing storm intensity, EV insurance top 2022’s P&C reporting

1/4/2023

Top 10 PC

Hurricanes, floods, twisters, and other natural disasters seemed to dominate property and casualty news in 2022 in what was actually a moderately damaging year compared to previous ones. Still, the intensity of storms and the nation’s relative preparedness

Read More


Death Count Rises as Buffalo Digs Out From ‘Worst Storm’ in Lifetime

12/28/2022

Winter Storm Truck

BUFFALO, N.Y. (AP) — Buffalo residents hovered around space heaters, hunted for cars buried in snow drifts and looked for more victims Monday, aftermore than 28 people died in one of the worst weather-related disasters ever to hit western New York. The res

Read More


Government Funding Bill to Bolster U.S. Antitrust Regulators

12/27/2022

Antitrust Files

A $1.7 trillion government funding bill approved by the U.S. Senate Thursday will bolster U.S. regulators and make it easier for states to bring antitrust lawsuits. The Federal Trade Commission (FTC), which has a number of major technology investigations u

Read More


Storm Adds Uncertainty to Strong Holiday Travel Demand

12/22/2022

Holiday Travel

Concerns about illness or inflation aren’t stopping Americans from hitting the roads and airports this holiday season. But a massive winter storm might. Forecasters predict an onslaught of heavy snow, ice, flooding and even tornadoes from Thursday to Satur

Read More


In wake of devastating storms, Entergy proposes $9.6 billion plan to harden Louisiana's grid

12/21/2022

Power Grid

After hurricanes battered Louisiana's electric grid in 2020 and 2021, Entergy Louisiana is proposing a $9.6 billion grid-hardening plan that is aimed at getting the lights back on faster in the face of increasingly intense storms. The 10-year plan, filed w

Read More


Insurers Denying Coverage to FTX-Linked Crypto Firms as Contagion Risk Mounts

12/19/2022

Bitcoin Checkerboard

Insurers are denying or limiting coverage to clients with exposure to bankrupt crypto exchange FTX, leaving digital currency traders and exchanges uninsured for any losses from hacks, theft or lawsuits, several market participants said. Insurers were alrea

Read More


Bridging the Insurtech Divide with Data in 2023

12/16/2022

Key Bridge

The magic word to bridge a widening gap between successful and underperforming insurtechs in 2023 is “data,” according to a group of insurtech experts who spoke with Carrier Management about their predictions for the new year. Although it has less to do wi

Read More


COVID-19 changed homeowners’ views on insurance and there’s no going back

12/15/2022

Covid-19

The COVID-19 pandemic caused a shift in the world we live in today. Where we moved, how we prioritize our time and what we value all have changed. We are spending more time closer to our relatives — most often in our family homes. Research from Plymouth Ro

Read More


Cyber insurance trends to watch in 2023

12/14/2022

Laptop

Cyberattacks are becoming more sophisticated, but so are insurers. In its 2023 US cyber market outlook, Risk Placement Services (RPS) says that insurance carriers have adapted to underwriting cyber risks even as threat actors raise or change their tactics.

Read More


Florida Bills Offer Broad Attack on Insurance Costs: Legal Fees, AOBs, Reinsurance

12/13/2022

Passidomo

After years of what some insurers have labeled half-measures, Florida lawmakers appear to be on the cusp of delivering “historic” and “transformational” reforms that would end one-way attorney fees, banish assignments of benefits and offer state-backed rei

Read More


North Korean Cyber Spies’ New Tactic: Tricking Experts Into Writing Research for Them

12/12/2022

North Korean Cyber Flag

When Daniel DePetris, a U.S.-based foreign affairs analyst, received an email in October from the director of the 38 North think-tank commissioning an article, it seemed to be business as usual. The sender was actually a suspected North Korean spy seeking

Read More


RILA Act clears Senate, one step closer to law

12/9/2022

Senate Building Approved Stamp

The Senate passed legislation Tuesday night to reduce market barriers for the sale of registered index linked annuities. Industry lobbyists are now pushing for the Registered Index-Linked Annuities Act to get to President Joe Biden's desk. To do that, it n

Read More


Another large insurer is leaving Louisiana — here’s what it means

12/8/2022

People Riding Canoe in Flooded City

Yet another major insurer is pulling out of Louisiana. United Property & Casualty Insurance Co., based in Florida, will cease renewing its roughly 36,000 Louisiana home insurance policies in 2023. It is the largest company, in terms of the value of premium

Read More


Solving the evolving challenges of commercial auto insurers

12/7/2022

Truck

Commercial auto insurers have had a combined ratio over 100 for the past 11 years, indicating that, on average, the industry is not profitable—at least not turning an underwriting profit. That said, there are insurers in this line of business that are succ

Read More


Student debt relief brings ‘major questions’ back to SCOTUS

12/6/2022

Supreme Court

A brewing Supreme Court battle over student debt relief could offer the justices their next chance to define which federal policies are vulnerable to legal challenges like the one that killed the Obama administration’s landmark power plant emissions rule

Read More


Lapsus$ Hacking Group Will Be Focus of DHS Cyber Review Board

12/5/2022

Cyber Security

The Department of Homeland Security’s Cyber Safety Review Board said it will study the Lapsus$ hacking group, which has been accused of carrying out breaches at major US companies this year. The board, comprised of senior government cyber officials and ind

Read More


Hurricane Ian Drives Global Insured Losses of $115B From Natural Disasters: Swiss Re

12/2/2022

Hurricane Ian Tampa Florida Damage

Hurricane Ian and other natural catastrophes, such as European winter storms, floods in Australia and hailstorms in France and the U.S., have cost global insurers an estimated $115 billion so far this year, according to a report published by Swiss Re Insti

Read More


Reinsurance, capacity are concerns, following rising storm damage, inflation

12/1/2022

Man on Money Boat

Insurers, reinsurers, and property owners are girding for one of the toughest markets ever as they head to the January 1 renewal period. With natural catastrophe losses at record levels, spiraling costs from inflation, and an unyielding investment environm

Read More


Conduit Holdings reports 60% growth in estimated ultimate premiums

1/27/2023

The parent company of Conduit Re has provided an update to its January 1 renewal season after seeing a strong start to the year. Conduit Holdings chief executive officer Trevor Carvey called it an “exceptional” renewal season for the company, with estimate...

Read More

Man and Graph

Few Florida Carriers Filed for Arbitration in 2022, But It’s Coming, Attorneys Say

1/26/2023

After American Integrity Insurance Co. filed for a binding arbitration endorsement on homeowner policies one year ago, many in the industry expected a wave of other insurers to follow suit as claims litigation costs continued to rise in Florida. So far, th...

Read More

Arbitration Agreement

Reinsurers with richer supply curves more likely to hit targets: Tremor

1/25/2023

Reinsurance pricing and placing platform provider Tremor Technologies has reported a strong correlation between the likelihood of a successful allocation and the number of points in a reinsurer’s supply curve. Reinsurers who provide richer supply curves ar...

Read More

tremor-technologies-logo

No, a Purchase Order Is Not Like Insurance, State High Court Says in Reversal

1/23/2023

A grocery chain is entitled to recoup costs it incurred defending an automatic door installer against negligence claims brought against them both, but it is not entitled to recover the costs it incurred defending itself under the terms the installer’s purc...

Read More

Legal Books and Gavel

AI Tools Can Create New Images, but Who Is the Real Artist?

1/20/2023

Countless artists have taken inspiration from “The Starry Night” since Vincent Van Gogh painted the swirling scene in 1889. Now artificial intelligence systems are doing the same, training themselves on a vast collection of digitized artworks to produce ne...

Read More

Art

California flooding highlights need for strong private flood market – report

1/19/2023

Historic flooding in California highlights the need for a strong private flood insurance market, according to a new report from AM Best. Private flood insurance accounts for more than 40% of California’s entire flood market – a significantly higher share ...

Read More

Rain Drops in Puddle

Study: 4 in 10 consumers shop for life insurance online or using app

1/16/2023

Life insurers, welcome to the 21st Century. More than 4 in 10 consumers go online or use an app when shopping for life insurance, according to a new TransUnion report, a significant shift as most people still buy life insurance policies through an agent. W...

Read More

Online Insurance Shoppig App

What’s next for commercial auto risk in 2023?

1/13/2023

Brokers and policyholders should brace for additional rate pressure in commercial auto insurance this year as carriers continue to grapple with costly claims, caused by increasing parts costs, labor shortages, poor driving behaviors, and social inflation. ...

Read More

Car in Driveway

Top 10 global insurers – ratings agency announces latest rundown

1/10/2023

AM Best has unveiled the latest edition of its top largest insurers – with UnitedHealth Group maintaining its top spot on the list for the eighth consecutive year. The rankings were published in the January 06, 2023 issue of Best’s News. Each insurer was r...

Read More

Insurance Woman Technology

Vista Equity Partners to Buy Duck Creek for $2.6B Cash

1/9/2023

Insurance software provider Duck Creek Technologies said it has entered into an agreement to be bought by Vista Equity Partners in an all-cash deal of about $2.6 billion. Pending Duck Creek stockholder and regulatory approvals, the transaction is expected ...

Read More

Business People Handshake

Chubb unveils global climate business unit

1/6/2023

Chubb has announced the launch of a global climate business unit dedicated to tackling the impact of climate change and working toward the goal of a net zero future. The new business unit will offer a full spectrum of insurance products and services to bus...

Read More

Office Building

Some rates will stabilize; less optimal risk profiles will see hikes

1/4/2023

While rates are stabilizing for some property/casualty buyers, organizations with less favorable risk profiles or challenging loss exposures will continue to see rate increases in 2023, USI Insurance Services Inc. said in a report Tuesday. Hurricane Ian lo...

Read More

Business Analytics

Growing storm intensity, EV insurance top 2022’s P&C reporting

1/4/2023

Hurricanes, floods, twisters, and other natural disasters seemed to dominate property and casualty news in 2022 in what was actually a moderately damaging year compared to previous ones. Still, the intensity of storms and the nation’s relative preparedness...

Read More

Top 10 PC

Death Count Rises as Buffalo Digs Out From ‘Worst Storm’ in Lifetime

12/28/2022

BUFFALO, N.Y. (AP) — Buffalo residents hovered around space heaters, hunted for cars buried in snow drifts and looked for more victims Monday, aftermore than 28 people died in one of the worst weather-related disasters ever to hit western New York. The res...

Read More

Winter Storm Truck

Government Funding Bill to Bolster U.S. Antitrust Regulators

12/27/2022

A $1.7 trillion government funding bill approved by the U.S. Senate Thursday will bolster U.S. regulators and make it easier for states to bring antitrust lawsuits. The Federal Trade Commission (FTC), which has a number of major technology investigations u...

Read More

Antitrust Files

Storm Adds Uncertainty to Strong Holiday Travel Demand

12/22/2022

Concerns about illness or inflation aren’t stopping Americans from hitting the roads and airports this holiday season. But a massive winter storm might. Forecasters predict an onslaught of heavy snow, ice, flooding and even tornadoes from Thursday to Satur...

Read More

Holiday Travel

In wake of devastating storms, Entergy proposes $9.6 billion plan to harden Louisiana's grid

12/21/2022

After hurricanes battered Louisiana's electric grid in 2020 and 2021, Entergy Louisiana is proposing a $9.6 billion grid-hardening plan that is aimed at getting the lights back on faster in the face of increasingly intense storms. The 10-year plan, filed w...

Read More

Power Grid

Insurers Denying Coverage to FTX-Linked Crypto Firms as Contagion Risk Mounts

12/19/2022

Insurers are denying or limiting coverage to clients with exposure to bankrupt crypto exchange FTX, leaving digital currency traders and exchanges uninsured for any losses from hacks, theft or lawsuits, several market participants said. Insurers were alrea...

Read More

Bitcoin Checkerboard

Bridging the Insurtech Divide with Data in 2023

12/16/2022

The magic word to bridge a widening gap between successful and underperforming insurtechs in 2023 is “data,” according to a group of insurtech experts who spoke with Carrier Management about their predictions for the new year. Although it has less to do wi...

Read More

Key Bridge

COVID-19 changed homeowners’ views on insurance and there’s no going back

12/15/2022

The COVID-19 pandemic caused a shift in the world we live in today. Where we moved, how we prioritize our time and what we value all have changed. We are spending more time closer to our relatives — most often in our family homes. Research from Plymouth Ro...

Read More

Covid-19

Cyber insurance trends to watch in 2023

12/14/2022

Cyberattacks are becoming more sophisticated, but so are insurers. In its 2023 US cyber market outlook, Risk Placement Services (RPS) says that insurance carriers have adapted to underwriting cyber risks even as threat actors raise or change their tactics....

Read More

Laptop

Florida Bills Offer Broad Attack on Insurance Costs: Legal Fees, AOBs, Reinsurance

12/13/2022

After years of what some insurers have labeled half-measures, Florida lawmakers appear to be on the cusp of delivering “historic” and “transformational” reforms that would end one-way attorney fees, banish assignments of benefits and offer state-backed rei...

Read More

Passidomo

North Korean Cyber Spies’ New Tactic: Tricking Experts Into Writing Research for Them

12/12/2022

When Daniel DePetris, a U.S.-based foreign affairs analyst, received an email in October from the director of the 38 North think-tank commissioning an article, it seemed to be business as usual. The sender was actually a suspected North Korean spy seeking ...

Read More

North Korean Cyber Flag

RILA Act clears Senate, one step closer to law

12/9/2022

The Senate passed legislation Tuesday night to reduce market barriers for the sale of registered index linked annuities. Industry lobbyists are now pushing for the Registered Index-Linked Annuities Act to get to President Joe Biden's desk. To do that, it n...

Read More

Senate Building Approved Stamp

Another large insurer is leaving Louisiana — here’s what it means

12/8/2022

Yet another major insurer is pulling out of Louisiana. United Property & Casualty Insurance Co., based in Florida, will cease renewing its roughly 36,000 Louisiana home insurance policies in 2023. It is the largest company, in terms of the value of premium...

Read More

People Riding Canoe in Flooded City

Solving the evolving challenges of commercial auto insurers

12/7/2022

Commercial auto insurers have had a combined ratio over 100 for the past 11 years, indicating that, on average, the industry is not profitable—at least not turning an underwriting profit. That said, there are insurers in this line of business that are succ...

Read More

Truck

Student debt relief brings ‘major questions’ back to SCOTUS

12/6/2022

A brewing Supreme Court battle over student debt relief could offer the justices their next chance to define which federal policies are vulnerable to legal challenges like the one that killed the Obama administration’s landmark power plant emissions rule...

Read More

Supreme Court

Lapsus$ Hacking Group Will Be Focus of DHS Cyber Review Board

12/5/2022

The Department of Homeland Security’s Cyber Safety Review Board said it will study the Lapsus$ hacking group, which has been accused of carrying out breaches at major US companies this year. The board, comprised of senior government cyber officials and ind...

Read More

Cyber Security

Hurricane Ian Drives Global Insured Losses of $115B From Natural Disasters: Swiss Re

12/2/2022

Hurricane Ian and other natural catastrophes, such as European winter storms, floods in Australia and hailstorms in France and the U.S., have cost global insurers an estimated $115 billion so far this year, according to a report published by Swiss Re Insti...

Read More

Hurricane Ian Tampa Florida Damage

Reinsurance, capacity are concerns, following rising storm damage, inflation

12/1/2022

Insurers, reinsurers, and property owners are girding for one of the toughest markets ever as they head to the January 1 renewal period. With natural catastrophe losses at record levels, spiraling costs from inflation, and an unyielding investment environm...

Read More

Man on Money Boat