Industry News
Carrier Management, Other Wells Media Publications Awarded for Excellence
Wells Media Group publications, online, research and podcasts have won a total of nine 2023 Azbee Awards of Excellence from the American Society of Business Publication Editors (ASBPE). "Being ...
BI Auto Claim Severity Up 35% Over Pre-Pandemic Levels; Collision Up 40%
Claim severity for bodily injury and property damage increased by 35 percent since 2019, while collision claim severity has jumped 40 percent, LexisNexis Risk Solutions says in a new report. The data ...
Tale of Two Markets: Personal Lines ’22 CR 15 Pts. More Than Commercial
The 2022 property/casualty insurance industry saw a stark difference between the combined ratio of commercial lines at 94.8, while personal lines came in at 109.9. It was the largest difference in ...Markel Corporation Changes Name to Markel Group Inc.
Markel Corporation is changing its name. As of May 26, 2023, Markel Corporation will be known as Markel Group Inc. The change provides greater definition around the nature of their holding company ...
Roots Automation Launches Generative AI Model for Insurance Market
Roots Automation, a creator of artificial intelligence-powered digital coworkers, announced the release of InsurGPT, a generative AI model designed specifically for the insurance market. The ...
Clients Buy Higher Limits as Q1 Cyber Increases Follow Moderation Trend: Marsh
For the fifth straight quarter, pricing increases for cyber insurance continued to fall at the start of 2023. According to a new U.S. Cyber Purchasing Trends report from broker Marsh, prices were up ...
Top Cyber Insurers: 2022 Ranking Reveals Sprinters, Market Share Shifts
In a year when cyber insurers notched the third-lowest industrywide loss ratio since 2015, and cyber premiums vaulted to $7.2 billion, a premium ranking shows two carriers growing more than 150 ...
AM Best: Only Two Impaired Insurers in ’22, Down From 10 in ’21
Despite the reversal seen in the U.S. equity market and rising inflation and interest rates, P/C insurers performed well in 2022, according to the latest report on the long-term impairment rates of ...