The independent insurance agent and broker channel tallied an 8.4% organic growth rate for Q1 2024 — the lowest rate of growth in 11 straight quarters according to Reagan Consulting’s quarterly Growth & Profitability Survey (GPS).
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Growing MGA Market Deserves More Oversight: AM Best
Global credit ratings agency AM Best is maintaining a positive outlook on the delegated underwriting authority enterprise (DUAE) market, citing sustained global growth and momentum, as well as the market’s ability to cater to underserved and emerging risks.
CA Supreme Court Hears Case on Law Classifying App-Based Drivers As Contractors
The California Supreme Court is considering a case that could have massive ramifications for Bay Area-based ride-hailing companies and their workers.
Auto Insurer Websites and Apps Become Primary Driver of New Customers, Putting Pressure on Digital Experience, J.D. Power Finds
With auto insurance rates higher than ever and more consumers in the market shopping for policies than ever before, digital channels have become a critical component to the overall auto insurance shopping and service experience.
MGA Paragon Insurance Holdings Announces Partnership with Ascot Group
Managing general agent Paragon Insurance Holdings LLC said it will work with the Ascot Group in a partnership aimed at reaching niche markets.
Deadly Houston Windstorm Estimated to Have Caused $5B to $7B in Damage: AccuWeather
AccuWeather, an Eyewitness News partner, revealed a price tag of $5 billion to $7 billion for the damage caused when a powerful storm line pushed across the Houston metropolitan area. As of Friday, seven people were killed throughout the city and Harris County.
P/C Industry 2023 Underwriting Performance Improved, but Personal Lines Continues to Drag
The U.S. property/casualty industry saw its second consecutive year of underwriting losses, with a net combined ratio of 101.6 for 2023. While improved relative to 2022, personal lines remained the major driver of unprofitability in 2023.
U.S. Says Cyberattacks Against Water Supplies Are Rising
Cyberattacks against water utilities across the country are becoming more frequent and more severe, the Environmental Protection Agency warned Monday as it issued an enforcement alert urging water systems to take immediate actions to protect the nation’s drinking water.
U.S. Pledges $50M to Protect Hospitals from Cyberattacks
The US government is seeking to play a more active role in protecting the private health-care sector from a deluge of cyberattacks that have disrupted patient care and left providers unpaid.
U.S. Workers’ Compensation Market Leads the Industry in Profitability: NCCI
The U.S. workers compensation insurance market has the “strongest profitability” of all lines of property/casualty business, posting an 86% combined ratio in 2023, according to the National Council on Compensation Insurance’s (NCCI) annual State of the Line repor