Industry News
Verisk: Catastrophe Claims in Q4 Double on Late Hurricane Activity
A significant rise in claims from hurricanes rather than winter storms was to blame for a 36 percent increase in total fourth-quarter 2024 claims. A new report from Verisk Analytics found catastrophe ...
U.S. Property-Catastrophe Reinsurance Rates Likely to Stabilize During Midyear Renewals
Reinsurance renewal rates continued dropping during this year's January renewals, but U.S. property-catastrophe reinsurance pricing is likely to stabilize during the coming midyear renewals, ...
Upgrades Up, Downgrades Down: AM Best Reviews 2024 Rating Actions
AM Best announced 34 upward credit rating actions for U.S. commercial lines insurers in 2024, over 60 percent more than the number registered for 2023, the rating agency reported in its official ...
California Commissioner ‘Provisionally’ OKs State Farm’s Rate Request
California Insurance Commissioner Ricardo Lara provisionally approved State Farm General's request for a 22 percent interim rate hike, the California Department of Insurance announced on Friday. The ...
Carrier Management to Host New Wildfire Conference
Carrier Management will soon host a free online event spotlighting wildfire risk assessment, prevention and intelligence tools for risk and insurance professionals. The first Wildfire Risk ...
Diversification, Risk Modeling Top of Mind for Carriers as Cyber Market Softens
As cyber insurance rates have begun to stabilize, insurance carriers are seeking more diversification to fuel their underwriting and growth strategies, according to panelists at this year's PLUS ...
Updated: State Farm, Consumer Group Battle Ahead of Commish Decision
Ahead of a decision from California's insurance commissioner on a State Farm General request for emergency rate increases, company executives and representatives of a consumer group pled their ...
Global Instability Leads to 16 Year Low for Insurance Carrier M&A Deals
Two new reports highlight the stagnant mergers and acquisitions seen in the insurance industry in 2024. In fact, global insurance carrier M&As slumped to a 16-year low in 2024 amid a wave ...