Industry News
High-Net-Worth Insureds’ Top Concerns: Climate, Collectibles and Cyber
A new report on emerging risks affecting wealthy households — those with assets of $500,000 to $5 million — highlights climate change, theft of collectibles and cybersecurity as top concerns. ...
Outlook for U.S. Commercial Insurance Segment ‘Stable’ as Profits Stay Strong: AM Best
AM Best is maintaining its stable market segment outlook on the U.S. commercial lines insurance sector for 2025, due partly to the segment's persistently strong underwriting performance and improved ...
After Tens of Billions in Insured Losses, Record-Breaking Hurricane Season Ends
The 2024 Atlantic hurricane season ends Nov. 30 after 18 named storms including the earliest Category 5 storm on record, and possibly one of the costliest hurricanes to the insurance industry. Of the ...
Viewpoint: As Insurance Losses Outpace Premiums, State Regulators Play a Critical Role
Along with the rising cost of living in many facets of families' daily lives, property insurance availability and affordability continue to be a challenge across the U.S. Inflation has been ...
New Jersey Using Buyouts and Barriers to Battle Flooding
New Jersey is using a mix of buyouts and barriers to tackle flooding in two vulnerable locations. Officials last week announced funding to buy and demolish homes in flood-prone sections of Cranford, ...
Insurer, Contractors Allege Staged Injury Claims Scheme Under New York Scaffold Law
A construction industry captive insurer along with three construction contractors have filed a lawsuit alleging a massive New York fraud scheme involving staged workplace accidents and bogus workers ...
AM Best Improves Outlook on U.S. Personal Auto Segment to ‘Stable’
Insurance rating agency AM Best said it has shifted its outlook of the U.S. personal auto insurance segment to stable from negative thanks to improving loss ratios of the top 20 carriers this year. ...
Florida Citizens’ Brass Tired of ‘Clickbait’ News on Its Hurricane Claims Denials
Officials with Florida's Citizens Property Insurance Corp. took issue Thursday with a number of national and Florida news reports that have suggested the insurer has the "worst rate" on paying claims ...