Industry News
Cat Losses Cause Travelers’ to Miss Q1 Profit Estimate
Travelers Companies missed first-quarter profit estimates on Wednesday as severe storms in the United States drove up its catastrophe losses, sending shares of the insurance bellwether down 8 percent ...
Allstate’s Safe Driving App Helps Reduce Chance of Collision by 25%
Newly released analysis indicates Allstate customers who chose to opt into their telematics driver safety app, Drivewise, were found to be 25 percent less likely to be involved in a serious ...
Parametric Insurer FloodFlash Adds Business Interruption
Ahead of the 2024 Atlantic hurricane season, FloodFlash, which offers sensor-enabled parametric flood insurance, is launching a product to support business interruption (BI) coverage. U.S. Commercial ...
Time-Tested Loss Reserving Methods Challenged: AM Best
Reflecting on one of the trends that surfaced as property/casualty insurers announced 2023 financial results recently, AM Best expects reserve strengthening for accident years 2015-2019 to continue, ...
Triple-I: Insurance Economic Drivers Outperform Overall U.S. GDP
The economic drivers of the U.S. property/casualty (P/C) insurance industry are growing faster than the nation's Gross Domestic Product (GDP) and are expected to gain further momentum in the event of ...
If U.S. Inflation Reflected Rising Home Insurance Costs, It’d Be Even Higher
If the rising price of homeowners insurance were factored into the U.S. Consumer Price Index — a key metric of inflation — it could have added 80 basis points, or about 0.8 percent, to last ...
USAA to Lay Off 220 Employees
USAA is laying off 220 employees in an effort to reprioritize positions amid changing business needs, the San Antonio-based insurer announced this week. This is the latest round of layoffs at USAA, ...
Novidea Secures Additional $30M, Bringing Total Series C to $80M
Novidea, a creator of a cloud-based, data-driven enterprise insurance management platform, announced it has raised an additional $30 million from HarbourVest Partners, bringing its total Series C ...