Florida Citizens Property Insurance Corporation has secured a $3.5 billion reinsurance program for 2024, aimed at enhancing its financial stability and claims-paying capacity amidst increasing storm activity.
Author: Maria Valdez Haubrich
Catholic United Financial and Trusted Fraternal Life to Unite
Catholic United Financial and Trusted Fraternal Life have announced their intention to merge, a move that aims to consolidate resources and boost operational efficiency.
Navigating the Risks of AI-Enhanced Phishing Attacks
Generative AI is revolutionizing many industries, including insurance. However, it also introduces new risks, particularly in the realm of cybersecurity.
Severe Weather Predicted to Challenge Insurers Financially
Experts are predicting that the ongoing hurricane season could be one of the costliest in recent history for American insurers. The combination of frequent and severe weather events is expected to result in substantial financial losses for the industry.
Continued Confidence in Auto Insurers Despite Rate Hikes
In a climate where auto insurance premiums are steadily increasing, one might expect consumer trust in insurers to decline. However, a recent survey reveals a different story.
New Strategies Needed to Tackle Ransomware and Aggregation Risks in Cyber Insurance
Ransomware attacks and aggregation issues are pressing the insurance industry to rethink its approach to cyber risk management.
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.