Insurance Journal
The commercial auto insurance segment maintained its place as a weaker-performing U.S. property/casualty insurance product line in 2023. Despite successive periods of pricing and underwriting actions, commercial auto has generated a statutory combine...
Posted: Jul 14, 2024
The dilemma in today’s labor market is real. In 2023, the U.S. labor market had 9.5 million unfilled jobs. Yet there were just 6.5 million unemployed workers, according to the U.S. Chamber of Commerce. If every unemployed person found a …
Posted: Jul 14, 2024
It’s no secret — independent insurance agencies are struggling to find qualified job candidates. And young talent may be even harder to find. According to a recent report by Vertafore, nearly a third of agents surveyed said they’re...
Posted: Jul 14, 2024
By Susanne Sclafane Even though direct loss ratios for commercial auto and other liability lines rose in first-quarter 2024, across all lines U.S. property/casualty insurers posted a net combined ratio of 94 — the best since first-quarter 2007....
Posted: Jul 14, 2024
My previous two columns (May and June 2024) addressed issues with hail and windstorm claims regarding the discovery and reporting of damage, actual cash value versus replacement cost valuation and 180-day reporting conditions, percentage deductibles,...
Posted: Jul 14, 2024
By Jahna Jacobson Inflation is cooling, employment growth is normalizing and the workers’ compensation outlook is good, according to a national economist specializing in workers’ compensation. The economy and the property/casualty insuran...
Posted: Jul 14, 2024
As an insurance organization you understand risk management better than most businesses. You advise clients on how employment practices pose liability risks, but when is the last time you’ve thought about your own risks, particularly when it co...
Posted: Jul 14, 2024
The board of governors for Florida’s state-created Citizens Property Insurance Corp. voted unanimously in June to raise personal lines rates by an average of 14% statewide – near the maximum allowed under the insurer’s glide path &#...
Posted: Jul 14, 2024
By Ezra Amacher A Texas nonprofit health system who purchased a specialized commercial property insurance policy is not covered for business interruption losses caused by COVID-19, a 5th Circuit Court of Appeals panel ruled, relying on existing prece...
Posted: Jul 14, 2024
By Andrew DeMillo Arkansas sued two pharmacy benefit managers that oversee coverage for insurers, employers and other large clients, accusing them of fueling the opioid crisis in the state. Attorney General Tim Griffin filed the lawsuit against Expre...
Posted: Jul 14, 2024
Projected changes to California workers’ comp claims frequency and severity due to industry mix of employment are negligible through 2026, while employment in most industries fully recovered from the initial pandemic related changes by the end...
Posted: Jul 14, 2024
PLAINFIELD, Vt. — Volunteers, some with heavy equipment, shoveled river silt and mud from roads, homes, yards and driveways and removed flood-ravaged items from homes Friday in one of the Vermont communities hardest hit by flooding from the remnants...
Posted: Jul 14, 2024
Allstate is seeking an increase in its California homeowners insurance premiums by an average of 34%. According to the California Department of Insurance, the Allstate homeowners filing was received by the Department on April 14, 2023. The initial ra...
Posted: Jul 12, 2024
California Insurance Commissioner Ricardo Lara today issued a decreased pure premium rate for workers’ compensation insurance, lowering the annual benchmark rate from $1.41 to $1.38 per $100 of payroll— representing a 2.1% percent decrease from...
Posted: Jul 12, 2024
Leif Assurance, headquartered in St. Louis, promoted Robert Worden to sales manager. Worden will also serve as the commercial lines’ sales manager for Leif’s sister company, Powers Insurance & Risk Management. Worden has 30 years of e...
Posted: Jul 12, 2024
Ex-Red Hot Chili Peppers guitarist Josh Klinghoffer is being sued for wrongful death and negligence after allegedly hitting and killing a pedestrian earlier this year. The lawsuit was filed by Ashley Sanchez, the daughter of 47-year-old Israel Sanche...
Posted: Jul 12, 2024
Insurers’ losses from Hurricane Beryl will be “low and readily absorbed” and the storm is not expected to change pricing conditions in the P&C and reinsurance sectors, Moody’s Ratings said. Beryl made landfall along the Te...
Posted: Jul 12, 2024
Florida Tax Watch, a nonprofit government watchdog in operation for 45 years, is urging state lawmakers to expand wind-mitigation tax breaks for homeowners struggling with higher insurance premiums. The group this week posted an analysis of the Flori...
Posted: Jul 12, 2024
Ships sailing around the southern tip of Africa are wrestling with a bout of bad weather that has already run one vessel aground and seen another lose more than 40 containers overboard. CMA CGM SA said on Thursday that its …
Posted: Jul 12, 2024
Catastrophic events, such as major hurricanes and the Sept. 11 terrorist attacks, traditionally have led to hard markets that in turn drove the formation of startup reinsurers to fill capacity needs. Reinsurers launched in “the class of 1992,&#...
Posted: Jul 12, 2024
Catastrophic events, such as major hurricanes and the Sept. 11 terrorist attacks, traditionally have led to hard markets that in turn drove the formation of startup reinsurers to fill capacity needs. Reinsurers launched in “the class of 1992,&#...
Posted: Jul 12, 2024
Abbott Laboratories hid the risks of its premature-infant formula causing a potentially fatal bowel disease from parents even though company officials acknowledged the peril in internal documents, a lawyer told a Missouri jury. The company was accuse...
Posted: Jul 12, 2024
Destructive storms like Hurricane Beryl that knocked out power to 3 million homes and businesses in Texas are growing more frequent and intense, and insurers are jacking up rates in response. That could mean big profits for property and casualty R...
Posted: Jul 12, 2024
Destructive storms like Hurricane Beryl that knocked out power to 3 million homes and businesses in Texas are growing more frequent and intense, and insurers are jacking up rates in response. That could mean big profits for property and casualty R...
Posted: Jul 12, 2024
INDIANAPOLIS (AP) — The remnants of Hurricane Beryl dropped tornadoes and threatened flooding Wednesday as the system churned into Canada and the northeastern U.S. after leaving millions in the Houston area without power. Beryl, which landed in Texas...
Posted: Jul 12, 2024