Markets
AM Best Says Losses From California Storms Largely Uninsured, Underinsured
The economic losses from the latest round of California storms will be significant, and many of these losses may not be insured because only 2 percent of California residents have purchased flood ...
Amazon Steers Consumers to Higher-Priced Items, Lawsuit Claims
Amazon.com was sued in a proposed U.S. class action accusing the online retailer of violating a consumer protection law by steering hundreds of millions of shoppers to ...
Geopolitical Risks: Why Underwriters Are Watching Aggregations
Senior insurance and reinsurance leaders are increasingly concerned about the aggregation risks associated with strikes, riots and civil commotion (SRCC)—a growing threat in countries across the ...Ransomware Hackers Stole More Than $1 Billion in 2023
Ransomware gangs stole more than $1 billion in 2023, the largest amount ever recorded, according to a report published Wednesday by blockchain analysis firm Chainalysis ...
Florida Bills Would Let Surplus Lines Do Takeouts and Require More Data Reporting
A key Florida Senate committee last week advanced a bill that would allow surplus lines carriers to take over coverage of second homes from Citizens Property Insurance Corp. Reaction by agents and ...
Report: 2023 Combined Ratio Forecast at 103.9, Commercial Lines Performed Best
The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7, outperforming personal lines at 109.9, according to the latest underwriting ...
Appeals Court Rules Insurers Not Obligated to Defend Opioid Distributor McKesson
The role drug distributor McKesson Corp. had in the opioid crisis was no accident, meaning the company is not entitled to defense costs related to litigation against it. McKesson Corp. appealed a ...
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 ...