Markets

Bill Aims to Drive Down NYC Taxi Drivers’ Insurance Costs. But Will It?

The New York City Council's transportation committee heard testimony last Monday on a proposal to lower the Personal Injury Protection (PIP) insurance coverage requirement for for-hire drivers from ...

Data Insight: More Insurers Expect to Boost Top Lines Than Headcount

Continuing a trend that's persisted for several quarters, the latest Insurance Labor Market Study from Jacobson Group and Aon finds a big gap between the percentage of carriers expecting to boost top ...

Startup E&S Broker’s Goal: Say Yes to Almost Anyone for Wildfire Cover

Stand Insurance's goal is to say yes to almost anyone. In January, about a month after the surplus-lines broker launched, Dan Preston, Stand's co-founder and CEO, told Carrier Management that the ...

Not So Fast: State Farm Didn’t Prove Its Case for Rate Hike, CDI Says

California Insurance Commissioner Ricardo Lara did not approve an emergency, interim 22 percent rate request from State Farm, instead calling a meeting with the carrier to get some answers about the ...

Rebuilding Costs Rose More Than 60% in the Last Decade: Verisk

Over the past decade, there's been a dramatic increase in reconstruction costs, according to Trish Hopkinson, head of 360Value at Verisk. The 10-year analysis examined residential and commercial ...

Casualty Reinsurance Still Attractive: Arch CEO

While writing primary casualty insurance is more appealing than writing casualty reinsurance, the chief executive of Arch Capital said casualty reinsurance business remains attractive for his ...

Allstate to ‘Lean Into’ Turnaround in Auto Business, and Grow

Allstate's plan to correct its auto insurance business has "restored profitability back to target levels," said the insurer's head of personal insurance. During an earnings call with analysts, Mario ...

FEMA to Borrow $2B to Pay Flood Claims After Hurricanes Helene and Milton

The Federal Emergency Management Agency said it needs to borrow $2 billion from the U.S. Treasury to cover claims from National Flood Insurance Program policyholders. FEMA, administrator of NFIP, ...