Industry News
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 ...
Catalytic Theft Claims Triple in Two Years, Crime Bureau Report Finds
Insurance claims for catalytic converter thefts nationwide jumped by 288 percent in just two years, the National Insurance Crime Bureau said in a new report. Claims rose from 16,660 in 2020 to 64,701 ...
Auto Insurance Results ‘Historically Bad’ in 2022: S&P
In 2022, the U.S. private auto insurance industry reported its worst underwriting results in over two decades, according to a S&P Global Market Intelligence analysis. The net combined ratio for ...
NCCI: Workers Comp Premiums Dipped in ’22, What’s in Store for ’23
Last year was anything but normal when it came to rate filings, according to the National Council on Compensation Insurance (NCCI). During its annual State of the Line report, the organization ...