Industry News
Allstate Approved to Raise Home Insurance Rates by 34% in Wildfire-Prone California
Allstate Corp. is set to increase home insurance rates for California customers by an average of 34.1 percent, marking the biggest jump in premiums for a major insurer in three years as the state ...
World’s Largest Reinsurers: AM Best’s Latest Ranking…sort of
Every year around this time, AM Best publishes a single list of the "World's 50 Largest Reinsurers," ranked based on unaffiliated gross premiums recorded in the prior year. The latest installment, ...
Americans Shop Around for Insurance More Than Ever as Costs Soar
Americans are seeking to change their insurance coverage more frequently than in the past, after a surge in premiums that's squeezed household budgets, a new industry report shows. For car insurance, ...
Context Matters: Mailing Letter Sufficient Cancel Notice, Court Says
Simply mailing a cancellation notice to a policyholder, when viewed in the context of other indicators, was enough to comply with state law and void a homeowner's insurance policy just weeks before a ...
W. Va. Commish to Destroy Older Workers Comp Files, Citing Cyber Risk
The West Virginia insurance commissioner's office has adopted a new policy: It will soon begin destroying workers compensation claim files that are 10 years old or older. "Given increasing ...
U.S. P/C Insurance Industry Posts First H1 Underwriting Profit Since 2021
The U.S. property/casualty insurance industry recorded a net underwriting gain of $3.7 billion and net income of $94.6 billion for the first-half of 2024, according to a new report. "After years of ...
New Accounting Rule Forces Change to How AM Best Ranks Top Reinsurers
The implementation of IFRS 17 accounting standards in the insurance industry has forced a modification to AM Best's annual ranking of top reinsurance groups for 2023, the rating agency said. IFRS 17 ...
RAND Study Eyes Impact of Legal System Abuse and Social Inflation
A study from RAND found that rising litigation rates, trial awards and claim severity are consistent with the expected effects of social inflation. The study, What Is the Evidence for Social ...