Industry News
CIAB: Commercial P/C Premiums Increase 7.7% in Q1 2024
Overall commercial property/casualty premiums increased slightly for all account sizes to 7.7 percent on average in the first quarter of 2024. According to The Council of Insurance Agents and ...
Tokio Marine Forecasts ¥1 Trillion 2024 Profit; ‘Drastic’ Growth Ahead
In Japanese yen, the profit figure that Tokio Marine Holdings projects for 2024 is ¥1 trillion. While the forecast may seem less extraordinary in U.S. dollars of roughly $6.7 billion, either way ...
What is business transformation in insurance? Insurance business transformation is an operating model and technology foundation shift that allows organizations...
California Insurance Head Green Lights State Farm Reduction in Wildfire Discounts
State Farm has received approval to reduce the discounts it offers homeowners for wildfire mitigation in California. In addition, the insurer does not have to detail the wildfire risk factors that ...
Former Executive Alleges Gender Bias, Retaliatory Firing by NEXT Insurance
A former chief corporate officer for NEXT Insurance is accusing the company and its chief executive officer of gender and disability discrimination in the workplace and of firing her in retaliation ...
Tech Bytes: New Partnerships at INSTANDA, ZestyAI, Zojacks
INSTANDA, a global provider of no-code insurance platform technology, announced an integration with UnderwriteMe, a SaaS underwriting platform provider for the life insurance industry. The ...
Contractor Fraud Awareness Week Begins on May 20, Billions at Stake
There were 28 separate disaster events last year, totaling more than $93 billion in catastrophe losses. Upwards of 10 percent or $9.3 billion is lost to post-disaster fraud, according to the National ...
IRC: Home Insurance Spend Tops Household Income Growth
According to the Insurance Research Council (IRC), the average homeowners insurance expenditure has become less affordable for U.S. consumers over time. Looking at the the years 2001 to 2021—the ...
Swiss Re to Withdraw From Digital Insurer iptiQ, Reports Q1 Net Income of $1.1B
Swiss Re announced plans to withdraw from its digital B2B2C insurance business, iptiQ, following a strategic review. The iptiQ business lost $250 million in 2023, but the loss was projected to be ...