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California vs. Florida: A Tale of Two Insurance Markets
Until recently, homeowners insurers weren't allowed to use catastrophe models to justify needed rate increases, or to include the cost of reinsurance in their rate indications in the state of ...S&P Downgrades USAA Ratings
S&P Global Ratings announced that it lowered its financial strength and counterparty credit ratings on United Services Automobile Association (USAA) and its core insurance subsidiaries to "AA" ...
Keiretsu No More: What Japan’s Insurance Market Reforms Mean for U.S. Insurers
Long regarded as one of the world's most stable insurance markets, Japan's non-life sector is now experiencing major disruption. Deregulation aimed at unwinding ...
Selling the Right to Sue
Having already paid out billions of dollars in claims related to the Eaton fire, more than 100 insurers have filed lawsuits against Southern California Edison to recoup these costs, alleging the ...
AIG: Turning One Human Underwriter Into Five, ‘Turbocharging’ E&S
Some property/casualty insurers talk about experimenting with artificial intelligence to automate call center responses and back-office operations. But that's not the road to turbocharging growth ...
Multi-Million Dollar Staged Crash Scheme Busted in Louisiana
A suspected staged crash led investigators from the Louisiana State Police Insurance Fraud and Auto Theft Unit (IFAT) Breaux Bridge Field Office to a $10 million dollar scheme to defraud insurance ...
Long-Term Thinking and Scale Keys to Travelers Success: CEO Schnitzer
When an S&P Global Ratings executive asked the leader of Travelers how current challenges like tariff uncertainty, inflation andgeopolitical risks influence the insurer's strategy, Alan Schnitzer ...
‘Can’t Cut to Greatness’: Wilson Lays Out Simple Strategy for Markel E&S
"You can't cut yourself to greatness." Simon Wilson, chief executive officer of Markel Insurance, made the simple statement at a Markel Group Brunch meeting for investors in Omaha on May 4 to convey ...
How Insurers Can Leverage Agentic AI as Public Data Disappears
The property/casualty insurance sector has long operated on a foundation of robust data analytics, with public sector information serving as a cornerstone for risk assessment, premium pricing, and ...
Carriers Embracing DIY Home Inspections More and More, Firms Say
The future of home inspections is here and it's in the hands of … the homeowner. Literally, according to leaders of two firms that have developed DIY systems now being used by prospective insureds ...
What Consumers Think—and Who’s Shopping for Insurance
Tariffs. Economic volatility. Technology trends. Changing insurance market conditions. These are all having an impact on property/casualty insurers. But how are they impacting consumers? More ...
Upgrading Legacy Tech Can Be a Risk, But Inaction Is a Bigger One
While the insurance industry has historically been an early adopter of innovation, experts say a reliance on time-tested systems and methods now may be holding the industry back. "Insurance was a ...
The Future of Insurance Underwriting: Carriers Empowering Agents
The future of underwriting will be built on closer relationships between carriers and insurance agents, with carriers working hand-in-hand with agencies to maximize profits from their books of ...
Why Insurers Struggle to Underwrite, Price and Reserve for Commercial Auto Risks
It has been 11 years since commercial auto loss ratios have outperformed the greater property/casualty industry.
Innovation has been generating much attention lately due to the explosive growth of AI, even though the concept of innovation has existed ever since cavemen learned how ... Property and casualty insurance companies are pouring billions of dollars into artificial intelligence programs to streamline their operations, but there's a return on ... When Michael Balarezo emerged from the basement office of his Boulder, Colo., home in December 2021, smoke plumes from the nearby Marshall Fire were visible from his ... The insurance industry continues to grapple with the twin pressures of claims inflation and natural catastrophes. While premium increases have helped offset some of these ... Ever had a boss who seemed to thrive on yelling at their employees? Or maybe one who seemed to belittle employees to make themselves feel better? As is the case across many other industries, insurance is currently undergoing a huge period of change, driven by both evolving customer expectations and rapid ... Insurers are fundamentally transforming catastrophe (CAT) modeling approaches with artificial intelligence (AI), machine learning (ML) and advanced climate data ...
CDI Announces Investigation of State Farm Wildfire Claims Handling
California Insurance Commissioner Ricardo Lara on Thursday announced a formal investigation into State Farm's handling of thousands of insurance claims from wildfire survivors affected by the ...
AI Spots Suspicious Claims Earlier Than Traditional Approaches: Study
Machine learning models detect suspicious claims two weeks after submission, much faster than traditional methods, according to a new CLARA Analytics study on fraud detection in property/casualty ...
How To Transform Tedious Book Transfers Into Growth Opportunities
Acquiring a book of business has traditionally been viewed by carriers as a necessary evil, a complex, time-consuming, and often tedious undertaking. This process, whether driven by mergers, ...
Workers Express Lower Tolerance for Toxic Environments
One week into a new job, Lisa Grouette discovered something missing come Sunday night: the sinking feeling of dread she used to experience before going to work every Monday. Groutte spent 10 years at ...
Travelers Selling Canadian Insurance Businesses Other Than Surety for $2.4B
The Travelers Companies, Inc. announced that it has signed a definitive agreement to sell Travelers Canada's personal insurance business and the majority of its commercial insurance business to ...
Innovation: Why Carriers Shouldn’t Try to Keep Up With the Joneses
Insurers: It’s Time to Overexplain Your Use of AI
California Cop Allegedly Partied at Festival While Collecting $600,000 for Fake Injury
A Southern California police officer was caught partying at the Stagecoach Music Festival while collecting more than $600,000 in workers' compensation for a head injury that prosecutors allege was ...
Wildfire Experience Inspires New Contents Claims InsurTech
Auto Insurance Satisfaction Rankings: High LTV Customers Most at Risk
"It's Now a Buyer's Market for Auto Insurance, J.D. Power Finds." That headline on top of an announcement about the release of the J.D. Power 2025 U.S. Auto Insurance Study this week summed up a key ...
Lloyd’s Has ‘Laser Focus’ on Oversight of Coverholders to Proactively Avoid Market Risk
Lloyd's has "a laser focus" on the oversight of delegated underwriting authorities to make sure these facilities do not drag down the market in the same way that poor management of managing general ...
Viewpoint: California’s Property Insurance Crisis and the Path to Reform
California's property insurance market remains in turmoil, exacerbated by escalating wildfire risks, insurer withdrawals and systemic shortcomings in the state's safety net—the California FAIR ...
Cyber Attack Surge Creates Opportunity for Insurers, Prompts Rethink on Premiums
A recent surge in high-profile cyber attacks is offering an opportunity for insurers including Munich Re AG and Chubb Ltd. to cash in from a rapidly expanding market — and prompting a rethink on ...
Solving the Claims Puzzle: How Insurers Are Automating One Process at a Time
2024 P/C Insurance Combined Ratio: Best in More Than a Decade
With combined ratios for personal and commercial lines landing only 0.4 points apart last year, the property/casualty insurance industry's aggregate 2024 combined ratio was 96.5—marking the lowest ...
Inflation Impacting Workers Comp Medical Costs: WCRI
A new study by the Workers Compensation Research Institute (WCRI) illustrates how rising inflation has impacted the system in recent years. The 2025 edition of the WCRI Medical Price Index for ...
Why Some Bosses Seem to Thrive on Belittling Employees
Rethinking the Carrier-Agent Relationship in a Digital-First World
22% Avoid Filing Claims Due to Frustrating Digital Processes: Survey
Poor digital claims experiences are leading some consumers to disengage, according to a survey by cloud-based insurance software provider Insurity. As digital tools become the primary channel for ...
Commercial P&C Industry Leaders Say U/W Primed for Tech Transformation
Digital transformation and on-the-job training are the primary goals for commercial property and casualty (P/C) insurance organizations in 2025, according to this year's Convr Insurance Talent and ...
Transforming CAT Modeling With AI: A Framework for Insurers
Corporate Nuclear Verdicts Surged to New Record High in 2024, Report Says
Nuclear verdicts against corporate defendants reached a record high in 2024, led by cases involving products liability and intellectual property, according to a new report from research firm Marathon ...
Cotality: Over 33 Million Properties at Risk of Hurricanes, Creating ‘Liquidity Traps’
Cotality said it has identified more than 33.1 million residential properties from Texas to Maine with a combined reconstruction cost value of $11.7 trillion that are at least at moderate risk of ...
State Farm Stronger as Underwriting Losses Shrink—But Not in California
After reporting a $13 billion underwriting loss in 2022 and $14 billion in 2023, State Farm recorded another underwriting loss last year—but the total for 2024 was less than half of those prior ...
Progressive Acknowledges Passing of Former CEO Renwick
The Progressive Corporation published a statement on Sunday stating that the company mourned the loss of its former chief executive officer and chairman, Glenn Renwick. According to the statement, ...
California Theft Crackdown Leads to Recovery of Nearly 5000 Vehicles
Law enforcement efforts aimed at reducing crime in key areas of southern California have led to 6,727 arrests and 4,842 recovered vehicles, according to Governor Gavin Newsom. Since its launch in ...
Staff Cuts Help Fuel GEICO Profit; Not ‘Pouring Money’ Into AI: Jain
He's not yet ready to declare "mission accomplished," but Ajit Jain, vice chair of Berkshire Hathaway's insurance operations, said the conglomerate's personal auto insurer, GEICO, is no longer ...
Hurricane Wind Losses Could Rise 76% by 2060 in Southeast US
Hurricanes are expected to get more intense and destructive, as global temperatures rise and homeowners in Texas, Louisiana, Mississippi, and Alabama are expected to bear the brunt of it, according ...
Beyond the Call: How Real-Time AI Lets Insurers Deliver Calm During Storms
When extreme weather events strike, property/casualty insurance providers can count on a deluge of customer service calls from policyholders with high personal and financial stakes. Each weather ...
As Schools Prepare to Pay Athletes, What Role Will Insurance Play?
As colleges and universities prepare to legally pay athletes for the first time in National Collegiate Athletic Association history, collegiate sports programs are exploring insurance policies ...
Boost Prices or Retreat? How Carriers Improved Homeowners Books in 2024
Direct written premiums in the U.S. homeowners insurance market rose more than 13 percent in 2024, and the net combined ratio for the line fell below breakeven for the first time in five years. ...
The Insurance Industry’s Talent Crunch: Attracting and Retaining Gen Z
The last three years have exposed a growing challenge for insurance carriers: attracting, hiring and retaining young talent. Despite the passing of the so-called "Great Resignation," the insurance ...
Uber Alleges Insurance Fraud Scheme in Florida as It Goes on Legal Offensive
Uber Technologies Inc. sued a group of lawyers, medical providers and rideshare drivers it claims staged car accidents, manufactured damages and received unnecessary medical procedures to take ...
Construction Sector: Data Centers Help Power Optimism Despite Uncertainty Over Economy
Construction insurance specialists cite a number of factors in describing the 2025 construction industry as a market in transition. There is uncertainty about the year's economic outlook, potential ...
No NOAA Large-Disaster Data to Hurt Insurers’ Grasp of Secondary Perils, Says AM Best
Insurance industry financial strength rating agency AM Best said that a decision to stop updating a National Oceanic and Atmospheric Administration disaster database could be detrimental to insurers ...
Future of Jobs: Claims Adjuster Among Fastest Declining Professions
Insurance claims adjusters have something in common with postal clerks, cashiers, administrative assistants and graphic designers. These jobs all rank among those in the greatest decline over the ...