Hiscox, the international specialist insurer, reveals the median cost of cyber-attacks has decreased for U.S. small businesses from $10,000 in 2022 to $8,300 in 2023.
Author: Annie George
Dallas County Says Scammed Out of $2.4M in a Fraudulent Wire Transfer
Authorities say Dallas County was scammed out of $2.4 million in a fraudulent wire transaction. The county became aware of the fake payment Nov. 17 and immediately began an investigation, according to a statement by County Administrator Darryl Martin.
Private Equity and Investment Managers Continue to Enter Life/Annuity Market
Private equity-owned insurers increased their stake in the industry’s admitted assets in 2022 by more than 15% on a year-over-year basis, according to a new AM Best special report.
U.S. Pay Raises to Remain High in 2024: WTW Survey
U.S. employers are planning an overall average salary increase of 4.0% for 2024. That’s according to the latest Salary Budget Planning Survey by WTW, a leading global advisory, broking and solutions company.
Woodruff Sawyer’s P&C Looking Ahead Guide: Experts Predict Single-Digit Rate Increases in 2024
Inflation—both economic and social—continues to contribute to premium increases in the P&C insurance market, and rising reinsurance costs due to severe weather events have led to higher property costs. Woodruff Sawyer, however, does not expect significant rate increases in 2024—most buyers should see single-digit percentage increases, similar to what they saw in 2023.
IVANS: Renewal Rates Experience Variable Change Month Over Month Across Commercial Lines
Month over month, Commercial Auto, BOP, Umbrella and Workers’ Compensation experienced increases in premium renewal rate change, while General Liability and Commercial Property saw a decrease.
Swiss Re Estimates Insured Losses from Severe Thunderstorms at $60B in 2023
Natural catastrophes will once again break several loss records in 2023.
Governor DeSantis Proposes $114B Budget to Offset Climbing Insurance Rates
Governor Ron DeSantis announced his proposed $114 billion budget on Marco Island Tuesday. He believes it will slow spikes in insurance rates. The governor’s budget proposal calls for reducing some taxes and fees on home insurance bills. The average home insurance policy now is about $6,000 in Florida. So the tax break is about 6… Continue reading Governor DeSantis Proposes $114B Budget to Offset Climbing Insurance Rates
The World’s Largest P&C Insurers in 2023: S&P Global
State Farm Mutual Automobile Insurance Co. is the largest global property and casualty insurer with $77.59 billion of direct premiums written, according to a new ranking by S&P Global Market Intelligence.
AM Best Maintains Stable Outlook on U.S. Commercial Lines Insurance Segment
AM Best is maintaining its stable market segment outlook on the U.S. commercial lines insurance for 2024, citing in part the segment’s persistently strong underwriting results throughout the pandemic and amid substantial economic and capital markets volatility.