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State Farm Underwriting Loss Climbs to $14B
When State Farm reported a $13 billion underwriting loss for 2022, it was the largest in the auto insurance giant's history. A year later, and another record. The underwriting loss figure climbed to ...U.S. P/C Industry Underwriting Loss Reaches 10-Year High: AM Best
AM Best published its annual tally of the U.S. property/casualty insurance industry's financial results yesterday, reporting that $38 billion of underwriting losses for 2023 was a 10-year high for ...GEICO’s ‘Eye-Popping’ 2023 Insurance Profits, Falling Employee Counts
Even though Berkshire Hathaway's latest annual report featured Warren Buffett's forecast that the days of "eye-popping performance" for the giant conglomerate are over, readers focused on ...Saying Goodbye to 2023: When Will California’s Insurance Crisis End?
"Sorry, America,
Your Insurance
Has Been Canceled"
The words were ...
Destination Progressive… or One of These Other Carriers
Commissions are more certain than insurance losses. Those aren't exactly the words that a Progressive executive used when he described the work the insurer has been doing to help customers meet all ...Twice as Many Personal Lines Insurers Downgraded by AM Best in 2023
AM Best delivered 39 downward credit rating actions to U.S. personal lines insurers in 2023, more than twice the number registered for 2022, the rating agency reported in it official tally for the ...Workplace Stress Has Reached Epidemic Proportions
Work-related stress and worker burnout is a critical topic in today's talent market as nearly every insurance organization across the nation competes to fill open positions. But stress at work has ...The State Farm Vision: Ecosystem Capabilities for the Insurer of the Future
A century-old insurer is evolving to help people manage the risks of everyday life, recover from the unexpected and realize their dreams in an increasingly hyperconnected ...
AmFam Underwriting Loss Worsens to $1.7B in 2023
American Family Insurance posted a net underwriting loss of $1.7 billion for property/casualty business in 2023, up from an underwriting loss of $1.5 billion in 2022. While higher claim loss costs ...U.S. E&S Sector Is Booming…But Is it Too Much Business to Handle?
The excess and surplus lines and specialty insurance market is booming and looks set to continue its upward trajectory. The question is whether the sector currently has the resources to take ...Unappreciated Gen AI Risks: Carbon Emissions and D&O Litigation
Hallucinations, bias, privacy infringements and intellectual property violations are some of the risks of generative AI that technology and insurance professionals have surfaced over the last year. ...U.S. Insurers Face Challenges as Spike in Ratings Actions Expected to Continue
Negative ratings actions and financial challenges are forcing carriers to explore reinsurance options offering needed capital, according to a report released last month by Gallagher Re's Strategic ...Buffett Says Berkshire ‘Built to Last’
Warren Buffett on Saturday moved to reassure investors that his conglomerate Berkshire Hathaway would serve them well over the long term, even as he mourned the recent passing of his longtime ...How VOOM Insurance Is Driving Change in the Mobility Space
Tomer Kashi is an InsurTech founder, a former software engineer and project manager within the cybersecurity division of the Israeli Prime Minister's Office, and a self-proclaimed "tech geek." He ...How Underwriters Win Business With Data and ML at AXA XL
Imagine being able to tell a broker prior to a submission, "I can take this account in my underwriting portfolio," instead of giving a broad appetite listing for the ...
How Network Carriers Benefit From the Progressive Advantage Agency
Nationwide, American Modern, National General, Homesite, Hiscox and Markel are just a half dozen of the names on a roster of 20 carriers providing personal lines or commercial lines insurance (or ...Early 2024 Atlantic Hurricane Forecast Predicts Highly Active Season
An early forecast of the 2024 Atlantic hurricane season by Tropical Storm Risk (TSR) suggests it will be an intensely active season with "activity about 30 percent above the 1991-2020 30-year norm ...Chief Risk Officers Take on Gen AI
When Generative AI burst onto the scene at the end of 2022, users gushed about the automatic content creation, greater productivity, and some funny or disturbing ...
SMB vs. Mid-Market: Commercial Property Underwriting Automation Defies One-Size-Fits-All Approach
Leading insurers have automated underwriting for small commercial lines by applying new data sources and advanced analytics, following the successful automation of ...
Liberty Mutual Execs See Q4 Momentum as 2023 Income Falls
Although Liberty Mutual reported worse underwriting results and lower net income in 2023 compared to the prior year, executives pointed to the momentum of the final quarter as an indicator of what's ...Weathering the Reinsurance Reset in the Midwest
In his more than quarter-century career as a reinsurance broker representing the mutual insurance market, the January 1, 2023, property reinsurance renewals stand out in Josh Knapp's memory as a day ...Gas Stoves May Emit More Nanoparticles Than Car Exhausts, and Other Risk Alerts
Cooking on a gas stove can emit more nano-sized particles into the air than vehicles that run on gas or diesel, possibly increasing the risk of developing asthma or other ...
Executives Deliver Divergent Views on Sustainability of Workers Comp Profits
Property/casualty insurance industry leaders delivered two different views on whether workers compensation will continue to be a bright spot on the industry profit picture during an investor ...Why Do I Need a Lawyer? I Was Just Out for a Walk
During a recent webinar, an insurance company representative imagined the thought process of potential plaintiffs who might consider calling a lawyer.
You probably know them well: the GEICO Gecko, Flo from Progressive, the Liberty Mutual Emu, Allstate's Mayhem, Jake from State Farm. In a nearly $800 billion dollar ... In March 2015, the World Health Organization's International Agency for Research on Cancer (IARC) designated glyphosate, the active ingredient in Roundup, as "probably ... Social media sites are filled with examples of layoffs gone wrong, displaying snippets of emails and other messaging to announce workforce cuts posted by some of the ... Out-of-control behavior by CEOs and other powerful people constantly makes headlines — so much so that some might consider impulsivity a pathway to power. However, new ... In today's fast-paced world, the role of technology in the realm of commercial driving cannot be understated. Telematics has become a powerful tool in the quest for safer ... Heading into 2024, AM Best maintained a stable outlook on the overall U.S. commercial lines sector. This was based on our expectation that the segment as a whole will ... Successful litigants holding trial-court judgments have traditionally found themselves positioned similarly to mountaineers atop Mount Everest: After a long, brutal and ... The world is progressively witnessing heightened interconnectedness. Sensors present in physical objects capture data and link to digital communication networks. The data ... The NAIC's model bulletin on carriers' use of Artificial Intelligence Systems, adopted in December 2023, specifically sets out expectations that insurers will describe ...Geopolitical Risks: Why Underwriters Are Watching Aggregations
Senior insurance and reinsurance leaders are increasingly concerned about the aggregation risks associated with strikes, riots and civil commotion (SRCC)—a growing threat in countries across the ...Executives on the Move at Liberty Mutual, Arch Re, The Hartford, AXIS Capital, PURE Insurance
Liberty Mutual, Arch Reinsurance, The Hartford, AXIS Capital and PURE Insurance were among the P/C insurance and reinsurance enterprises announcing executive appointments, organizational structure ...Trade Secret Insurance Could One Day Protect ‘Trillions’ in Assets
Mary Guzman already has helped develop a new insurance coverage once in her career. Now, she's leading the charge of another. In the early 2000s, when she worked as a regional practice leader at ...How Pixel Tracking Influences Claims and Underwriting in the Digital Marketing Age
Pixel tracking stands at the forefront of digital marketing innovation and is a key tool for understanding user behavior and optimizing marketing strategies. Yet, this powerful technology demands ...Insurers’ Advertising Spending in Reverse, But for How Long?
Low Cost, Early Warning System Being Tested to Detect Cognitive Changes in Older Drivers
A new study released by Florida Atlantic University (FAU) indicates cognitive changes in older drivers can be detected relatively easily through the use of low-cost, in-vehicle sensors. Because ...Why Insurers Should Develop Strategies for Estimating PFAS Loss Reserves
Perfluoroalkyl and polyfluoroalkyl substances (PFAS) are everywhere in the news lately. PFAS refers to a class of chemicals renowned for resisting heat, water and stains—substances that are found ...2B or Not 2B? That Was the Question for Aspartame
Leadership Tips: How to Conduct a Layoff the Right Way
Triple-I: Lawsuit Abuse Adding to Auto Insurance Rate Hikes
Increasing litigation is adding to rate hikes in auto insurance coverage, according to a new report by the Insurance Information Institute (Triple-I). The excessive litigation has compounded the ...Outlook on State Farm A++ Rating Now Negative: AM Best
AM Best revised the outlooks of the A++ financial strength rating and aa+ long-term issuer credit ratings of State Farm Mutual Automobile Insurance Company (State Farm Mutual) and two affiliates, the ...‘Blockbuster’ Hurricane Season Possible: AccuWeather
With more than three months to go before its official start, AccuWeather meteorologists warn that a "blockbuster" hurricane season is possible, paying particular attention to late season storms. Two ...Showing Self-Control Makes You Seem More Powerful: Study
Myth vs. Reality: Is Telematics Really Making Commercial Drivers Safer?
Not So Stable: AM Best Analyzes Commercial Segment’s Casualty Lines
How Legal Finance Adds Value to Judgment Preservation Insurance
Repeat, Repeat and Repeat Again: How The Hartford Embeds IoT Capabilities in Commercial Insurance Businesses
Doom and Gloom on Talent Exodus Overstated, Says Aon Exec
Discussions of talent in the property/casualty insurance industry often focus on the advancing average age of the workforce and the idea that the looming departures of retiring professionals will ...Carrier Retention Rates Decline Due to Auto Insurance Comparison Shopping
Consumers purchasing new policies and shopping around for auto insurance in the U.S. helped carriers post positive year-over-year growth and record volumes for the final quarter of the year, ...Large Scale Auto Insurance Fraud Scheme Busted in Massachusetts
Six people have been indicted in connection with the alleged filing of false and fraudulent insurance claims through their business, Riviera Auto Body, located on Bow Street in Everett, Mass. Four of ...MGU-Carrier Relationships and AI
State Farm Announces New CEO; Farney Succeeding Tipsord June 1
The State Farm Mutual board of directors has selected President Jon Farney as the company's next Chief Executive Officer. Farney will succeed retiring CEO Michael Tipsord on June 1. Farney joined ...Autonomous Truck Market Surging: Study
The demand for autonomous trucks is estimated to increase from $3.3 billion in 2023 to reach $6.9 billion by 2028, according to a new study by BCC Research. Leveraging 2022 data as a baseline, the ...Industry Veterans Launch New E&S Biz
Insurance industry executives Michael Price and Kean Driscoll announced the formation of Dellwood Insurance Group, a new nationwide excess and surplus lines insurance holding company. The new company ...InsurTech Root Results Improve but Remain at a Net Loss
InsurTech Root Inc. posted a net loss for the fourth quarter 2023 of $24 million and a net loss for the year of $147.4 million. Results were improvements from net losses of about $58.3 million for ...No Need to Build Capacity in One Room: U.S. E&S Market vs. Lloyd’s
In an article published by Carrier Management, contributing author Greg Gaydos, a business development executive from Zywave, suggested that doing business with Lloyd's is an expensive proposition. ...