Industry News
New FEMA Rules Aim to Cut the Red Tape of Disaster Recovery
Anyone who has lived through a natural disaster and then applied to the federal government for assistance knows that it can be a lengthy, frustrating and bureaucratic process. New rules announced ...
Secondary Perils Drive Global Insured Losses to Estimated $123B in 2023: Gallagher Re
Non-peak (secondary) perils and record-setting weather and climate events drove global insured losses from natural catastrophes to an estimated $123 billion in 2023, the fourth consecutive year to ...
Reinsurers’ Casualty Appetites Varied, but Capacity Was ‘Ample’ During 1/1 Renewals
Reinsurers had varied appetites for casualty reinsurance during the January 2024 renewals; while capacity was sufficient, they still maintained underwriting discipline, according to reinsurance ...
Travelers’ Q4 Net Income Skyrockets as Personal Lines Reverses Underwriting Loss
Net income at The Travelers Cos. for the last quarter of 2023 about doubled compared to the same time the prior year to $1.6 billion on lower catastrophe losses and a return to profitable results in ...
Study: Buyers 45 and Under Want to Combine Car/Insurance Purchase
A new study focused on buyers 45 and younger highlights their preference for a seamless car shopping experience, combining car and insurance purchases. Polly, an embedded auto insurance provider, ...
Tech Bytes: New Partnerships at Loggerhead, FRISS, Blink Parametric
Insurance core technology provider Socotra announced that Loggerhead Insurance, a Florida-based provider of homeowners insurance coverage in the state, has struck a deal to offer replacement coverage ...
Allstate Q4 2023 Reserve Charge Near $200M
Allstate offered some preliminary details of factors that impacted fourth-quarter 2023 earnings yesterday—among them a $199 million non-catastrophe reserve charge. The carrier said the figure ...
Double-Digit Rate Hikes for 10 Largest Auto Insurers in 2023
According to S&P Global Market Intelligence's RateWatch, Farmers Insurance instituted double-digit rate increases in 43 states in 2023 for a weighted average rate increase of 17.6%—and its ...