Personal Lines
GM Financial Rebranding OnStar Insurance as General Motors Insurance
GM Financial said it is rebranding its OnStar Insurance to General Motors Insurance, with plans for market expansion. During 2023, the GM Insurance unit shifted from an agency model to a full-stack ...
Allstate Q4 2023 Reserve Charge Near $200M
Allstate offered some preliminary details of factors that impacted fourth-quarter 2023 earnings yesterday—among them a $199 million non-catastrophe reserve charge. The carrier said the figure ...
Double-Digit Rate Hikes for 10 Largest Auto Insurers in 2023
According to S&P Global Market Intelligence's RateWatch, Farmers Insurance instituted double-digit rate increases in 43 states in 2023 for a weighted average rate increase of 17.6%—and its ...
After 18 Straight Years, Favorable Loss Reserve Development Streak Could End
In a new article published late last week, Fitch Ratings noted the prospect that 2024 could mark the end of a run of almost two decades of aggregate loss reserve releases for the U.S. ...
Another View: Yes, P/C Industry Underwriting Profit Will Be Back in ’24
Not all analysts think an underwriting profit is out of reach for 2024. While a recent forecast from Fitch Ratings puts the 2024 combined ratio above 100, but improved from 2023, a report by Swiss Re ...
Federal Reinsurance for Cats: No Thanks, APCIA Says
Federal lawmakers introduced a bill to create a federal natural catastrophe backstop recently, reacting to insurers' issues with growing private reinsurance costs. But a trade group for carriers ...
When Higher Pricing <> Underwriting Profit or Double-Digit Returns
In spite of premium increases that primary insurance carriers will record for 2023, the U.S. property/casualty industry as a whole won't report an underwriting profit or a double-digit return for the ...
North Carolina Home Insurance Premiums Could Rise by 42%
Another round of setting homeowner insurance policy rates in North Carolina has begun with the industry seeking a 42.2 percent average statewide premium increase that would begin in the summer. The ...