U.S. commercial insurance rates have continued their upward trajectory through the fourth quarter of 2023, according to the latest findings from WTW’s Commercial Lines Insurance Pricing Survey (CLIPS). Carriers reported an aggregate commercial price increase of 6.7%, continuing a consecutive quarter upsurge over 6%.
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Weather, Reinsurance and Inflation Once Again Drive U.S. P/C Results
Severe weather-related losses, stubborn inflation and upward reinsurance pricing drove the U.S. property/casualty (P/C) sector’s net underwriting loss to a 10-year high of $38 billion in 2023, according to a new AM Best report.
Lloyd’s of London 2023 Underwriting Profit Doubles
Lloyd’s of London’s underwriting profit jumped 127% in 2023 to 5.9 billion pounds ($7.52 billion), it said on Thursday, as commercial insurers have cut back on riskier business and raised premiums.
In Florida, Skyrocketing Insurance Rates Test Resolve of Homeowners in Risky Areas
In the last seven years Florida has weathered five major hurricanes. Michael, which made landfall in 2018 in the Panhandle, was the first category 5 hurricane to strike the continental United States since Andrew in 1992. Ian, in 2022, was the costliest hurricane in state history and third-costliest on record nationwide, after Katrina in 2005 and Harvey in 2017. Recent major Florida hurricanes also include Irma in 2017, Nicole in 2022 and Idalia in 2023.
DOXA Enters the Entertainment & Sports Markets with New Acquisition
DOXA Insurance Holdings today announces the acquisition of R.V. Nuccio & Associates (RVNA), a managing general agent (MGA) providing event related coverage for the entertainment, sports, leisure, recreation and non-profit sectors.
Hackers that Hit UnitedHealth Pull Disappearing Act
The hackers responsible for the breach at UnitedHealth Group appear to have pulled a disappearing act on Tuesday, leaving their cybercriminal associates in the lurch and replacing their old website with a bogus statement from law enforcement.
Majority of Americans Unaware of the Impact of Litigation Funding on Legal System
The online survey, conducted by The Harris Poll among more than 2,000 U.S. adults, revealed that a majority of Americans are not aware of the negative impact plaintiff lawyers’ tactics, including predatory advertising and the use of third party litigation funding, have on their household costs via the “tort tax”, whether or not the household is involved in civil litigation
U.S. Trade Groups Sue Over Biden Rule on ‘Gig’ Work, Contracting
Major U.S. business groups on Tuesday filed the latest lawsuit challenging a Biden administration rule that would make it more difficult for companies to treat some workers as independent contractors rather than employees.
Florida OIR Approves Takeouts of Up to 54,000 Homes From Citizens
The Florida Office of Insurance Regulation has approved the takeout of more than 54,000 residential multiperil policies from Citizens Property Insurance Corp.
Truist’s Insurance Exit a Potential Bellwether as Capital Requirements Tighten
Truist Financial Corp.’s massive sale of its remaining insurance business stands out as a response to impending heightened capital requirements and a potential bellwether as surging insurance valuations continue to entice US banks to cash out.