Q4 Net Income Drops 50% for Allstate on Higher Auto Claims
Allstate Corp. said fourth quarter 2021 net income plummeted 50% compared to results of the prior year quarter as auto claim frequency and severity increased. Adjusted net income for Q4 was $796...
View ArticleRating Upgrades Increase for U.S. P/C Insurers in 2021
Ratings for the U.S. property/casualty industry returned to pre-pandemic levels with some companies strengthening balance sheets and improving operating results, said financial strength rating agency...
View ArticleAIG to Move High Net Worth Homeowners to E&S
Peter Zaffino, CEO of American International Group (AIG), said the company’s ongoing analysis of the increased frequency and severity of natural catastrophes has led to a decision to move the high-net...
View ArticleCyber Market Primed to Grow and Eclipse Property by 2040: Gallagher Re
Following a pause to stabilize the vessel, the cyber market is poised for a wave of growth that could make it larger than the property catastrophe market by 2040, said Gallagher Re. In fact, if the...
View ArticleU.S. P/C Industry Grew Surplus Despite Underwriting Loss in 2021
Insurance rating agency AM Best said it expects the U.S. property/casualty insurance industry to record an increase in surplus in 2021 thanks to investment income and capital gains improvements despite...
View Article‘Essential’ MGAs, Other DUAEs Face Inflation, Staffing Pressures
Taking a deep dive into the world of managing general agents and other delegated underwriting authority enterprises, AM Best reports that premiums generated by DUAEs are climbing, and interest in MGA...
View ArticleMore Price Increases for U.S. Commercial Insurance in Q4 2021: WTW
U.S. commercial insurance prices rose again in the fourth quarter of 2021, according to WTW’s latest Commercial Lines Insurance Pricing Survey (CLIPS). The aggregate commercial price change reported by...
View ArticleAPCIA: Inflation Outpacing Premium Increases for Auto and Homeowners Lines
US Insurers — already hammered by extraordinary losses caused by natural disasters — are also failing to raise premiums at a pace that matches an historic inflation rate, the American Property Casualty...
View ArticleMarkets/Coverages: IMA Creates Metaverse Insurance R&D Lab; Appalachian’s...
IMA Financial Unveils the Metaverse’s First Insurance Research & Development Facility Financial services firm IMA Financial Group said it has launched the metaverse’s first insurance and risk...
View ArticleMarkets/Coverages: Bundler Branch Adds 6 States; Pathpoint, Bold Penguin E&S...
Auto, Home Insurance Bundler Branch Now Available in 25 States Branch, an insurance company that touts “instantly-bundled” home and auto insurance, announced its expansion to the six states of Idaho,...
View ArticleBroker WTW Reports Commercial Rates Are Starting to Stabilize Except for Cyber
Rate hikes for commercial lines of insurance are slowing to single-digit increases or even flat renewals, according to broker WTW’s Marketplace Realities spring update. The exception, as it has been,...
View ArticleAdvice for Casualty Insurance Brokers: ‘Get Out of the Pajamas’
Asked for the latest thoughts on the role of the broker in managing client expectations against the headwinds of a difficult casualty insurance market, one panelist during Advisen’s Casualty Insights...
View ArticleCyber Premiums Rapidly Grew 74% in 2021: Fitch
According to estimates by Fitch Ratings, direct written premiums (DWP) for standalone and packaged cyber insurance increased 74% to nearly $5 billion in 2021 compared with overall growth for the...
View ArticleTravelers CEO Schnitzer: Loss Costs ‘Challenging as Ever to Predict’
In the words of its CEO, there’s a “fair amount to pay attention to” from the first-quarter earnings call of Travelers, as the P/C insurer grew net written premiums 11% to a record $8.4 billion....
View ArticleRapid Cyber Premium Growth by Fairfax, Tokio Marine Increased Share of Market
The top cyber insurance carriers in 2021 shifted to include Fairfax Financial Holdings and Tokio Marine U.S. as the marketplace grew 74% to over $4.8 billion, according to a report from Fitch Ratings....
View ArticleMarkets/Coverages: Maryland’s Residual Insurer Ups Limits for Commercial Drivers
Maryland’s auto insurance market for drivers that private insurers won’t cover has received approval to offer combined single limits coverage up to $1 million for eligible businesses and vehicles....
View ArticleP/C Industry Posts 2021 Underwriting Loss but Surplus Hits $1 Trillion
Full-year net income for U.S. property/casualty insurers increased slightly to $61.9 billion from $60.3 billion in 2020, but the industry turned in a $3.8 billion underwriting loss in 2021. The P/C...
View ArticlePorch Group’s Homeowners Insurance Enters Delaware, Its 19th State
Home services firm Porch Group announced the expansion of its homeowners insurance services, Homeowners of America (HOA), to Delaware, its 19th state. Porch Group is a Seattle-based, technology...
View ArticlePersonal Auto Results Slow to Recover; GEICO, Progressive to Pass State Farm
With an overall combined ratio in excess of 100 for the first time since 2017, private passenger auto joined homeowners in unprofitable territory last year, prompting carriers to respond with pricing...
View Article2022 Was Another Big Year for Captives in Vermont
The state of Vermont reports that it licensed 41 new captive insurance companies in 2022, meaning it is now home to 639 licensed captives, consisting of 608 active and 31 dormant captives. The new...
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