Personal Lines
LexisNexis: Auto Claim Severity Up 35% Over Pre-Pandemic Rates
Claim severity for both bodily injury and property damage increased by 35 percent since 2019, while collision claim severity has jumped 40 percent, LexisNexis Risk Solutions says in a new report. The ...
FEMA Releases New Flood Insurance Rates by ZIP Code — Brace for Impact
When the Federal Emergency Management Agency unveiled its new Risk Rating 2.0 methodology for calculating flood insurance, advocates and critics alike warned that it would mean higher premiums for ...
Insurance Could and Should Help Drive Gun Safety Efforts, Survey Says
Three out of four Americans believe gun owners should be required to have firearm liability insurance. Those are the numbers out of a new ValuePenguin survey of 1,995 people ages 18 to 77 exploring ...
Berkshire’s Jain on GEICO Profit: ‘Don’t Take It to the Bank’; Tech Needs Rebuild
Even though Berkshire Hathaway's GEICO achieved a 93 first-quarter combined ratio, an enviable result measured against industry peers, the leader of Berkshire's insurance operations said the figure ...
Discarded Joints Pose Hazards for Dogs
Bondi, an 8-month-old toy poodle, had just returned from a walk when he began stumbling. His head wobbled and soon he could barely stand, so his owner, Colleen Briggs, rushed him to the vet. The good ...
Progressive Falling Short of CR Target; 10 More Points of Rate This Year
With loss reserve actions moving Progressive's first-quarter calendar year combined ratio up to 99, the company is tightening underwriting, cutting advertising spend and taking more rate actions, the ...
AIG, Stone Point Finalize Deal to Start MGA for High-Net-Worth Business
American International Group said it has finalized an agreement with private equity firm Stone Point Capital to form Private Client Select (PCS) Insurance Services. PCS will be an independent ...
Wait ‘Til Next Year: Auto Profit Unlikely to Return in ’23, S&P Says
In spite of continued actions to raise prices of coverage, auto loss costs continue to climb and profits will continue to elude personal auto insurers—probably until 2024, analysts at Standard ...