Industry News
Report: 2023 Combined Ratio Forecast at 103.9, Commercial Lines Performed Best
The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7, outperforming personal lines at 109.9, according to the latest underwriting ...
Appeals Court Rules Insurers Not Obligated to Defend Opioid Distributor McKesson
The role drug distributor McKesson Corp. had in the opioid crisis was no accident, meaning the company is not entitled to defense costs related to litigation against it. McKesson Corp. appealed a ...
Global Ransomware Attacks Reach Record High in 2023, Says Corvus
Despite law enforcement actions, fourth-quarter 2023 ransomware incidents still surpassed 2022 by nearly 70 percent, and the number of active ransomware groups grew by 34 percent. Corvus Insurance ...
Former Allianz Execs Raise Funds for Carbon Credit-Backed Insurance
An insurance startup founded by three former Allianz executives that aims to guarantee companies buying carbon credits get the permits they've paid for has closed the biggest European climate-focused ...
NCCI President and CEO Donnell to Retire Early Next Year
The National Council on Compensation Insurance (NCCI) said President and Chief Executive Officer Bill Donnell plans to retire in February 2025 after about 10 years with the organization. "It's been ...
Reforms to U.S. Disaster Aid Expose Growing Home Insurance Gap
When disaster hits in the U.S., the federal government gives aid to states and counties, but also to individuals. In 2022, the Federal Emergency Management Agency delivered $3.25 billion to nearly ...
After $70 Billion Hit, Insurers Wake Up to Growing Risks of Severe Convective Storms
The insurance industry is grappling with a new kind of weather risk that's increasingly driving its biggest loss category. While no single weather event caused more than $10 billion in losses for ...
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 ...