Latest Property Headlines
All the headlines from our Property Topic Page, ordered by recency.
Average Commercial Insurance Prices Rose 19% in Q2: Marsh Index
Aug 10 2020 // Global average commercial insurance prices increased 19% in the second quarter of 2020, the eleventh straight quarter they have risen. Average price increases were driven principally by increases in property insurance...
Berkshire Insurance Units Hold Their Own While Pandemic Slams Other Buffett Firms
Aug 10 2020 // Berkshire Hathaway Inc. had a tough second quarter with the pandemic taking a toll on most of its operating businesses including Precision Castparts aircraft parts, the BNSF railroad, Occidental Petroleum Corp., Kraft...
Gridiron Insurance Underwriters of Florida Hires Murphy to Lead Property Division
Aug 10 2020 // Gridiron Insurance Underwriters, Inc., a program manager specializing in program business on a regional and national basis through select retail and wholesale producers, has hired Ben Murphy as its new head of...
Progressive Q2 Profit Up on Fewer Accidents; CEO Says ‘Black Lives Matter,’ Vows Action
Aug 10 2020 // “Black Lives Matter to me and they matter to us as an organization,” Progressive Corp. CEO Tricia Griffith wrote in a letter to shareholders. In the letter that was mostly commentary on second quarter results,...
Why Condominium Associations Should Consider Risk Management and Financing with Caution
Aug 10 2020 // Insurance for a condominium association is designed to finance the insurable exposures for the association. These exposures include the property and several liability exposures, including what would be covered by a...
D.C. Judge Rules For Insurer, Dismisses Restaurants’ Business Interruption Claims
Aug 7 2020 // The insurance industry has notched another victory in its defense of its commercial insurance policies against claims for business interruption due to the coronavirus. In a case brought by the owner of several restaurants...
AIG’s Zaffino Sees COVID-19 Creating Beneficial ‘Flight to Quality’
Aug 6 2020 // AIG President and Chief Operating Officer Peter Zaffino said that the insurer has seen accelerated rate improvements and other gains as clients react to the ongoing COVID-19 pandemic. “We believe that COVID has...
AIG’s Coronavirus Hits Include Travel, Workers’ Comp, Property, Trade Credit Lines
Aug 5 2020 // Insurer American International Group Inc. racked up $730 million in COVID-19-related losses during the first half of the year, its chief executive officer said on Tuesday. The pandemic is a “formidable and ongoing...
Aon’s Reinsurance Solutions Taps Turner from AXA XL to Lead UK Property Team
Aug 4 2020 // The Reinsurance Solutions business of Aon plc has appointed Catherine Turner as head of UK Property, and co-leader with Richard Evans of its UK & Ireland and Specialty Casualty business. Turner will report to Peter...
Berkshire Hathaway Specialty Names Property Leadership in Middle East and Asia
Aug 3 2020 // Berkshire Hathaway Specialty Insurance (BHSI) announced that it has appointed Kapil Palathinkal as head of First Party Lines, Middle East, and Carlos Beltran as head of First Party Lines, Asia, overseeing General Property,...
USG Insurance Services Hires Florida-Based Morgan
Jul 31 2020 // USG Insurance Services, Inc., a national wholesaler and MGA, has hired Mark Morgan as producer/broker: Property, in Tampa, Fla. Morgan has 19 years of industry experience, most recently serving as director of New Business...
Celebrating Insurers Warned Michigan COVID Ruling Not Knockout Punch They Wanted
Jul 29 2020 // A recent ruling from a Michigan judge that business interruption claims payouts require tangible alteration to a property may have sounded like a knockout win for the insurance industry but a legal expert has a slightly...
Everest Insurance Hires DeBlasi to Retail Property Group in New York
Jul 21 2020 // Everest Insurance has hired Dean DeBlasi to its Retail Property group as vice president and East region manager. In this role, he will be responsible for overseeing the retail property portfolio and developing and...
Michigan Restaurants’ COVID-19 Business Interruption Claim Rejected by State Judge
Jul 20 2020 // A trial court judge in Lansing, Michigan, handed a victory to insurers in what may be the nation’s first final ruling on the question of whether a property insurer is liable for financial damages caused by a...
Suspension of Florida Lawyer Accused of Causing ‘Great Public Harm’ Justified: Judge
Jul 16 2020 // A Florida judge has recommended the Florida Supreme Court deny the motion to dissolve the suspension of a Florida attorney who, with his firm, has filed thousands of assignment of benefit and first party lawsuits against...
P/C Insurance Survey: 55% Back Worker Presumption; 54% See Interrupt Cases Failing
Jul 13 2020 // A slight majority (54%) of property /casualty insurance industry professionals think insurers will succeed in defeating legal and political attempts to force them to pay business interruption claims from the coronavirus...
Allstar Underwriters Expands Vacation Rental Insurance Program to Arkansas
Jul 10 2020 // Atlanta-based Allstar Underwriters has expanded its existing vacation rental insurance program into the state of Arkansas. The program has been offered in Tennessee since 2015, according to Laura Richardson, Allstar...
Best: Reinsurance Pricing, Pandemic Add to Woes for Florida Property Insurers
Jul 9 2020 // The numerous issues in Florida’s property insurance market, including higher reinsurance pricing and social inflation, continue to challenge the financial strength of Florida personal property writers and impact...
Minnesota Issues Riot Claims Data Call to Property/Casualty Insurers
Jul 8 2020 // Minnesota’s insurance regulators issued a data call in late June, requesting information from property/casualty insurers in the state about claims filed in the wake of the riots/civil commotion following the killing...
Losses From Civil Protests May Cause Insurers to Rethink Property Coverage
Jul 8 2020 // The civil disturbance that started in Minneapolis after the killing by police of George Floyd spread to 20 other states, leading to an unprecedented property insurance catastrophe. The experience will likely impact policy...
