A recent report highlights commercial insurers with above-average customer satisfaction scores. These insurers have excelled in providing quality service, meeting customer expectations, and managing claims effectively, setting a benchmark for the industry.
Author: Maria Valdez Haubrich
Addressing Silicosis: A Call for Comprehensive Data
In response to the increasing prevalence of silicosis among California workers, the state’s Insurance Commissioner has called on the Workers’ Compensation Insurance Rating Bureau (WCIRB) to conduct a detailed study of silicosis claims over the past decade.
New Jersey Proposes Insurance Surcharges and Oil Fees for Climate Resilience
In response to increasing climate-related disasters, a New Jersey group has proposed a 2% surcharge on property insurance policies and mandatory fees on the oil and gas industries to fund climate resiliency projects.
Insurers Brace for Business Interruption Claims Post-Tech Outage
According to cybersecurity expert Troy Hunt, the global cyber outage that disrupted airlines, businesses, and emergency services on Friday may be the “largest IT outage in history.”
Construction Industry Challenges and Insurer Responses
The construction industry faces significant challenges post-COVID-19, including persistent project delays, supply chain disruptions, and soaring material costs. According to a KPMG report, only 25% of construction projects meet their original deadlines.
Analyzing Medical Professional Liability Insurers’ Loss Ratios
Recent data highlights the performance of medical professional liability insurers, focusing on their loss ratios. Loss ratios are a critical measure of an insurer’s profitability, calculated as the ratio of claims paid to premiums earned.
Drivers Seek Alternatives as Car Insurance Costs Surge
Amidst soaring car insurance rates, many U.S. drivers are no longer passively accepting the steep hikes. The average annual cost of full-coverage car insurance has increased by 12%.
The Growing Concern Over Deepfake Fraud
Generative artificial intelligence (GenAI) has stirred significant debate, primarily over copyright infringement. The technology’s ability to create convincingly human-like texts and images has led to high-profile lawsuits.
Significant Drop in M&A Activity
The first half of 2024 saw a notable decline in insurance agency mergers and acquisitions (M&A), with only 300 deals announced. This represents a 20% decrease from the 385 transactions recorded during the same period in 2023, based on OPTIS Partners’ M&A database.
California Lowers Workers’ Compensation Rates
California’s Insurance Commissioner Ricardo Lara has announced a new, reduced rate for workers’ compensation insurance, lowering the annual benchmark rate from $1.41 to $1.38 per $100 of payroll.