There was much movement among insurers in 2023. Many laid off employees, while many diversified their coverage away from California due to increased catastrophe risks and what they viewed as an unfavorable regulatory system.
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Cuts at P&C Carriers Drive 2023 U.S. Insurance Layoffs
Property and casualty (P&C) carriers were responsible for the majority of the layoffs in the US insurance industry in 2023 as the sector shed at least 6,800 jobs, according to an analysis by S&P Global Market Intelligence.
Container Shipping Rates Spike as Red Sea Crisis Draws First Blood
For cargo importers, the outlook is now clear: higher freight costs and longer delays. For liner profits, sentiment is increasingly bullish — but there are uncertainties.
McKinsey Agrees to $78M Settlement with Insurers Over Opioids
Consulting firm McKinsey and Co. has agreed to pay $78 million to settle claims from insurers and health care funds that its work with drug companies helped fuel an opioid addiction crisis.
Google Settles $5B Privacy Lawsuit Over Tracking People Using ‘Incognito Mode’
Google has agreed to settle a $5 billion privacy lawsuit alleging that it spied on people who used the “incognito” mode in its Chrome browser — along with similar “private” modes in other browsers — to track their internet use.
Businesses Eye Possible Political Protests as Looming 2024 Risk
In 2024, the U.S. election season will enter full swing against a backdrop of political polarization. With tensions high—and partisans frequently taking their grievances to the streets—some business leaders and advisers are looking warily at the risks.
Guy Carpenter Sees Strong Jan. 1 Renewals as Reinsurance Capital Rose 12%
Reinsurers deployed 12% more traditional capital in the run-up to Jan. 1 renewals as the market responded well, with reinsurers maintaining pricing and underwriting discipline, according to reinsurance broker Guy Carpenter.
Dyad Launches to the Property & Casualty Insurance Market
Dyad, Inc. (formerly XDimensional Technologies and I-Engineering), a leading provider of insurance software and services backed by Serent Capital, has launched today.
ReSource Pro Acquires Helix Agency Services, Expands Insurance Technology Offerings
ReSource Pro announced its acquisition of Texas-based Helix Agency Services LLC, a provider of managed technology services for insurance agencies and brokers in the property and casualty marketplace.
State Farm to Increase Homeowners Rates by 20% in California
State Farm is expected to increase its average rate for homeowner insurance policies in California by 20% this year, under a proposal approved by the Department of Insurance, records shows.