Inflation—both economic and social—continues to contribute to premium increases in the P&C insurance market, and rising reinsurance costs due to severe weather events have led to higher property costs. Woodruff Sawyer, however, does not expect significant rate increases in 2024—most buyers should see single-digit percentage increases, similar to what they saw in 2023.
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IVANS: Renewal Rates Experience Variable Change Month Over Month Across Commercial Lines
Month over month, Commercial Auto, BOP, Umbrella and Workers’ Compensation experienced increases in premium renewal rate change, while General Liability and Commercial Property saw a decrease.
Swiss Re Estimates Insured Losses from Severe Thunderstorms at $60B in 2023
Natural catastrophes will once again break several loss records in 2023.
Governor DeSantis Proposes $114B Budget to Offset Climbing Insurance Rates
Governor Ron DeSantis announced his proposed $114 billion budget on Marco Island Tuesday. He believes it will slow spikes in insurance rates. The governor’s budget proposal calls for reducing some taxes and fees on home insurance bills. The average home insurance policy now is about $6,000 in Florida. So the tax break is about 6… Continue reading Governor DeSantis Proposes $114B Budget to Offset Climbing Insurance Rates
The World’s Largest P&C Insurers in 2023: S&P Global
State Farm Mutual Automobile Insurance Co. is the largest global property and casualty insurer with $77.59 billion of direct premiums written, according to a new ranking by S&P Global Market Intelligence.
AM Best Maintains Stable Outlook on U.S. Commercial Lines Insurance Segment
AM Best is maintaining its stable market segment outlook on the U.S. commercial lines insurance for 2024, citing in part the segment’s persistently strong underwriting results throughout the pandemic and amid substantial economic and capital markets volatility.
Join PUA University’s Free Webinar on Managing Construction Phase Professional Services Risks
PUA University is holding a free webinar, Thursday, December 7, 3pm to 4pm EST/12pm to 1pm PST, on “Managing Construction Phase Services Risks.” The webinar is ideal for agents and brokers who handle the key risks that arise from construction phase professional services.
New York Could Be the Latest State to Ban Noncompete Agreements
A ban on noncompete agreements could soon be coming to New York—potentially with a carve-out for higher earners.
PIP, Lawsuit Abuse and the Uninsured: Why Your Florida Auto Insurance Is Out of Control
For years, Florida has topped lists of states with the highest auto insurance rates in the nation, averaging about $2,500 a year for full coverage.
INSTANDA Promotes Ben Snape to Global COO
INSTANDA, the global provider of no-code insurance platform technology, announces the promotion of Ben Snape to the role of global Chief Operating Officer (COO).