Industry News
Florida Cat Fund May Borrow Billions Next Year, Even Without Another Storm
The Florida Hurricane Catastrophe Fund is well equipped to handle losses from Hurricane Ian, which are now estimated to cost the fund about $10 billion, but it could mean the fund will have to borrow ...
Q3 Net Income Down 30% at The Hartford; $214M in Ian Losses
Compared to the same window last year, net income at The Hartford was down during the third quarter of 2022 — but core earnings were up during what the company's CEO described as a strong ...
‘Quiet Quitting’ Surges in U.S. Financial Services as It Gains Steam Across Sectors
The viral "quiet quitting" trend is taking hold in finance — once the industry with the most engaged workers, according to a new study. The share of workers who said they're "very likely" or ...
Swiss Re Posts Q3 Loss on Hit From Hurricane Ian, Signals Price Hikes
Swiss Re reported a third-quarter loss of $442 million driven by claims tied to the damage from Hurricane Ian and signaled that renewal prices would jump next year. The Zurich-based reinsurer's key ...
Fitch Moves Outlook on Allstate’s A+ Ratings to Negative
Highlighting a sharp drop in underwriting results, declines in statutory capital and outsized additions to prior-period loss reserves, Fitch Ratings moved the rating outlook on "A+" financial ...
Customers Frustrated by Longer Auto Repair Times: J.D. Power
Customer satisfaction with the auto claims process has eroded after four consecutive years of improvement, dropping 7 points to 873 (on a 1,000-point scale) compared to 2021, according to the J.D. ...
AXA XL Launches Innovation Office; W.R. Berkley Forms E&S Solutions Unit
AXA XL Insurance has launched an Underwriting Innovation Office in the Americas to drive innovation to support business initiatives. The Underwriting Innovation Office will liaise across AXA XL's ...
Tesla Faces U.S. Criminal Probe Over Self-Driving Claims
Tesla Inc. is under criminal investigation in the United States over claims that the company's electric vehicles can drive themselves, three people familiar with the matter said. The U.S. Department ...