A group of insurers — including subsidiaries of AIG, Liberty Mutual, Allianz, Sompo International, and Travelers — are challenging an approval of the Boy Scouts of America’s $2.46 billion bankruptcy reorganization plan to allow the organization to settle tens of …
As you read this you are probably finishing up planning for 2023 (or thinking, “Yikes, I need to get started!”). If you’re like me, this is not your favorite thing to do. Our industry tends to attract doers rather than …
The Federal Emergency Management Agency has projected an initial estimate of Hurricane Ian losses for the National Flood Insurance Program, putting them in the range of $3.5 billion to $5.3 billion, including loss adjustment expenses. The losses include flood insurance …
Electric vehicles (EVs) were once a rare sight. Now, we regularly pass them on highways and park next to them at shopping centers. There are over 8 million new EVs being produced and sold annually today. This number is projected …
A number of years ago, I worked with an agency that specialized in insuring residential condominiums. Their personal lines department focused on insuring unit owners, including homeowners who owned condos as secondary homes. Their commercial lines department insured many dozens …
Over a third (36%) of companies who paid a ransom to cyber criminals went on to be targeted for a second time, according to the latest Cyber Readiness Report from Hiscox. In addition, more than four in 10 (41%) of …
Directors and officers liability pricing fell 14.7% in the third quarter, according to a recent survey. Aon’s Financial Services Group’s Q3 2022 pricing index for the quarter ending on September 30 decreased to 1.57 from 1.96 in the prior-year quarter, …
The personal lines sector took a beating in 2022 due to significant deterioration in personal auto, as well as rising loss cost severity, pricing pressures and elevated reinsurance costs. Added to these challenges for personal lines insurers is slow overall …
A woman who was injured in a crash while driving a rental car provided by an auto insurer may collect uninsured motorist benefits from more than one policy, the South Carolina Supreme Court ruled. In a 3-2 decision, the high …
Across all lines, the insurance industry is experiencing macro-hard markets, with large rate and premium increases, as well as re-underwritten renewals as the U.S. deals with broader economic uncertainty. Agents are also navigating renewal season with clients while managing changing …
