Hyundai, Kia Must Face Insurers’ Lawsuits Over Vehicle Thefts
A U.S. judge rejected bids by Hyundai and Kia to dismiss litigation by several hundred insurers seeking to recoup more than $1 billion they claim to owe drivers whose vehicles ...
Personal Lines
Zurich’s Farmers Seeks More Fee Income Via Broker Acquisitions
Zurich Insurance Group announced that its subsidiary, Farmers Group Inc. (FGI), has agreed to acquire three insurance brokers of the Farmers Exchanges for $760 million. The deal also includes the ...
U.S. Home Insurance Less Affordable Due to Natural Disasters, Rising Repair Costs: Report
The growing frequency and severity of natural disasters amid rising home repair costs, along with other economic factors, have contributed to less affordable homeowners insurance, according to a ...
Bad-Faith Payouts Are Penalties, Not Insurance Benefits, Florida Supreme Court Says
Randy Willoughby's lawyers turned a $10,000 uninsured motorist policy into a $4 million bad-faith settlement with his auto insurer. Then they won a $30 million jury ...
Price Hikes, GEICO Pullback Boost Berkshire Operating Results; Investment Losses Mar Bottom Line
Warren Buffett's company has reported a nearly $13 billion loss in the third quarter as the paper value of its investments fell, but the companies it owns—particularly the insurers—generally ...
Lemonade Expects to Be in the Black Within Three Years
While Lemonade is still burning cash and reported a net loss on the bottom line of its third-quarter income statement, the InsurTech expects both situations to reverse by year-end 2026. The cash ...
State Farm: Catalytic Converter Thefts Drop
Auto claims data revealed a substantial drop in catalytic converter theft claims for the first half of this year compared to last year, according to analysis by State Farm. The most recent data for ...
Progressive in a Better Place With Reserve Boosts Done, CEO Says
Shoring up loss reserves and adding "the premium equivalent" of a top 8 personal auto insurer to its books has put Progressive in a better place now than it was at the end of the second quarter. The ...
Auto Insurers’ Claims Satisfaction Scores Up Despite Long Repair Times; Amica Tops List
An auto parts shortage combined with longer cycle times for repairs has contributed to repairs taking an average of 23.1 days in 2023, up 6.2 days from 2022 and more than double the average repair ...