Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Insurers Must Physically Inspect to Confirm Damage Cited by Aerial Imagery
Jun 17 2024 // The Pennsylvania Insurance Department (PID) has reminded insurers of their obligation to conduct a physical inspection to confirm the type and extent of damage to a roof supposedly evidenced by aerial imagery. The...
D.A. in California Sues Farmers, Other Home Insurers Alleging Scheme to Underinsure
Jun 13 2024 // Alameda County District Attorney Pamela Price’s Consumer Justice Bureau has sued multiple home insurance carriers in California, including Farmers Insurance Exchange, alleging they’re operating a scheme that...
P/C Insurers Record $9.3 Billion Q1 Underwriting Gain: AM Best
Jun 12 2024 // The U.S. property/casualty industry recorded a $9.3 billion net underwriting gain in the first three months of 2024, according to a recently published AM Best report. The gain marks a reversal of an $8.5 billion loss...
Viewpoint: Why Insurers Should Have Confidence in Machine Learning Capability
Jun 12 2024 // Executive Summary: While insurance leaders plan to use machine learning capability in their pricing and underwriting processes, only a small proportion actually have embraced the technology. They need to take the next step...
Louisiana’s Temple Meets With Insurers Ahead of Potentially Active Hurricane Season
Jun 7 2024 // Louisiana Insurance Commissioner Tim Temple recently met with 20 property and casualty insurers ahead of this year’s Atlantic Hurricane Season to make sure insurers are prepared to handle claims following a hurricane...
Insurers to Build Private Credit Exposure in Coming Years: Moody’s
Jun 7 2024 // Global insurers plan to invest further in the coming years in the growing but opaque private credit market, according to a new report by Moody’s Ratings. In a survey this week of the world’s largest insurers,...
Rhode Island Bars Auto Insurers From Hiking Rates on Widows and Widowers
Jun 6 2024 // A new Rhode Island law prohibits auto insurers from charging policyholders more solely because they have been widowed. The new law bans insurers from treating widows or widowers any differently than married people in terms...
Social Inflation Fix: Insurers Can’t Be Out Front, Chubb’s Greenberg Says
Jun 6 2024 // Although insurers can help to stop the growth of social inflation, they can’t lead the effort, an industry executive said during an insurance conference this week. Evan Greenberg, chair and chief executive officer of...
Should Judge Recuse Himself From Case Involving His Own Insurer?
Jun 6 2024 // Liberty Mutual Insurance is pushing for a federal judge in New Jersey to recuse himself from a construction insurance case because he did not disclose that he has been a long-time Liberty insured, a significant claimant,...
AM Best Downgrades Credit Ratings of Farm Bureau Mutual Insurance Company of Arkansas
Jun 5 2024 // AM Best has downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating to “bb” (Fair) from “bbb-” (Good) of Farm Bureau Mutual Insurance Company of...
P/C Insurers Slow to Achieve Analytics Ambitions: Survey
Jun 5 2024 // Just under half of property/casualty insurers recently surveyed by WTW say they plan to incorporate artificial intelligence into their analytics (49%), but most have yet to bring “traditional” analytics into...
Insurers Expect Major Loss Event From Floods in Southern Germany
Jun 4 2024 // Insurers are preparing for an above-average loss event as a result of floods in southern Germany. “The pictures from Bavaria and Baden-Württemberg foreshadow the worst. Our companies are already receiving many...
Canada’s Desjardins Completes Purchase of Insurance Company of Prince Edward Island
Jun 3 2024 // Desjardins Group and The Insurance Company of Prince Edward Island (ICPEI) have confirmed that the transaction announced in March 2024 has closed. Financial details of the deal were not disclosed. With this acquisition,...
A New Approach: Florida Agents’ Association Makes Big Investment in Startup Insurer
Jun 3 2024 // The Florida Association of Insurance Agents, the largest agent group in the state, this spring took the unprecedented step of investing in a startup insurance carrier, a move designed to help keep agents in the game and...
Florida Regulators’ Move to Oust Insurer Execs May Not Hold up in Court
Jun 3 2024 // Current and former leaders with Florida property insurers have had some strong reactions to state regulators’ recent efforts to oust company executives who previously helmed now-insolvent carriers. Some have called...
Insurers Off the Hook in O’Hare International Airport Construction Dispute
Jun 3 2024 // Cracked steel columns are not “property damage,” but are building products that are not covered by a contractor’s general liability policy, the U.S. 7th Circuit Court of Appeals decided in an opinion that...
US P/C Insurers Hit Record Investment Income in 2023
May 31 2024 // The U.S. property/casualty insurance segment’s net investment income hit a record $73.9 billion in 2023, bolstered by the higher interest rate environment, according to a new AM Best report. The Best’s Special...
EU Weighs Proposal to Sanction Russian Oil Tanker Insurer Ingosstrakh
May 30 2024 // The European Union’s executive arm is examining the feasibility of a proposal by one of its member states to sanction Russia’s Ingosstrakh Insurance Co., as part of efforts to choke revenue generating streams...
Insurers Must Physically Inspect to Confirm Damage Cited by Aerial Imagery
May 29 2024 // The Pennsylvania Insurance Department (PID) is reminding insurers of their obligation to conduct a physical inspection to confirm the type and extent of damage to a roof supposedly evidenced by aerial imagery. The...
Top Insurer to Leave Colombia’s Public Health System Amid Petro Squeeze
May 29 2024 // One of Colombia’s biggest health insurers will gradually cease operations in the country’s public system to avoid further deterioration in its finances. Grupo de Inversiones Suramericana SA’s public...
