Industry News
The Latest LA Wildfire Loss Estimates: Verisk’s Range Is $28B-$35B
The Extreme Event Solutions group at Verisk has estimated that insured industry losses to property for the Palisades and Eaton fires together will fall between $28 billion and $35 billion. Verisk's ...
New York, New England Surplus Lines Insurance Groups Merge
The Professional Insurance Wholesalers Association (PIWA) and the New England Surplus Lines Association have merged. The combined organization will operate under the PIWA name and serve ...
FEMA Transfers $758M in U.S. Flood Program Risk to 27 Private Reinsurers
The Federal Emergency Management Agency (FEMA) said its reinsurance renewal for the National Flood Insurance Program (NFIP) included the transfer of nearly $758 million to the private market through ...
Future of Jobs: Claims Adjuster Among Fastest Declining Professions
Insurance claims adjusters have something in common with postal clerks, cashiers, administrative assistants and graphic designers. These jobs all rank among those in the greatest decline over the ...
Mercury General Gives Reinsurance Update: One or Two Events Still TBD
Mercury General provided updated information about its reinsurance program yesterday, reporting that whether losses from the Palisades and Eaton wildfires burning in California will be treated as one ...
Almost 50% of Insurance Consumers Okay With AI Weather Monitoring: Survey
A new survey highlights the rise in consumer acceptance when it comes to AI adoption in the property/casualty industry, as well as the ongoing frustration of rising insurance premiums. Cloud-based ...
Moody’s RMS Adds to LA Fires Insured Loss Estimates With Range of $20B-$30B
A day after risk modeler CoreLogic put out a statement indicating a $35 to $45 billion range of insured losses for two major fires in California, Moody's RMS has published a lower range for five ...
P/C Insurance Market Profitability Expected to Continue Through 2026
A new industry report indicates the U.S. property/casualty (P/C) market in 2024 is forecast to have continued its trajectory of improving underwriting results, according to the Insurance Information ...