Markets
Reinsurance Execs Take on Extreme Challenge
Four intrepid reinsurance executives from Convex and Swiss Re are rowing from Monterey, Calif. to Hawaii as part of the "World's Toughest Row – Pacific." It's all for charity—and, of course, for ...
Farmers Halts Homeowners Policies in Florida
Farmers Insurance confirmed it has halted sales of new homeowners policies in Florida just as the new hurricane season is getting underway. The insurer cited rising costs as the reason. "With ...
How Lawyers Sank Florida Carriers — and Target ‘Travellers’ With SEO
A troubling phone exchange reveals a problem for insurance carriers that started in Florida and is expanding beyond the state's borders, according to an actuary who recalled the dialogue at a recent ...
AM Best: U.S. Cyber Insurance Segment Reflects Hard Market, Profits
Last year marked robust growth in the U.S. cyber insurance market, with direct premiums increasing by 50 percent to $7.2 billion, brought on by better underwriting and improved loss ratios, according ...
Report: Financial Sector Sees Upswing in Ransomware Attacks
Last year, the financial sector became the second most targeted industry for ransomware attacks, with a total of 120 incidents reported, according to a newly released report by NordLocker. The ...
Nationwide Taking Actions to Limit Risk in Personal, Commercial Books
Add Nationwide to a growing list of insurers making changes to deal with losses in some areas of the country. In a June 12 "business actions update" Nationwide announced moves "to mitigate risk and ...
Commercial Insurance Rates Climb Above 5% in Q1 2023
Aggregate price increases of 5.6 percent were reported by commercial lines insurers in the first quarter of 2023, according to WTW's latest Commercial Lines Insurance Pricing Survey (CLIPS). The ...
J.D. Power: Biggest Auto Customer Satisfaction Drop in 20 Years
One-third (31 percent) of auto insurance customers in the U.S. reported a rate increase in the past year, leading to a growing number participating in usage-based insurance (UBI). This has led to the ...