The North Carolina Rate Bureau, representing the state’s homeowners insurers, is seeking an average statewide homeowners rate increase of 42.2%, Insurance Commissioner Mike Causey’s office said.
Category: Show on Homepage
Markel’s Wendy Houser Named Chair of the IICF International Board of Governors
The Insurance Industry Charitable Foundation (IICF), a nonprofit organization dedicated to helping communities and enriching lives, today announces that Wendy Houser, Chief Wholesale Officer at Markel Specialty, has been named Chair of IICF’s International Board of Governors.
U.S. Commercial Insurance Rates Up 4.56% in 2023: MarketScout
According to recent analysis from MarketScout, in 2023, the transportation industry was assessed as the sector with the largest rate increase at plus 7.26%, as the total rate increase across all industry groups hit 4.56% in the year.
The Crisis Facing Buyers of Home and Auto Insurance
For many Americans, getting insurance for both their cars and homes has gone from a routine, generally manageable expense to a do-or-die ordeal that can strain household budgets.
Microsoft, OpenAI Hit with New Lawsuit by Authors Over AI Training
OpenAI and its financial backer Microsoft were sued on Friday in Manhattan federal court by a pair of nonfiction authors.
Private Equity’s Move Into Life Insurance, Annuity Assets Provokes Systemic-Risk Concerns
Financial authorities want to know more about whether surging private-equity investment in the insurance sector poses risks to the broader economy.
FEMA Transfers $619.5M in 2024 Flood Risk to Reinsurers
The Federal Emergency Management Agency will pay $121.1 million to transfer $619.5 million of flood risk to the private reinsurance market, FEMA said in a statement.
Biden Admin to Announce Independent Contractor Rule that Could Upend Gig Economy
The administration of U.S. President Joe Biden will release a final rule as soon as this week that will make it more difficult for companies to treat workers as independent contractors rather than employees that typically cost a company more, an administration official said.
Hub International Buys Virginia-Based Book of Business, Growing Footprint
Hub International Ltd. has acquired the assets of Virginia-based Bob Gottschling’s book of business.
Japan Earthquake Estimated to Cost Insurers $6.4B
Insured losses from the devastating earthquake in Japan could reach $6.4 billion, according to an estimate from U.S.-based catastrophe modeling firm Karen Clark & Co (KCC).