Industry News
Top CM 2023 News Story: State Farm P/C Businesses Report $13B Underwriting Loss in 2022
Late last year, State Farm's chief executive broke the news that the auto giant would record the largest underwriting loss in its 100-year history for 2022. On Monday, the news became official with a ...
Global Insurance M&A Hits 10-Year High, Despite Slowdown in H2 2022
The insurance sector saw 449 completed mergers and acquisitions (M&A) worldwide during 2022, up from 418 the previous year — the highest for a decade, according to law firm Clyde & Co's ...
Cyber Insurance Market Back From Brink After Onslaught of Ransomware Attacks
The cyber insurance market, battered by a rash of pandemic-era ransomware attacks, is making a comeback. Price hikes are moderating, new carriers and fresh sources of capital are emerging, and ...
Executives on the Move at Liberty Mutual GRS, Swiss Re, Acuity, AXIS
Liberty Mutual Insurance on Monday announced the immediate appointments of Becca Sniderman and Toby Smith as chief underwriting officers for Casualty and Specialty, respectively, for Global Risk ...
Fitch Ups AIG P/C Ratings to A+; Multiyear Transformation Prompts Action
A 2022 combined ratio of 92 for the property/casualty operations of American International Group is evidence of the success of the carrier's multiyear turnaround that factored into an upgrade from ...
Insurers Face $500M in Claims for Ships Stuck in Ukraine — a Year After Start of War
Insurers are facing half-a-billion dollars in claims for up to 60 commercial ships still stuck in Ukraine a year after the start of the war with Russia, industry sources said. When the conflict ...
Commercial Insurance Price Increases Stay Level, But Clients Still Worried: CIAB
"Stabilization" and "moderation" continued to be the operative words for premium increases in the commercial property/casualty market, but many clients remain concerned about future hikes, according ...
Insurers’ Digital Claims Tools Failing Customers: J.D. Power
Calling the trend "worrying," J.D. Power's new property claims satisfaction report indicated that insurers' digital tools to speed the claims process are not pleasing homeowners insurance customers, ...