Commercial Property Rates Not Expected to Increase at Same Pace as 2023: USI
A new USI Insurance Services report forecasts that in 2024, commercial property insurance rates "are expected to increase, but not at the same pace as seen in ...
Commercial Lines
Another View: Yes, P/C Industry Underwriting Profit Will Be Back in ’24
Not all analysts think an underwriting profit is out of reach for 2024. While a recent forecast from Fitch Ratings puts the 2024 combined ratio above 100, but improved from 2023, a report by Swiss Re ...
Federal Reinsurance for Cats: No Thanks, APCIA Says
Federal lawmakers introduced a bill to create a federal natural catastrophe backstop recently, reacting to insurers' issues with growing private reinsurance costs. But a trade group for carriers ...
Connecticut Extends PTSD Benefits to All Under Workers Comp
The new year brought with it an expansion of Connecticut's workers compensation benefits with regard to post-traumatic stress injuries or disorders (PTSD). Prior to January 1, only first responders ...
Should Carriers Worry About Workers Comp? Yes and No
Commercial lines outlooks are stable, rating agencies say, pointing to the bright spot of continuing profits in the workers compensation line. In addition, in early January 2024, NCCI confirmed that ...
Added Protection or Opportunity Lost? New Independent Contractor Rule Issued
The U.S. Department of Labor on Jan. 9 issued a final rule, more than a year in the making, on the definition of an independent contractor. First proposed in October 2022, the rule provides guidance ...
When Higher Pricing <> Underwriting Profit or Double-Digit Returns
In spite of premium increases that primary insurance carriers will record for 2023, the U.S. property/casualty industry as a whole won't report an underwriting profit or a double-digit return for the ...
Merck Settles Coverage Dispute With Insurers Over War Exclusion in NotPetya Attack
Merck & Co. Inc. has reportedly reached a deal with insurers over a closely watched coverage dispute related to a massive cyber attack in 2017. The New Jersey Supreme Court in July 2023 agreed to ...
California Workers’ Comp Report Shows Written Premium Nearing Pre-Pandemic Levels
A new report from the Workers' Compensation Insurance Rating Bureau of California shows written premium in 2022 was 14 percent above the previous year. The WCIRB's Quarterly Experience Report is an ...