Latest Trends Headlines
All the headlines from our Trends Topic Page, ordered by recency.
Cyber Insurance: A Growth Market for Insurers With Some Caveats
Jun 19 2023 // As demand for cyber insurance continues to grow, insurers must remain vigilant in managing the changing risk associated with the line of coverage. According to DBRS Morningstar, while cyber insurance is a market...
US Beefs Up Campaign for Accurate Animal Welfare Claims on Meat, Poultry Packaging
Jun 15 2023 // The U.S. Department of Agriculture said Wednesday it hopes to weed out false or misleading animal-welfare claims on meat and poultry packaging with new guidance and testing. The claims – such as...
New Louisiana School A Step to Resolve Decades-Old Lawsuit
Jun 14 2023 // NEW ORLEANS (AP) – Authorities in a southwest Louisiana school district have agreed to develop a magnet school in a historically Black school zone to draw students of all races from across the district in a step...
Property Leads Q1 Commercial Insurance Price Increases: WTW CLIPS
Jun 14 2023 // Commercial property insurance, with double-digit first quarter price increases, led other lines of businesses tracked by WTW’s Commercial Lines Pricing Survey (CLIPS). CLIPS found the aggregate price change for U.S....
Cyber Insurance Premiums Surge by 50% as Ransomware Attacks Increase
Jun 14 2023 // US cyber insurance premiums surged 50% in 2022 as increased ransomware attacks and online commerce drove demand for coverage. Premiums collected from policies written by insurers reached $7.2 billion in 2022 and tripled in...
Insurance Costs Rapidly Rising for Rental Properties: S&P
Jun 14 2023 // The recent upticks in the frequency and severity of weather events has also affected insurance premiums for rental properties. According to S&P Global Ratings, insurance is an increasing percentage of total expenses...
Washington Workshop to Address Increased Auto Insurance Complaints
Jun 14 2023 // Washington Insurance Commissioner Mike Kreidler is holding a workshop to hear from consumers, insurers and other parties on the reasons about auto and homeowners insurance issues being reported “at a record...
Canadian Wildfires Shutter Sawmills, Drive Up Lumber Prices
Jun 13 2023 // Canada’s worst-ever spring wildfire season has forced its forestry industry to shutter sawmills, driving up lumber prices and setting production back for months just as housing construction has slowed due to higher...
Survey: Younger Generations More Tolerant of Fraud
Jun 9 2023 // A significant number of Americans ages 44 and younger show a high level of tolerance for insurance fraud, according to a new survey of insurance consumers by Verisk and the Coalition Against Insurance Fraud. The...
Florida OIR Hearing Set for Citizens’ Latest Rate Increases
Jun 6 2023 // The Florida Office of Insurance Regulation will hold a rate hearing Thursday, June 8, on Citizens Property Insurance Corporation’s proposed 12.5% average increase for homeowners and larger increases for other types...
Signaling System Error Caused India’s Worst Train Crash in Decades: Railways Minister
Jun 5 2023 // The train derailment in eastern India that killed more than 300 people and injured hundreds more was caused by an error in the electronic signaling system that led a train to wrongly change tracks, India’s railways...
Tokio Marine Kiln Sets Up Cyber & Enterprise Risk Division
Jun 5 2023 // Specialist insurer Tokio Marine Kiln (TMK) has established a standalone Cyber & Enterprise Risk division as part of its effort to expand its presence in the cyber market. Led by Laila Khudairi, the Cyber &...
AM Best Revises Outlooks to Negative for Utica First Insurance
Jun 5 2023 // AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Utica First Insurance Co., based...
Auto Claim Severity Up 35% Over Pre-Pandemic Rates: LexisNexis Report
Jun 5 2023 // Claim severity for bodily injury and property damage increased by 35% since 2019, while collision claim severity has jumped 40%, LexisNexis Risk Solutions says in a new report. The data broker’s 2023 U.S. Auto...
Commercial Property Premiums Up Over 20% to Start 2023: CIAB
Jun 5 2023 // Commercial property premiums increased more in the first quarter of 2023 than they have in more than 20 years as the first three months of the year marked the 22nd straight quarter of overall premium increases, at 8.8%,...
Markets/Coverages: Evertas to Offer Largest Crypto Insurance Policy With Coverage Up to $420M
Jun 2 2023 // London-based Arch Insurance International has authorized cryptocurrency insurer Evertas to increase the coverage limit for a single policy to $420 million for custodians or exchanges in what the U.S firm said is the...
Rise in Fires, Ukraine-Russia Fallout Top Concerns for Shipping Industry: Allianz Report
Jun 2 2023 // The maritime sector experienced fewer total losses of vessels in 2022 while the number of shipping incidents remained relatively consistent, according to a recent report. Allianz Global Corporate & Specialty (AGCS)...
Report: Medical Professional Liability Headwinds Continue Despite Improvement in 2022
Jun 2 2023 // A recent report by the Medical Professional Liability Association shows the medical professional liability insurance sector’s combined ratio improved from 108.1% in 2021 to 102.2% in 2022 – marking the...
Survey: 17% of Louisiana Homeowners Lost Coverage in 2022
Jun 2 2023 // A survey published this week by Louisiana State University (LSU)’s Manship School of Mass Communication found that 17% of residents reported their provider cancelled their policy in 2022. The results are part of the...
Cyber Insurance: A Growth Market for Insurers With Some Caveats
May 31 2023 // As demand for cyber insurance continues to grow, insurers must remain vigilant in managing the changing risk associated with the line of coverage. According to today’s DBRS Morningstar’s commentary on the...
