Markets
Global Ransomware Attacks Reach Record High in 2023, Says Corvus
Despite law enforcement actions, fourth-quarter 2023 ransomware incidents still surpassed 2022 by nearly 70 percent, and the number of active ransomware groups grew by 34 percent. Corvus Insurance ...
Reforms to U.S. Disaster Aid Expose Growing Home Insurance Gap
When disaster hits in the U.S., the federal government gives aid to states and counties, but also to individuals. In 2022, the Federal Emergency Management Agency delivered $3.25 billion to nearly ...
Reinsurance Market Likely to Begin Softening in 2025 as Capacity Rises in 2024: Fitch
Reinsurers' underwriting margins are expected to peak in 2024 on the significant price rises and tighter terms and conditions achieved during 2023 and in the January 2024 renewals, which will likely ...
Compared to Prior Quarter, All Commercial Lines Saw Renewal Rate Up in Q4: Ivans
Ivans Index found the average premium renewal rate increased year-over-year for all major commercial lines except workers compensation, but every line of business averaged rate increases at renewal ...
Specialty Market ‘Particularly Attractive’; Reason to Pause Elsewhere: Berkley CEO
W.R. Berkley CEO W. Robert Berkley Jr. said he's still got eyes on the specialty market but maintains a cautious, more disciplined outlook on some lines of business, such as professional ...
The Hartford to Discontinue Writing New Homeowners Policies in California
The Hartford confirmed this week it will discontinue writing new homeowners policies in California. The carrier reportedly has less than 1 percent of the state's homeowners market. The Hartford ...
House Bill Aims to Close Coverage Hole for Florida Condos With Citizens Insurance
When a Florida Senate committee last week approved a bill that would raise the policy limit on homes that can be written by the state-backed Citizens Property Insurance Corp., state Sen. Doug Broxson ...
Not So Stable: AM Best Analyzes Commercial Segment’s Casualty Lines
Heading into 2024, AM Best maintained a stable outlook on the overall U.S. commercial lines sector. This was based on our expectation that the segment as a whole will remain profitable and resilient ...