Sedgwick introduced Connect 2024 list, which highlights major industry trends and issues that employers, carriers, brokers and risk management and human resources professionals should watch throughout the coming year.
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Travelers’ Rising Premiums Help Insurer Grow Annual Profits
Insurance giant Travelers reported higher revenue and income in the most-recent quarter, helped by double-digit percentage increases in premiums for auto and home insurance.
Florida Committee Moves Bill to Increase Citizens’ Coverage Cap
The Florida Senate Banking and Insurance Committee has advanced a measure that would increase the maximum dwelling replacement value for homes covered by Citizens Property Insurance Corp. to $1 million from the current $700,000.
Gallagher Re: Insured Losses from Natural Catastrophes Estimated at $123 Billion
In 2023, the estimated total economic costs of direct physical damage and net-loss business interruption from global natural perils was $357 billion. The private insurance market and public insurance entities covered an estimated $123 billion of that total.
Inflation Boosts US P/C Insurers’ Reserve Risk in Casualty Lines
Fitch Ratings expects the U.S. property casualty insurance (p/c) industry to generate modest underwriting improvement in 2024, following poor auto insurance results and inordinate catastrophe losses in 2023.
New York Regulator Issues Proposed Regulations on Insurers Using AI
The New York Department of Financial Services has issued a circular letter setting expectations that any insurer using artificial intelligence systems must be able to establish those systems do not use data that could produce discriminatory outcomes.
Liberty Mutual Insurance Launches New Management Liability Package
Liberty Mutual announced the launch of ProShield, a packaged solution providing private companies and non-profits streamlined access to Directors & Officers, Employment Practices Liability, Fiduciary and Crime coverages, and the appointment of Brent Tan as Senior Director, Financial Lines Underwriting.
California Regulators Grant Auto Rate Hikes Up to 31%; 75 Requests Still Pending
California regulators are approving strong private passenger automobile insurance rate increases, with a significant number in the 21% to 31% range.
Citizens Looking to Reduce Policies in Effort to Help ‘Fix’ Florida’s Insurance Crisis
“We want insurance to be affordable, but that’s why we need to have more competition; we need to have more private companies coming back into the state,” said Citizen’s CEO, Tim Cerio.
Freelancers File First Lawsuit Challenging Biden Independent Contractor Rule
A group of freelance writers and editors has sued the U.S. Department of Labor, claiming the Biden administration’s new rule making it more difficult for companies to treat some workers as independent contractors is illegal and should be struck down.