Industry News
Allstate’s National General Sued by DOJ Over Alleged Force-Placed Insurance ‘Scheme’
Allstate's National General auto insurance brand has been sued by the U.S. Department of Justice over allegations that National General and subsidiaries "engaged in a scheme to defraud customers" by ...
California Commissioner Announces FAIR Plan Modernization Deal
California Insurance Commissioner Ricardo Lara said on Friday that he and the California Fair Plan have agreed to establishing a new high-value commercial coverage option with limits up to $20 ...
AM Best: No Relief for Homeowners Line Hit With $15.2B U/W Loss in 2023
The U.S. homeowners insurance segment suffered a $15.2 billion underwriting loss in 2023, more than double the losses seen in the previous year and the line's worst underwriting results since at ...
Executives on the Move: Liberty Mutual Names Next CFO
Liberty Mutual Insurance announced that Julie Haase has been named executive vice president and chief financial officer, effective Jan. 1, 2025, replacing Christopher Peirce, who will retire at the ...
J.D. Power: Auto Insurance Shopping Hits New High, Could Drop With Rate Adequacy
The national auto insurance shopping and quoting rate reached a new high between April and June, but many insurers appear to have achieved or are approaching rate adequacy, "which should lead to less ...
‘Surface Waters’ on Roof Are Not ‘Flood’ Waters, Massachusetts High Court Rules
The highest court in Massachusetts has ruled that rainwater accumulation on roofs of buildings does not constitute "surface waters" within the meaning of "flood" in property insurance policies. The ...
After Crash Killed 6 Teens, NTSB Says Marijuana’s Impact on Drivers Underestimated
A horrific crash that killed six high school girls in Oklahoma two years ago has the head of the U.S. National Transportation Safety Board urging parents to warn teenagers about the risk of driving ...
Chubb Q2 Net Income Up 24% to $2.2B
Chubb said second-quarter net income was up more than 24 percent to about $2.2 billion despite higher catastrophe losses than a year ago. Catastrophe losses for the second quarter were $580 million, ...