This year’s January reinsurance renewals were described by brokers as “stable,” “predictable,” “orderly,” “calmer,” “disciplined,” with “increased appetites” and a return to supply/demand balance. What a difference in tone from last year’s grueling January renewals. “In a marked change on …
Universal Property & Casualty Insurance Co. officials have downplayed the significance of recent Florida judges’ rulings that have slammed the company for violating court orders, have forced Universal to default on lawsuits, have referred a Universal lawyer for disciplinary action, …
As claim severity rises, U.S. personal auto results are on the decline, according to AM Best’s Market Segment Report, issued in December 2023. The 112.2 net combined ratio in 2022 for personal auto was an almost 11-point deterioration from 101.5 …
New Jersey officials have introduced measures to implement flood risk disclosure legislation signed into law by Gov. Phil Murphy last June. The measures include new property disclosure forms notifying buyers and tenants of a property’s known flood history and potential …
While today’s insurance agency errors and omissions (E&O) market remains mostly stable, emerging exposures, cyber risk, natural disasters and more could shape its course ahead. That’s according to experts who shared their perspectives on the market’s latest developments and outlook …
A New Jersey man has pleaded guilty to orchestrating an estimated $70 million fraud targeting no-fault automobile insurance companies in New York. U.S. Attorney Damian Williams reported that Bradley Pierre of Closter, N.J., pleaded guilty to conspiracy to commit bribery …
Vehicle theft rates continue to put pressure on the personal auto insurance market. CCC Intelligent Solutions said in its year-end report that the number of vehicle thefts in the U.S. increased 2% in the first half of 2023 after rising …
The New York workers’ compensation fund for black car drivers was within its authority to impose a 2.5% surcharge on noncash tips that passengers paid to drivers, a three-justice panel of the Second Circuit Court of Appeals unanimously ruled on …
Outgoing Louisiana Insurance Commissioner Jim Donelon said that two initiatives to address the state’s property insurance market are meeting expectations. Companies participating in the Insure Louisiana Incentive Program have collectively written more than 50,000 policies as of Nov. 30. Approximately …
A judge in Oregon rejected a U.S. Department of Justice request to dismiss a 2015 lawsuit brought by young people that alleges the federal government knew the dangers posed by carbon pollution but that it has continued through policies and …
