Personal Lines
InsurTech Root Results Improve but Remain at a Net Loss
InsurTech Root Inc. posted a net loss for the fourth quarter 2023 of $24 million and a net loss for the year of $147.4 million. Results were improvements from net losses of about $58.3 million for ...
Zurich Insurance Posts Highest-Ever Operating ROE for 2023
Zurich Insurance posted a better-than-expected annual operating profit on Thursday and announced a share buyback of up to 1.1 billion Swiss francs ($1.25 billion), as insurers ride out the impact of ...
Carrier Retention Rates Decline Due to Auto Insurance Comparison Shopping
Consumers purchasing new policies and shopping around for auto insurance in the U.S. helped carriers post positive year-over-year growth and record volumes for the final quarter of the year, ...
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 ...
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 ...
Reforms to U.S. Disaster Aid Expose Growing Home Insurance Gap
When disaster hits in the U.S., the federal government gives aid to states and counties, but also to individuals. In 2022, the Federal Emergency Management Agency delivered $3.25 billion to nearly ...
The Hartford to Discontinue Writing New Homeowners Policies in California
The Hartford confirmed this week it will discontinue writing new homeowners policies in California. The carrier reportedly has less than 1 percent of the state's homeowners market. The Hartford ...
House Bill Aims to Close Coverage Hole for Florida Condos With Citizens Insurance
When a Florida Senate committee last week approved a bill that would raise the policy limit on homes that can be written by the state-backed Citizens Property Insurance Corp., state Sen. Doug Broxson ...