Latest Business Insurance Headlines
All the headlines from our Business Insurance Topic Page, ordered by recency.
People Moves: DeCotis Specialty Adds Lyle and Downie to Commercial Lines Team
Dec 8 2023 // DeCotis Specialty Insurance, headquartered in Providence, Rhode Island added Lori Lyle as senior commercial lines account manager, and Jay Downie as a commercial lines insurance broker. Lyle joins DeCotis after spending...
Costs of Small Business Cyberattacks Are Down But Frequency Is Up, Says Hiscox
Dec 7 2023 // The less-than-encouraging news: Only a third (33%) of US small businesses consider cyber risk high or very high. The somewhat encouraging news: 53% of U.S. small businesses have either a standalone cyber insurance policy...
AM Best Maintains Stable Outlook for U.S. Property/Casualty Commercial Lines
Dec 6 2023 // Persistently strong underwriting performance during and after the global pandemic – despite substantial economic and capital markets volatility – has prompted AM Best to maintain its “stable” outlook for...
‘No Material or Sudden Changes’ in Commercial Insurance Pricing: WTW
Dec 4 2023 // Even though reinsurance executives are making noise about social inflation and liability rate inadequacy, WTW isn’t expecting any major changes in the pricing for commercial casualty or property insurance markets...
Business Execs Report Growing Employer, ESG Risk Concerns: Beazley
Dec 1 2023 // According to Beazley’s Spotlight on Business Risks report, 22% of global executives reported employer risk as the top business risk challenge they face in 2023—a notable share that has doubled in just two...
Missouri Employers Will See Reduced Workers’ Compensation Rates in 2024
Nov 30 2023 // The Missouri Department of Commerce and Insurance said that employers should see a reduction in workers’ compensation rates in 2024, the third straight year of declining rates. The NCCI recently proposed an overall...
Q3 2023 Signals Six Years of Premium Increases for Commercial Lines: CIAB
Nov 30 2023 // Overall commercial property/casualty premiums increased slightly more than 8% on average in the third quarter, marking six full years of steady increases. According to The Council of Insurance Agents and Brokers’ Q3...
Chubb Survey of Middle-Market Brokers Finds Lack of Awareness of Flood Risk
Nov 29 2023 // Though the risk of flooding is undeniable, a survey by Chubb of brokers with middle-market commercial clients revealed just 16% of them say more than half their clients buy flood insurance. Furthermore, 65% of the more...
Companies May Be Employers of Contract, Franchise Workers Under US Labor Rule
Nov 20 2023 // A U.S. labor board on Oct. 26 issued a final rule making it easier for workers and unions to hold companies liable for labor law violations by their franchisees and contractors, reviving an Obama-era standard heavily...
California FAIR Plan Increases Commercial Coverage Limits to $20M Per Location
Nov 20 2023 // The California FAIR Plan Association is offering increased commercial coverage of up to $20 million per location. Prior to the adjustment, the maximum limits for commercial coverage were $8.4 million per location. Business...
What to Expect: ‘No Material or Sudden Changes’ in Commercial Insurance Pricing
Nov 17 2023 // Even though reinsurance executives are making noise about social inflation and liability rate inadequacy, WTW isn’t expecting any major changes in the pricing for commercial casualty or property insurance markets...
Average Premiums Keep Rising for Most Commercial Lines: IVANS
Nov 8 2023 // Ivan’s Index for the third quarter found the average premium renewal rate increased for all major commercial lines of business except workers’ compensation. Compared to the same period a year ago, Q3 2023...
Markets/Coverages: SURE Brings Commercial Coverage to South Carolina
Nov 8 2023 // SureChoice Underwriters Reciprocal Exchange (SURE), a policyholder-owned coastal insurer, in partnership with SageSure, a large managing general underwriters focused on catastrophe-exposed markets, has announced its...
Commercial Auto Up Against Persistent Headwinds to Underwriting Profit: AM Best Report
Nov 6 2023 // Underwriting losses in U.S. commercial auto have returned to pre-pandemic levels and rate increases have not been enough to keep up with severity trends. “The liability component has been more problematic than the...
Howden Scotland Buys Commercial Insurance Broker Neilson Laurence & Neil
Nov 3 2023 // Howden Scotland, formerly known as Bruce Stevenson, announced the acquisition of Neilson Laurence & Neil, the Glasgow-based UK specialist commercial insurance broker. Financial details of the deal were not...
California FAIR Plan Increases Commercial Coverage Limits to $20M Per Location
Nov 2 2023 // The California FAIR Plan Association is offering increased commercial coverage of up to $20 million per location. Prior to the adjustment, the maximum limits for commercial coverage were $8.4 million per location. Business...
Companies May Be Employers of Contract, Franchise Workers Under US Labor Rule
Oct 30 2023 // A U.S. labor board on Oct. 26 issued a final rule making it easier for workers and unions to hold companies liable for labor law violations by their franchisees and contractors, reviving an Obama-era standard heavily...
The Hartford Q3 Income Jumps 93% on Commercial Lines Results
Oct 27 2023 // The Hartford reported a 93% increase in third quarter net income to $645 million driven by results in its commercial lines segment. The Hartford, Connecticut-based insurer said third quarter net income in commercial lines...
Employee Receives $44K for Vermont Employer’s Retaliatory Firing
Oct 27 2023 // Kingsbury Companies LLC has paid a worker $40,000 in punitive damages and $3,901 in back pay after the company terminated the employee in retaliation for speaking with the employer and other employees about whether they...
Risk Strategies Acquires North Bay Business Unit of InterWest Insurance Services
Oct 25 2023 // Risk Strategies acquired North Bay, a business unit from InterWest Insurance Services LLC, adding specialty expertise to its Wineries Practice. Along with offices in Petaluma, California and Santa Rosa, California, the...
