Ransomware attacks and aggregation issues are pressing the insurance industry to rethink its approach to cyber risk management.
Author: Maria Valdez Haubrich
Workers’ Comp Insurance Premiums See Significant 1% Increase in One Year
The National Council on Compensation Insurance (NCCI) has reported a significant 1% increase in workers’ compensation premiums from 2022 to 2023.
Private Equity Bolsters Insurance Sector Amid Market Challenges
Private equity continues to significantly influence the insurance sector, despite a generally lackluster deals market.
CEOs Highlight Social Inflation and Underperforming Commercial Lines
Leading insurance CEOs have highlighted that commercial lines are not at the peak of their underwriting cycle, primarily due to the pervasive issue of social inflation.
KPMG Forecasts 10% Increase in Insurance Premiums for 2024
KPMG’s latest report projects a significant 10% rise in insurance premiums across various sectors in 2024, driven by a confluence of economic and industry-specific factors.
Florida Courts Split on PIP Claim Reimbursement from School Boards
Florida’s personal injury protection (PIP) insurance law, initially introduced to streamline the process of compensating auto accident victims, has encountered legal challenges concerning its application to school boards.
The Rising Role of AI in Insurance
Artificial intelligence (AI) is revolutionizing the insurance industry, offering unprecedented efficiencies in underwriting, claims processing, and customer service.
Rising Costs and Increased Claims
The California Department of Insurance’s recent analysis reveals that extreme heat events have resulted in an estimated $7.7 billion in losses.
Consumer Trust in Auto Insurers Drops Amid Rising Premiums
A recent study by J.D. Power reveals an 11.2% increase in auto insurance premiums over the past year, driven by rising repair costs, medical expenses, and an uptick in total loss vehicles.
Significant Underwriting Losses in 2023
The U.S. property/casualty (P/C) insurance industry reported substantial underwriting losses totaling $21.1 billion in 2023. This marks the second consecutive year of significant losses, driven primarily by natural catastrophes and inflationary pressures.