Industry News
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, ...
The CNBC Halftime Report is the place for market-moving interviews and fast-paced market analysis. It places investors right at the...
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 ...
U.S. Insurers Open to More Risk and AI Use in 2024 Investments: Survey
More than half (62 percent) of U.S. insurers are willing to take on more investment risk in 2024 despite mounting concerns about election year politics, fiscal and monetary policy, as well as ...
GM Financial Rebranding OnStar Insurance as General Motors Insurance
GM Financial said it is rebranding its OnStar Insurance to General Motors Insurance, with plans for market expansion. During 2023, the GM Insurance unit shifted from an agency model to a full-stack ...
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 ...