Latest Trends Headlines
All the headlines from our Trends Topic Page, ordered by recency.
3 Emerging Risks: AI-Driven Civil Unrest, Heavy EVs, Solar Panel Safety
Feb 23 2024 // Technology is poised to take over traditional markets and is rapidly creating new ones. For example, this trend is evidenced by the adoption of electric vehicles, demand for solar energy, and the blistering pace of...
That’s Gonna Leave a Mark: Large-Hail Days Hit Two-Decade High in 2023
Feb 22 2024 // Hail of two inches or greater struck the United States on 141 days last year — the highest number of annual days in two decades, according to a new CoreLogic report. Severe convective storms generated “an...
AXA’s 2023 Earnings Miss Forecasts on Higher Costs, Lifts Dividend 16%
Feb 22 2024 // France’s AXA, Europe’s second-biggest insurer, pledged on Thursday to deliver higher earnings and returns to shareholders by 2026 by growing its client base, automating processes and reducing labor costs. The...
Cyber MGA Coalition Predicts Common Vulnerabilities to Increase 25% in 2024
Feb 22 2024 // Cyber insurance provider Coalition said it expects the total number of common vulnerabilities and exposures (CVEs) to increase by 25% in 2024 to 34,888 vulnerabilities, or roughly 2,900 per month. The insurtech’s...
Castle Key Defends 53.5% Condo Rate Hike, Blames Reinsurance, Ian, Rapid Growth
Feb 22 2024 // When Allstate’s Florida unit, Castle Key Indemnity Co., entered the surging condominium insurance market in 2020, it looked like it had made a smart bet: Within two years, the carrier had added no fewer than 123,000...
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...
