Property and casualty insurer Liberty Mutual will stop offering its business owner’s policy (BOP) product in wildfire-prone state California from Oct. 1, in a sign that cost inflation and higher catastrophe losses are pounding insurers’ profits.
Author: Annie George
Independent Agencies Gaining Market Share
The independent agency channel is holding ground and making slow, steady gains in lines of business penetration, including homeowners, according to the Big “I” 2023 Market Share Report.
California, Other States Move to Block 3M’s $10.3 Billion PFAS Deal
A group of 22 states and U.S. territories on Wednesday moved to block a proposed $10.3 billion settlement that would resolve claims against 3M Co over water pollution tied to “forever chemicals,” claiming the deal fails to adequately hold the company accountable.
SEC Adopts New Cyber-Incident Disclosure Rules for Public Companies
The Securities and Exchange Commission (SEC) adopted new rules requiring publicly traded companies to disclose hacking incidents, a measure officials said was to help the investing public contend with the mounting cost and frequency of cyber attacks.
Beazley Posts Strong H1 Growth, Bolstered By Property Insurance
Specialist insurer Beazley has reported robust growth in the first half of 2023, reporting a 13% increase in gross premiums written (GPW) to $2.9 billion.
Climate Change Lawsuits More than Double in 5 Years as Impacts Hit Home
The number of court cases related to climate change has more than doubled in five years as impacts ranging from shrinking water resources to dangerous heatwaves hit home for millions, a report said on Thursday.
WTW Posts 7% Organic Growth for Q2 2023
Revenue for WTW increased 6% for the second quarter to $2.2 billion, with organic growth of 7%.
IRC: U.S. Auto Claim Severity Surged During Pandemic
While U.S. auto claim frequency has declined over the past 20 years, claim severity increased and then surged since the global pandemic began in 2020, according to a newly published report from the Insurance Research Council (IRC), a division of The Institutes.
Americans Keep Buying Homes in Flood-Prone Areas Despite Climate Risks
In the last two years, 384,000 more people moved into than out of counties that are vulnerable to flooding — including many beach spots along Florida’s vulnerable coasts — representing an increase of more than 100%, according to Redfin data.
Car Insurance Rates Are Soaring with Little Relief in Sight
A 40% increase by Allstate in Georgia, a 32% rise sought by Nationwide Mutual Insurance in California, an 11% bump by State Farm in New York. Insurers are imposing steep increases on auto insurance rates,