Industry News
Climate Losses Batter Insurers While Reinsurers Step Back
As the planet warms and more natural disasters occur, insurers are facing an increasingly difficult time. In 2023, for the fourth year in a row, global insured catastrophe losses exceeded $100 ...
Risks Too Big for Insurers Just Fed a $200B Market Boom in Captives
As the market for in-house insurance surpasses a record $200 billion, the underlying reasons for that boom show how a hotter, less stable planet is redrawing the risk map for corporations. Captive ...
Reconstruction Costs Continue to Rise, Verisk Report Shows
Between July 2023 and July 2024, total reconstruction costs in the United States, including materials and retail labor, increased by 5.2 percent, according to a recent report by Verisk. This is a ...
Moody’s Acquires Praedicat
Moody's Corporation announced today that it has acquired insurance analytics provider Praedicat. Moody's said the acquisition adds comprehensive casualty and liability ...
For Small Commercial Businesses, Insurance Satisfaction Is a Matter of Trust
Trust impacts customer satisfaction, loyalty and brand advocacy more than other factors when small businesses choose a commercial insurance provider. J.D. Power's 2024 U.S. Small Commercial Insurance ...
Main Street America Insurance Exits Personal Lines
Main Street America Insurance said Thursday it will stop offering personal lines insurance in favor of a commercial lines strategy. The Jacksonville, Fla.-based insurer founded about 100 years ago in ...
Insurers to Play a Critical Role in Pioneering Ethical AI: Report
A new report explores insurers' cross-industry opportunity to influence the responsible development, use of artificial intelligence (AI) and help establish regulatory best practices. The report, ...
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 ...