Latest Insurance News
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
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
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
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
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
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
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
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.
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
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
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
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
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
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
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
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
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
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
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
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
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.
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
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
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
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
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
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
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
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
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
Conduit Holdings reports 60% growth in estimated ultimate premiums
1/27/2023The 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...
Few Florida Carriers Filed for Arbitration in 2022, But It’s Coming, Attorneys Say
1/26/2023After 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...
Reinsurers with richer supply curves more likely to hit targets: Tremor
1/25/2023Reinsurance 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...
No, a Purchase Order Is Not Like Insurance, State High Court Says in Reversal
1/23/2023A 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...
AI Tools Can Create New Images, but Who Is the Real Artist?
1/20/2023Countless 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...
California flooding highlights need for strong private flood market – report
1/19/2023Historic 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 ...
Study: 4 in 10 consumers shop for life insurance online or using app
1/16/2023Life 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...
What’s next for commercial auto risk in 2023?
1/13/2023Brokers 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. ...
Top 10 global insurers – ratings agency announces latest rundown
1/10/2023AM 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...
Vista Equity Partners to Buy Duck Creek for $2.6B Cash
1/9/2023Insurance 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 ...
Chubb unveils global climate business unit
1/6/2023Chubb 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...
Some rates will stabilize; less optimal risk profiles will see hikes
1/4/2023While 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...
Growing storm intensity, EV insurance top 2022’s P&C reporting
1/4/2023Hurricanes, 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...
Death Count Rises as Buffalo Digs Out From ‘Worst Storm’ in Lifetime
12/28/2022BUFFALO, 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...
Government Funding Bill to Bolster U.S. Antitrust Regulators
12/27/2022A $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...
Storm Adds Uncertainty to Strong Holiday Travel Demand
12/22/2022Concerns 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...
In wake of devastating storms, Entergy proposes $9.6 billion plan to harden Louisiana's grid
12/21/2022After 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...
Insurers Denying Coverage to FTX-Linked Crypto Firms as Contagion Risk Mounts
12/19/2022Insurers 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...
Bridging the Insurtech Divide with Data in 2023
12/16/2022The 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...
COVID-19 changed homeowners’ views on insurance and there’s no going back
12/15/2022The 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...
Cyber insurance trends to watch in 2023
12/14/2022Cyberattacks 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....
Florida Bills Offer Broad Attack on Insurance Costs: Legal Fees, AOBs, Reinsurance
12/13/2022After 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...
North Korean Cyber Spies’ New Tactic: Tricking Experts Into Writing Research for Them
12/12/2022When 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 ...
RILA Act clears Senate, one step closer to law
12/9/2022The 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...
Another large insurer is leaving Louisiana — here’s what it means
12/8/2022Yet 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...
Solving the evolving challenges of commercial auto insurers
12/7/2022Commercial 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...
Student debt relief brings ‘major questions’ back to SCOTUS
12/6/2022A 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...
Lapsus$ Hacking Group Will Be Focus of DHS Cyber Review Board
12/5/2022The 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...
Hurricane Ian Drives Global Insured Losses of $115B From Natural Disasters: Swiss Re
12/2/2022Hurricane 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...
Reinsurance, capacity are concerns, following rising storm damage, inflation
12/1/2022Insurers, 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...