Larger reserves for the most recent years and a cushion for as-yet unreported claims suggest a solid buffer is in place, but recent shocks are pushing up claims, raising questions about adequacy. With uncertainty high, insurers may reduce risk appetite and new business capacity, which may in turn sustain the hard market conditions.
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MGU Victor Rolls Out Reciprocal Insurance Exchange for Property Cat Offerings
Global managing general underwriter Victor Insurance Managers has announced the introduction of a third-party capitalized reciprocal insurance exchange.
Auto Insurance Rates Are Soaring with Little Relief in Sight
A 40% increase by Allstate in Georgia, a 32% rise sought by Nationwide Mutual Insurance in California, an 11% bump by State Farm in New York. Insurers are imposing steep increases on auto insurance rates, with state regulators doing little to stop them.
Tornado and Other Severe Weather Kill 3, Damage Homes, and Knock Out Power in Multiple States
A tornado struck an Indiana home, killing a man and injuring his wife, while two people died in Arkansas after a tree fell onto a house, as severe weather rumbled through several central states.
ESG-Driven Litigation Soars to New Heights in Class Action Lawsuits Against Airlines
Recent putative class action lawsuits filed against Delta Air Lines, Inc. and American Airlines, Inc. appear to raise “firsts” when it comes to ESG-driven litigation.
Florida Sells Bonds to Backstop Its Homeowner’s Insurance Industry
A Florida state agency is selling municipal bonds to backstop the state’s homeowner’s insurance industry after a surge of claims and litigation drove some insurers to shutter.
More Americans Are Losing Homeowners Coverage Due to Storms, Lawsuits and other Factors
Many Americans should start planning now for the growing possibility that their home-insurance provider won’t renew their coverage.
Titanic Sub Victims’ Families Could Still Sue Despite Liability Waivers
Liability waivers signed by passengers on a submersible lost at sea during a dive to the Titanic wreck may not shield the vessel’s owner from potential lawsuits by the victims’ families, legal experts said.
Hospital Cyber Attacks Surge, Risking Struggling Bottom Lines
Cyberattacks on US hospitals are on the rise, adding a layer of financial pressure onto an industry still struggling to recover from the pandemic.
Moody’s RMS Forecasts Near-Normal 2023 Hurricane Season Amid Competing Factors
While the overall prediction from Moody’s RMS suggests a near-normal hurricane season, experts caution that the impact of a single powerful event can transform it into a memorable and costly season.