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Florida’s P/C Market Stabilizing Due to Legislative Reforms that Curbed Legal System Abuse Practices of Billboard Attorneys

Naples, Florida - Panoramic aerial view of the beautiful city beach,

Florida’s legislative reforms to address legal system abuse and claim fraud are stabilizing the state’s property/casualty insurance market, according to a new Issues Brief published by the Insurance Information Institute.

Key Takeaways from the Verisk Property Estimating Solutions Quarterly Property Report (Q4 2024)

3D Render of a Topographic Map of the Gulf Of Mexico with the clouds from October 07, 2024. Category 5 Major Hurricane Milton northwest of the Yucatán peninsula heading towards Florida. All source data is in the public domain. Cloud texture: Global Imagery Browse Services (GIBS) courtesy of NASA, GOES data courtesy of NOAA. https://www.earthdata.nasa.gov/eosdis/science-system-description/eosdis-components/gibs Color texture: Made with Natural Earth. http://www.naturalearthdata.com/downloads/10m-raster-data/10m-cross-blend-hypso/ Relief texture: GMTED 2010 data courtesy of USGS. URL of source image: https://topotools.cr.usgs.gov/gmted_viewer/viewer.htm Water texture: SRTM Water Body SWDB: https://dds.cr.usgs.gov/srtm/version2_1/SWBD/

The final quarter of 2024 brought significant shifts in property insurance trends, highlighting the evolving nature of catastrophic risks, rising reconstruction costs, and labor-market challenges.

Navigating Market Shifts: Nationwide Expands Surplus Lines Property Offerings

Modern european residential apartment building complex.

The property insurance market is undergoing significant changes as major insurers scale back in high-risk regions, prompting a surge in demand for excess and surplus (E&S) lines coverage.

USI’s 2024 Property & Casualty Market Outlook: Key Highlights and Strategies

As we reflect on 2024, Property & Casualty insurance experienced a dynamic landscape shaped by advanced AI, natural catastrophe trends, and shifting capacity.

Insurance Pricing Continues to Moderate as Rates Decline in Most Regions: Marsh

premium increases down or flat

Global commercial insurance rates increased by 1% in the first quarter of 2024 (down from a 2% increase in Q4 2023), according to the Global Insurance Market Index released today by Marsh,

YOY Average Premium Renewal Rates Remain Up for Majority of Commercial Lines

Best rankings on net premiums

Except for Workers’ Compensation, all lines of business saw an increase in average premium renewal rate year over year, according to Ivans.

Pennsylvania Lumbermens Mutual Insurance Names John Kennealy Vice President of Claims

PLM

Pennsylvania Lumbermens Mutual Insurance Company (PLM), the largest mutual insurer dedicated to wood-related businesses, has announced the hiring of John Kennealy as vice president of claims. An industry veteran, John brings years of experience in insurance claims and risk management to the PLM claims team. In his new position, John will be responsible for the… Continue reading Pennsylvania Lumbermens Mutual Insurance Names John Kennealy Vice President of Claims

Berkshire Hathaway GUARD Adding Commercial Package Coverage

Berkshire Hathaway GUARD Insurance Companies is adding a Commercial Package product that will include coverages for Property, General Liability, Umbrella, and Employment-Related Practices Liability Insurance (EPLI). According to GUARD CEO Sy Foguel, “An early April Pennsylvania launch is anticipated with other states to follow. Our goal is to become a ‘One Stop Shop’ for our… Continue reading Berkshire Hathaway GUARD Adding Commercial Package Coverage