Farmers Insurance Laying Off 11% of Workforce, Citing Industry Challenges
Farmers Insurance announced it will part ways with approximately 2,400 employees — 11% of its workforce across all lines of business.
Industry News
Tech Bytes: New Partnerships at Swiss Re, Insurity, Insurance Quantified
One Concern, an artificial intelligence powered physical risk company, and Swiss Re, a global reinsurance leader, announced a strategic partnership that aims to enhance the underwriting and ...
Maui Fire Victims Pursue Legal Tactic That Led to $13.5B California Settlement
Hawaii property owners are seizing on a legal shortcut used by fire victims in California to secure compensation from Hawaiian Electric Industries Inc. for damages ...
Top 15 Non-Life Reinsurers: AM Best’s Latest Ranking
Munich Re still holds the top spot on AM Best's annual ranking of global reinsurance groups but Hannover Re took the No. 2 position in a ranking based solely on non-life reinsurance premium volume. ...
NOAA: High Tide Flooding Continues Breaking Records
Eight coastal communities along the East and West coasts reported record high tide flooding last year — a trend expected to continue in 2024, according to the National Oceanic and Atmospheric ...
NAIC to Collect Insurer Data to Understand Property Market Gaps
The National Association of Insurance Commissioners said at its Summer National Meeting that it plans to collect data from insurers in order to help insurance ...
Not Your Grandpa’s Hard Reinsurance Market; Profits Return, Discipline Stays
The current property-catastrophe reinsurance market is one of the hardest in decades—and very different from previous ones, a new AM Best report notes, also predicting that underwriting discipline ...
Severe Weather Set to Boost U.S. Disaster Funding Needs, FEMA Says
Growing extreme-weather risks mean President Joe Biden's expected request for billions in extra disaster-relief funding might not be enough for the next fiscal year, FEMA head Deanne Criswell said. ...