Industry News
Nuclear Verdicts Surged to $14.5 Billion in 2023: Report
Nuclear verdicts of at least $10 million reached a 15-year high in 2023, while 27 verdicts were "thermonuclear," or more than $100 million, according to a new study by research firm Marathon ...
Liberty Mutual Posts $1.5B Net Income for Q1, Reversing Loss
Liberty Mutual Holding Company on Thursday reported first-quarter 2024 net income of $1.5 billion compared to loss of $74 million during the same period last year. The combined ratio for the first ...
AM Best: Social Inflation Key Factor in Rise of Loss Severity
Loss severity for many U.S. casualty lines of insurance business has exceeded economic inflation over the past decade, indicating other factors are influencing claims costs for indemnity and expense ...
Fannie and Freddie Hit Pause on Replacement-Value Rules for Home Insurance
Property insurance groups on Wednesday applauded a decision by Fannie Mae and Freddie Mac to hold off on an apparent plan to scrutinize mortgages on homes that don't carry full replacement-value ...
Mercury Taking Over Tokio Marine California Biz, Bullish on CDI Strategy
Mercury Insurance agreed to accept the transfer of California personal lines policies originally written by Tokio Marine Group insurers, the two carriers said in a media statement yesterday, ...
Triple-I: Slowdown in U.S. P/C Replacement Costs Likely Short-Lived
Property/casualty replacement costs in the U.S. are increasing at a slower pace than overall inflation and will likely continue to do so for the next 24 months, according to the Insurance Information ...
Fannie Mae Guidelines Raise Concerns, Could Bar ACV Coverage for Homes
An updated guideline from Fannie Mae, if it stands, could throw a wrench into the property/casualty insurance industry's move toward actual cash value for more homeowners and condo coverage. A Fannie ...
Personal Auto Insurers Have Edge on Innovation: AM Best
After two years of challenges for personal auto insurers, rating agency AM Best delivered a positive assessment: U.S. personal auto insurers are the furthest ahead when it comes to innovation. ...