Industry News
Reinsurers Winning on Price, Not Coverage Restrictions: Guy Carpenter
Prices rose, but threatened coverage changes haven't materialized during a delayed 1/1 reinsurance renewal period, according to reinsurance broker Guy Carpenter. Referring to Jan. 1, 2023 as "one of ...
Pulitzer-Winning Authors Join OpenAI, Microsoft Copyright Lawsuit
A group of 11 nonfiction authors have joined a lawsuit in Manhattan federal court that accuses OpenAI and Microsoft of misusing books the authors have written to train the models behind OpenAI's ...
$5.4B Insured Losses from Winter Storm; Half Commercial: KCC
Insured damage to residential, commercial and industrial properties and automobiles will be about $5.4 billion from Winter Storm Elliot, according to modeler Karen Clark & Co (KCC). The storm ...
No Ransomware Cover in BOP Policy, Ohio Supreme Court Rules
A businessowners insurance policy did not provide coverage for software damaged by a ransomware attack because there was no direct physical damage or loss, the Ohio Supreme Court ruled. "Computer ...
Social Media Buzz: Top LinkedIn Posts About Carrier Management News
Throughout the past week, we have devoted portions of our daily newsletters to republishing news and feature articles that were the most viewed by members of the Carrier Management audience. But ...
Flood Insurance Coverage Perceptions Out of Whack With Reality: Survey
Three quarters of over 1,000 homeowners surveyed across 40 states earlier this year said they have flood insurance coverage, but the true number is less than 5 percent, according to a report ...
What to Expect: Commercial Insurance Rates Stabilizing, WTW Forecasts
With last year's 25 percent rate hikes for public directors and officers liability insurance dropping to 2.5 percent, and 150 percent hikes for cyber cover sinking to 25 percent, significant ...
What to Expect: 2022 Combined Ratio Near 102; Stable or Better 2023
In a report published in early December, Fitch Ratings said a modestly improving earnings picture in coming months points to a "neutral" sector outlook for U.S. property/casualty insurers—and over ...