Industry News
After 18 Straight Years, Favorable Loss Reserve Development Streak Could End
In a new article published late last week, Fitch Ratings noted the prospect that 2024 could mark the end of a run of almost two decades of aggregate loss reserve releases for the U.S. ...
Haute Cyber? Attackers Are Strutting Into 2024 With More Sophistication
Ransomware has been a hot topic in the cyber industry for several years, but cyber criminals are finding ways to keep it relevant. "Ransomware, I would say, is decreasing in [frequency] and going ...
Report: Advanced Tech Leads Carrier Innovation in 2024
Leveraging data for increased underwriting accuracy, customized policies and streamlining business operations are some of the top trends for property/casualty insurers in 2024, according to a report ...
New York Proposes Guidance Governing Insurers’ Use of AI
New York State is proposing guidance for insurance carriers to prevent unfair discrimination in their use of artificial intelligence and external data sources in underwriting and pricing. A circular ...
Executives on the Move at Guy Carpenter, LSM, Arch and Amwins
Guy Carpenter announced the appointment of Keith Wolfe to the newly created role of chief commercial officer, North America, effective immediately. He reports to John Trace, CEO of Guy Carpenter ...
Commercial Property Rates Not Expected to Increase at Same Pace as 2023: USI
A new USI Insurance Services report forecasts that in 2024, commercial property insurance rates "are expected to increase, but not at the same pace as seen in 2023." "Our forecast calls for 5-15 ...
Another View: Yes, P/C Industry Underwriting Profit Will Be Back in ’24
Not all analysts think an underwriting profit is out of reach for 2024. While a recent forecast from Fitch Ratings puts the 2024 combined ratio above 100, but improved from 2023, a report by Swiss Re ...
Workplace Diversity Opponents Challenge Policies Using 1866 Civil Rights Law
Opponents of workplace diversity programs are increasingly banking on a section of the Civil Rights Act of 1866 to challenge equity policies as well as funding to minority-owned businesses. Section ...