Industry News
Reinsurance Market Likely to Begin Softening in 2025 as Capacity Rises in 2024: Fitch
Reinsurers' underwriting margins are expected to peak in 2024 on the significant price rises and tighter terms and conditions achieved during 2023 and in the January 2024 renewals, which will likely ...
Compared to Prior Quarter, All Commercial Lines Saw Renewal Rate Up in Q4: Ivans
Ivans Index found the average premium renewal rate increased year-over-year for all major commercial lines except workers compensation, but every line of business averaged rate increases at renewal ...
Specialty Market ‘Particularly Attractive’; Reason to Pause Elsewhere: Berkley CEO
W.R. Berkley CEO W. Robert Berkley Jr. said he's still got eyes on the specialty market but maintains a cautious, more disciplined outlook on some lines of business, such as professional ...
The Hartford to Discontinue Writing New Homeowners Policies in California
The Hartford confirmed this week it will discontinue writing new homeowners policies in California. The carrier reportedly has less than 1 percent of the state's homeowners market. The Hartford ...
House Bill Aims to Close Coverage Hole for Florida Condos With Citizens Insurance
When a Florida Senate committee last week approved a bill that would raise the policy limit on homes that can be written by the state-backed Citizens Property Insurance Corp., state Sen. Doug Broxson ...
Tech Bytes: New Partnerships at Openly, CoreLogic, ACORD
Bees360, a provider of drone-assisted property inspection services powered by artificial intelligence, is announcing a new partnership with Openly, a homeowners insurance provider sold exclusively by ...
Progressive Q4 Net Income Up 141% as Combined Ratio Exceeds Goal for 2023
Progressive Corp. said fourth-quarter 2023 net income jumped to nearly $2 billion compared to about $826 million a year ago during the same period. The Mayfield Village, Ohio-based insurer reported ...
Survey Shows Customers Expect 5-Day Claims Payouts, Not Paper Checks in Future
The vast majority of insureds expect claim payouts to take no more than five days, a new survey shows. The survey shows 82 percent of customers expect claim payouts to take no more than five days, ...