To counteract rising construction material costs that have increased about 26.7% the first four months of 2022, personal and commercial property insurers will continue to gradually increase rates, said Moody’s Investor Service. The rating agency said insurers have been “raising …
First quarter underwriting profit soared as AIG reported net income of $4.25 billion compared with $3.87 billion during the 2021 first quarter. Underwriting income in AIG’s General Insurance unit was $446 million during the first three months of 2022, compared …
A weekend fire gutted a Home Depot store in the San Francisco Bay Area, sending up a huge plume of smoke and prompting orders for some nearby residents to shelter in place, authorities said. The five-alarm blaze in South San …
Rate hikes for commercial lines of insurance are slowing to single-digit increases or even flat renewals, according to broker WTW’s Marketplace Realities spring update. The exception, as it has been, is cyber insurance. Buyers here keep seeing even higher increases. …
A raging fire gutted a textile business in a large commercial building south of downtown Los Angeles. The fire, which occurred on Thursday, was the second fire at the site that week. The fire was reported just before 8 p.m. …
California Insurance Commissioner Ricardo Lara on Friday ordered the FAIR Plan to implement his mandated increases to its decades-old commercial property coverage limits offered to businesses. “My order is part of an ongoing commitment to helping businesses in California thrive …
A large fire that gutted a Southeast Portland, Ore., textile manufacturing last week was arson, according to fire officials. Portland Fire & Rescue said in a statement that a security camera recorded someone starting the fire in a nearby dumpster, …
Indiana Farmers Insurance plans to enter the Ohio property/casualty insurance market this year. The Carmel, Indiana-based company, which distributes its products through independent insurance agents, will write commercial lines and farm insurance in Ohio. “In 2019, we successfully took our …
A New Jersey man has been charged with insurance fraud after an investigation revealed he failed to pay the correct premiums to insure his commercial vehicle and deprived his employees of proper insurance coverage. Passaic County Prosecutor Camelia M. Valdes …
Zurich Insurance Group has appointed Sierra Signorelli, currently group chief underwriting officer, to the role of chief executive officer for Commercial Insurance and as a member of the executive committee with immediate effect. Signorelli succeeds James Shea, who has decided …
