Latest Insurance News
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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.
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
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
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
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
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
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
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.
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
Is Your AI Model Going Off the Rails? There May Be an Insurance Policy for That
10/2/2023The 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
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
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
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
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,
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
Auto dealership market – what insurance brokers need to know
11/22/2023Challenges 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...
Disruptive Thanksgiving-week storm to ramp up across the East ahead of holiday travel rush
11/21/2023A 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...
Cyber ‘Catastrophe Bonds’ Move Step Closer to Hitting Public Debt Markets
11/13/2023Cyber 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...
Climate change is impacting the home insurance industry and damaging the U.S. housing market
11/7/2023When 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...
Guernsey States hopes insurance will cover Storm Ciarán costs
11/6/2023The 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...
Storm Ciarán batters Northwest Europe, killing at least 4 people and cutting 1 million off power grids
11/3/2023Storm 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...
Travelers to Buy Cyber MGU Corvus for $435 Million
11/3/2023The 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...
Specialty insurance company reports on key issues for P&C sector
11/2/2023American 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...
Allstate, Allianz invest $265 million in Next Insurance in a big bet on insuretech
11/1/2023NEXT 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...
South Carolina Seeing Record Number of Insurance Fraud Complaints
10/31/2023South 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...
Hurricane Otis death toll rises to 48, missing now number 36 as search and recovery work continues
10/30/2023At 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...
Feeling the pinch of high home insurance rates? It's not getting better anytime soon
10/26/2023Many 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...
Chubb Q3 Net Income Increases 158% to $2 Billion
10/25/2023Third 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...
California considers new rules for property insurance pricing
10/24/2023California 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 ...
Is Florida's insurance market finally recovering?
10/20/2023Florida’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...
Health insurance premiums rise 7 percent: study
10/19/2023The 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....
Some Floridians are seeing 6-figure home insurance prices
10/18/2023Floridians 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...
Freedom Insurance and Risk Management Joins VIAA
10/17/2023Freedom 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...
Is ChatGPT an insurance fraudster's best friend?
10/12/2023The 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...
Citizens Property Insurance reaches deadline, forcing customers to respond
10/10/2023People 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...
US Regulators Push for Recall of 52 Million Air Bag Inflators
10/9/2023U.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...
6 new insurance companies approved in Florida as state looks to reduce Citizens Insurance policies
10/6/2023WEST 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...
Rainbow launches new annual term BOP for restaurant industry
10/5/2023Rainbow 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. ...
Homeowners Flock to Last-Resort Insurance Policies
10/4/2023Robert 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...
Is Your AI Model Going Off the Rails? There May Be an Insurance Policy for That
10/2/2023The 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...
New York City in state of emergency as torrential rain floods subways, roads and basements
9/29/2023Torrential 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...
Rising Claims Costs Limit US P/C Profitability in 2023
9/27/2023While 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...
Blue Cross backs off plan for $2.5 billion sale to Elevance Health
9/26/2023Blue 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...
Ophelia causes widespread flooding as storm marches up East Coast
9/25/2023Tropical 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,...
Allstate Records About $640M in August Cat Losses, Half From Maui Wildfire
9/22/2023Allstate 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...