Latest Trends Headlines
All the headlines from our Trends Topic Page, ordered by recency.
AM Best Revises Outlooks to Negative for Amica Mutual
Feb 5 2024 // Insurance rating firm AM Best has revised the outlooks to negative from stable and affirmed the superior credit ratings of Amica Mutual Insurance Co. and its subsidiary, Amica Property and Casualty Insurance Co. The...
Majority of Underwriters Predict Cyber Risks Grow ‘Greatly’ in 2024: Survey
Feb 5 2024 // Underwriters who thought the growing cyber risk landscape of the past several years would level off soon might want to think again. Woodruff Sawyer’s annual survey of cyber insurance carriers found all underwriters...
Survey: Carrier Connectivity Top of Mind for Agents
Feb 5 2024 // Agents continue to favor carriers and MGAs that offer automation, ranking ease of doing business and time savings at the top of the list of value they get from connectivity, according to a newly released survey by...
Insurance Agency Client Service Hiring Trends For 2024
Feb 5 2024 // Every year, I think of this annual first column as a crystal ball that shows trends in the insurance job market for the foreseeable future. In previous years my projections have been about “hot jobs,” like in...
3 Areas for Agents to Focus Growth Efforts in 2024 As the Hard Market Continues
Feb 5 2024 // We are obviously in one of the most intense hard markets of the last several decades. While much has been said and written about how to navigate the challenges the market is creating for agents, I’d like to take a...
Cargo Thefts Up 59%, Misdirection Top Threat: CargoNet
Feb 2 2024 // There were 692 reported thefts of cargo across the United States and Canada in the third quarter of 2023, a 59% increase when compared to the third quarter of 2022, according to CargoNet. Similar to the second quarter of...
Chubb Writing More Personal E&S but CEO Greenberg Doesn’t Like the Trend
Feb 1 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 earnings conference...
Report: 2023 Combined Ratio Forecast at 103.9, Commercial Lines Performed Best
Feb 1 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...
California’s 2023 Auto Registrations Highest Since 2020; New Vehicles Up 11.9%
Feb 1 2024 // Last year proved to be a banner year for new car registrations in California, reaching the highest numbers since the COVID-19 pandemic, a new report out this week shows. The California New Car Dealers Association’s...
Norfolk Southern Says Total Costs of East Palestine Derailment Up to $1.1B
Jan 31 2024 // Norfolk Southern’s fourth-quarter profit fell 33% because of the ever growing costs of the cleanup of last year’s fiery derailment in eastern Ohio, but the railroad did deliver 3% more shipments during the...
Agency M&A Down 24% in 2023 but More Large Deals May Be Seen in 2024: OPTIS
Jan 30 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...
Last Chance: Take This Year’s Agency Salary Survey
Jan 29 2024 // It’s the final two days to take this year’s Agency Salary Survey. ALL retail agency owners, principals, producers, CSRs — the entire agency — should participate and be a part of the industry’s...
Agency Salary Survey: Find Out Compensation Trends in This Year’s Report
Jan 26 2024 // Be a part of the industry’s favorite salary survey while learning more about agency compensation trends nationwide. We would like to invite ALL retail agency owners, principals, producers, CSRs — the entire agency...
AM Best Revises Outlooks to Negative for Farmers Mutual Fire of Pennsylvania
Jan 26 2024 // Ratings firm AM Best has revised the outlooks to negative from stable of Farmers Mutual Fire Insurance Co. of Marble, Pennsylvania. At the same time, it has affirmed the insurer’s Financial Strength Rating of A...
Texas Mutual Reports Nearly 6% Increase in Severe Injuries in 2023
Jan 25 2024 // Texas Mutual saw nearly 6% more severe injuries reported in 2023 compared to the previous year, according to an incident trends report released by the insurer. The construction industry reported the most serious incidents...
Reinsurance Market Likely to Begin Softening in 2025 as Capacity Rises in 2024: Fitch
Jan 25 2024 // Reinsurers’ underwriting margins are expected to peak in 2024 on the significant price rises and tighter terms and conditions achieved during 2023 and in the January 2024 renewals, which will likely lead to softer...
After $70 Billion Hit, Insurers Wake Up to Growing Risks of Severe Convective Storms
Jan 25 2024 // The insurance industry is grappling with a new kind of weather risk that’s increasingly driving its biggest loss category. While no single weather event caused more than $10 billion in losses for insurers last year,...
Construction Industry Outlook 2024: 7 Key Emerging and Continuing Trends
Jan 25 2024 // This post is part of a series sponsored by IAT Insurance Group. As construction industry professionals gear up for 2024, they are faced with a landscape marked by potential challenges, much like the preceding year....
Progressive Q4 Net Income Up 141% as Combined Ratio Exceeds Goal for 2023
Jan 24 2024 // Progressive Corp. today said fourth quarter 2023 net income jumped to nearly $2 billion compared to about $826 million a year ago during the same period. The Mayfield Village, Ohio-based insurer reported some quarterly and...
Compared to Prior Quarter, All Commercial Lines Saw Renewal Rate Up in Q4: Ivans
Jan 24 2024 // Ivans Index found the average premium renewal rate increased year-over year for all major commercial lines except workers’ compensation, but every line of business averaged rate increases at renewal during the last...
