Industry News
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, ...
Natural Disaster Protection Gap Returned to ‘Average Levels’ in 2023
Global insured losses from natural catastrophes totaled $118 billion in 2023, according to Aon's annual Climate and Catastrophe Insight report. That number represented 31 percent of the total ...
Class Actions Filed Over Builders Mutual, Progressive’s Own Data Breaches
Progressive Casualty Insurance and North Carolina-based Builders Mutual Insurance Co. have been served with class-action lawsuits over data breaches on their own computer systems in 2022, cyber ...
Florida to Borrow Billions to Backstop Insurers After Hurricanes
The state corporation that oversees the Florida Cat Fund is planning to borrow as much as $3.8 billion to ensure the fund has plenty of money on hand to reimburse property insurers for losses when ...