Industry News
GEICO Tops Progressive With Higher J.D. Power Scores
Although Berkshire Hathaway's Warren Buffett and Ajit Jain told investors last month that GEICO is playing catch-up with Progressive to improve technology and connect rate to risk, Berkshire's ...
Why J.D. Power Auto Insurance Satisfaction Scores Are Lower in 2024
Anyone comparing results of the J.D. Power 2024 U.S. Auto Insurance Study with prior editions, like the one in 2023, will notice that scores dropped by nearly 200 points—to an average of about 646 ...
A market conduct examination is a formal review by a state insurance department of how an insurer operates in the...
Thanks to AI, Industry Will Soon See Big Jump in Parametric Insurance, Consultant Says
Insurance agents must now embrace the use of artificial intelligence, but they won't be replaced by it. And the use of parametric policies will soon increase sharply across property insurance lines ...
Florida Homeowners Insurer of Last Resort Proposes 13.5% Rate Hike for 2025
Citizens Property Insurance has asked its corporate board to approve a recommendation for a 2025 rate increase. The insurer of last resort in Florida says the rate package is necessary due to recent ...
Risky Driving Behavior, Advanced Tech Led to Higher Claim Frequencies in Auto
The auto insurance market is seeing higher claims frequency, in part, due to increasingly risky driving behavior and greater EV adoption which comes with expensive advanced technology, according to ...
Allstate Reports May Pretax Catastrophe Losses of $1.4B
Allstate Corp. on Thursday reported May pretax catastrophe losses of about $1.4 billion. The Northbrook, Illinois-based insurer said 14 events contributed to nearly $1.5 billion in catastrophe losses ...
As Premiums Decline, Pricing Softens for U.S. D&O Liability Insurance
Better underwriting results in the U.S. directors & officers (D&O) liability line "will likely add downward pressure on rates amid decreased demand in the segment", according to a new AM Best ...
Survey: U.S. Business Owners Seek More Insurance Coverage as AI, Election Risks Loom
Artificial intelligence and the U.S. election have emerged as significant risks to businesses this year with an overwhelming 80 percent of owners worried their insurance will not cover a specific ...