US Assure, the exclusive program administrator for the Builders Risk Plan insured by Zurich, expanded eligibility for its online six-question application with no underwriting holds, increasing speed and ease of use for insurance agents.
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Renewal Rates for Nearly All Commercial Lines Up YoY; Nearly All Experience Decrease Month Over Month
Year over year, all major commercial lines experienced an increase in average premium renewal rates. Month over month, Workers’ Compensation experienced an increase in premium renewal rate change, while Commercial Auto, BOP, General Liability, Commercial Property, and Umbrella saw decreases.
Amwins: Property Market Conditions Expected to Slow and Even Out as Year Progresses
According to Amwin’s 2024 Property Outlook, the property market was showing signs of softening and a slowdown in the pace of rate increases for most insureds was to be expected. As we move further into Q1, that prediction is ringing true.
Social Inflation Causing Auto, Home Insurance Rates to Jump
Consumers aren’t likely to see their insurance rates go down this year, according to a Morgan Stanley report. The last few years have been rocky ones for the insurance industry. Social inflation rose higher than traditional economic inflation.
NBA Sued Over Marketing Deal with Failed Crypto Lender
The National Basketball Association was hit with a lawsuit over its marketing links to failed crypto exchange Voyager Digital Holdings Inc., which investors claim led to $4.2 billion in losses.
California Storms Leave 543,000 Homes at Risk of Flash Flood Damage: CoreLogic
CoreLogic, the global provider of property information, analytics, and data-enabled solutions, estimates that across the greater Los Angeles area, nearly 543,000 single- and multifamily homes with a combined reconstruction cost value (RCV) of more than $258 billion are at risk of flash flood damage.
Allstate Reports $1.46 Billion Net Income in Q4
Allstate Corp.’s net income applicable to common shareholders jumped to $1.46 billion from a $303 million net loss a year earlier.
Los Angeles Hit by Mudslides, Flooding as Atmospheric River Persists
A turbocharged atmospheric river continued to lash Los Angeles early Tuesday, where officials warned further rainfall on already saturated ground would trigger more dangerous mudslides and flash flooding.
The Pace of Public D&O Price Decreases Slowed Down in Q4: Aon
The pace of public directors and officers liability insurance price decreases again slowed in the fourth quarter of 2023, with the average price per $1 million in limits dropping by 17.5%, according to Aon’s Quarterly D&O Pricing Index.
Auto Insurance Rates in 2024 Jump 26% Across the U.S., Report Says
Motorists across the country are feeling the pinch as car insurance premiums continue to rise, according to a new report.