Industry News
AIG Profit Exceeds Expectations on Lower Catastrophe Losses
American International Group Inc. (AIG) reported profit above analysts' estimates in the first quarter as lower-than-expected catastrophe losses contributed to strong underwriting results. Adjusted ...
Businesses Consider Outsourcing Gen AI Over Data Security, Privacy and Regulatory Concerns
Business leaders are particularly focused on innovative ways to enhance customer experience (CX) through generative AI (GenAI) technology while balancing the need for return on their investment, ...
Personal Auto Insurance Competition Heating Up, Root Execs Say
Personal lines InsurTech Root reported its first-ever quarter of operating profit and first-ever gross combined ratio below 100 for first-quarter 2024 while more than doubling gross written premiums ...
Prudential to Wind Down Direct-to-Consumer Assurance Business
Less than five years after acquiring online insurance startup Assurance IQ for $2.35 billion, Prudential is shutting it down. "Prudential Financial routinely evaluates strategic opportunities for its ...
Warren Buffett’s PacifiCorp Now Faces $30B Claim Demand in Oregon Wildfires
Berkshire Hathaway Inc.'s PacifiCorp now faces a demand for $30 billion from victims of Oregon's 2020 Labor Day wildfires, an escalation of a legal onslaught on the largest grid operator in the ...
As Wildfire Risk Grows, States Grapple to Retain Property Insurers
Months after a catastrophic fire burned more than 2,200 homes in Hawaii, some property owners are getting more bad news — their property insurance won't be renewed because their insurance company ...
Fla. Regulators’ Effort to Remove Insurer Execs May Not Pass Constitutional Muster
Current and former leaders with Florida property insurers have had some strong reactions to state regulators' recent efforts to oust company executives who previously helmed now-insolvent carriers. ...
Q1 Global Insured Natural Disaster Losses Driven by Severe Convective Storms: Aon
Global natural catastrophes cost insurers $17 billion during the first quarter of 2024, with economic losses rising above $45 billion, according to Aon's Q1 Global Catastrophe Recap – April 2024. ...