Latest Trends Headlines
All the headlines from our Trends Topic Page, ordered by recency.
TWIA Board Votes to Increase PML to $6.5B in 2024
Feb 21 2024 // The Texas Windstorm Insurance Association Board of Directors voted Tuesday to establish $6.5 billion as the association’s 1:100 probable maximum loss (PML) for the 2024 storm season, an increase of $2 billion over...
NHC Unveils New Hurricane Forecast Maps for 2024, Showing More Inland Warnings
Feb 21 2024 // The familiar “cone of uncertainty” map, used for years by meteorologists to show a hurricane’s predicted path, is about to get an upgrade – at least temporarily, the National Hurricane Center announced...
P&I Clubs Raise Renewal Prices to Keep Up With Claims Inflation: AM Best
Feb 21 2024 // Protection and Indemnity (P&I) clubs sought further price improvements at the February 2024 renewals in order to keep up with claims inflation, despite a relatively benign year for P&I claims in 2023, according to...
Marsh: US Commercial Lines Rates Up 3% in Q4 2023
Feb 19 2024 // Broker Marsh said the composite rate change at renewal for U.S. commercial lines was up 3% in the fourth quarter 2023, led by an 11% increase in property rates. The Marsh Global Insurance Market Index said it was the 25th...
Report: 2023 Combined Ratio Forecast at 103.9, Commercial Lines Performed Best
Feb 19 2024 // The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7 and personal lines at 109.9, according to the latest underwriting projections by actuaries at the...
Chubb Writing More Personal E&S but CEO Greenberg Doesn’t Like the Trend
Feb 19 2024 // Chubb is writing more North American personal excess and surplus lines business, but the insurer’s chief executive is not exactly celebrating. While he reminded analysts during a fourth-quarter 2023 earnings...
Agency M&A Down 24% in 2023 but More Large Deals May Be Seen in 2024: OPTIS
Feb 19 2024 // There has been a somewhat return to normal when it comes to insurance agency mergers and acquisitions, with traditionally active buyers preferring to remain inactive to focus on integration of agencies they’ve...
‘New Normal’ in Agency M&A Landscape Experts Share 2024 Outlook for Independent Agencies
Feb 19 2024 // The number of announced insurance distribution mergers and acquisitions boomed in 2021 and 2022. Last year, the count plummeted to levels seen at the beginning of the decade. Insurance Journal recently interviewed four...
Empowering the Future: Investing in Risk Management Education
Feb 16 2024 // Tallahassee, FL, February 16, 2023 — Florida is witnessing a surge in educational initiatives supporting the growth of the risk management and insurance (RMI) profession. The surplus lines market has more than...
Cyber Risk Management Specialist KYND Secures New Funding for Global Growth Plans
Feb 16 2024 // KYND, the London-based provider of cyber risk management solutions, has disclosed “a substantial investment” to propel expansion and further growth. The investment comes from Verisk, a leading global data...
Allstate Reports $276M in January Cat Losses, Updates Rate Increases
Feb 15 2024 // Allstate Corp. on Thursday reported January pretax catastrophe losses of $276 million. The Northbrook, Illinois-based insurer reached its $150 million threshold to report catastrophe losses following several months of low...
Markets/Coverages: Marsh’s D&O Facility Provides Up to $75M of Capacity
Feb 14 2024 // Insurance broker Marsh announced that its D&O Echo facility is now offering clients with enhanced directors and officers insurance protection, in order to provide greater financial stability amid continued volatile...
Continued Growth for Surplus Lines in 2023 as Premiums Up 14.6%
Feb 14 2024 // The excess and surplus lines market continued to grow in 2023, with premium reaching nearly $73 billion according to data from 15 state surplus lines office release by the Wholesale & Specialty Insurance Association...
Jacobson: Survey Shows ‘A Significant Pause’ in Industry Job Growth
Feb 12 2024 // More than half of insurance companies expect to increase staff in the next year, according to the latest labor market study from Aon and the Jacobson Group. Meanwhile, 77% of carriers expect to increase revenue in the next...
Global Warming Exceeded Benchmark Over 12-Month Period for First Time on Record
Feb 9 2024 // Global warming exceeded temperatures of 1.5 degrees C over a 12-month period for the first time in record keeping. The European Union’s Copernicus Climate Change Service released its findings in its Global Climate...
January Was World’s Hottest on Record: EU Scientists
Feb 8 2024 // The world just experienced its hottest January on record, continuing a run of exceptional heat fueled by climate change, the European Union’s Copernicus Climate Change Service (C3S) said on Thursday. Last month...
Allstate Reverses Q4 Loss With Benefit of Low Cat Losses, Auto Rate Increases
Feb 8 2024 // Allstate Corp. fourth quarter 2023 net income attributable to common shareholders was about $1.5 billion, reversing a loss of $303 million during the same time the prior year. Allstate CEO Tom Wilson said “improved...
Marsh: ‘Stable’ Q4 Commercial Rate Increase of 2%
Feb 5 2024 // Broker Marsh said global commercial insurance rates increased by 2% at renewal in the fourth quarter of 2023, marking the 25th straight quarter of rate increases. “At a time of much global economic uncertainty,...
Marsh: US Commercial Lines Rates Up 3% in Q4 2023
Feb 5 2024 // Broker Marsh said the composite rate change at renewal for U.S. commercial lines was up 3% in the fourth quarter 2023, led by an 11% increase in property rates. The Marsh Global Insurance Market Index said it was the 25th...
Report: Top AI Trends for Insurers in 2024 Include Claims, Other Insurance Processes
Feb 5 2024 // Insurers are prepared for artificial intelligence to move beyond task automation and machine learning to advanced uses in 2024, a new report examining the industry and how it’s using AI shows. The report from...
