USAA is reportedly cutting over 200 positions as part of continued restructuring. This comes after the insurer, one of San Antonio’s largest employers, laid off nearly 1000 people in 2023 after reporting nearly 1.3 billion dollars in losses over 2022.
Author: Annie George
Soaring Insurance Costs Hit as U.S. Buyers Get a Break on Car Prices
Car prices have eased as the supply chain snarls of the pandemic–especially shortages of vital computer chips–have untangled and automakers boost inventories on their lots. Meanwhile, factors including rising costs associated with repairing increasingly complicated vehicles and more storm damage amid climate change is pushing insurance rates higher.
U.S. SCS Activity in April Could Drive Hundreds of Millions or Higher of Insured Losses: Aon
Flooding and severe convective storm (SCS) activity across the central and southern US between April 6th and 11th caused some notable property damage, with total economic and insured losses potentially in the hundreds of millions of dollars or higher, according to insurance and reinsurance broker Aon.
Triple-I: Insurance Economic Drivers Outperforming Overall U.S. GDP
The economic drivers of the U.S. property/casualty (P/C) insurance industry are now growing faster than the nation’s Gross Domestic Product (GDP) and are expected to gain further momentum in the event of Federal Reserve monetary rate cuts, according to the Insurance Information Institute’s (Triple-I) latest Insurance Economics Outlook.
ITRC: Data Breach Notices Nearly Doubled in Q1 2024
The number of publicly reported data compromise events jumped 90% year-over-year in the first quarter of 2024, with the number of organizations falling victim to supply chain attacks nearly tripling, according to recent data from the Identity Theft Resource Center (ITRC).
Progressive’s Profit Beats Expectations on Strong Demand for Insurance Policies
Insurer Progressive Corp reported a better-than expected first-quarter profit on Friday, helped by strong demand for its personal and property insurance policies, sending its shares up 2% in early trading.
Severe Storms Rumble Across Eastern U.S.
More severe storms and flash flooding will continue for parts of the U.S. on Thursday after an intense line of storms whipped through multiple states with heavy rain and tornadoes, leaving extensive damage and killing at least least one person.
Upscale Los Angeles Neighborhoods Feel Impact of State Farm’s Move to Non-Renew Homeowners Policies
According to State Farm’s recent filings with the Department of Insurance, thousands of Californians will not have their house insurance renewed this summer, including some posh Westside Los Angeles areas.
MGA SageSure Acquires Unit of Earthquake-Focused GeoVera Insurance Holdings
Managing general agent SageSure will acquire a unit of GeoVera Insurance Holdings focused on earthquake coverage, allowing it to expand into new markets.
Administration Finalizes First-Ever National Drinking Water Standard to Protect Against PFAS Exposure
The Biden-Harris Administration issued the first-ever national, legally enforceable drinking water standard to protect communities from exposure to harmful per-and polyfluoroalkyl substances (PFAS), also known as ‘forever chemicals.’