Category: Insurance News

Reinsurance Buyers See More Balanced Market at July 1 Renewals: Gallagher Re

Reinsurance Buyers See More Balanced Market at July 1 Renewals: Gallagher ReReinsurers experienced near-record returns in 2023, and continued to post strong results in the first quarter of 2024, with up to a 12% improvement in combined loss ratios, according to Gallagher Re’s 1st View report. The report attributes these positive outcomes to several factors, […]

Investing in Resilience Provides Significant Economic Benefits: Allstate/U.S. Chamber

Investing in Resilience Provides Significant Economic Benefits: Allstate/U.S. ChamberEvery $1 invested in disaster resilience and preparedness saves $13 in economic impact, property damage and cleanup costs, emphasizing the value of proactive measures in mitigating the financial toll of natural disasters on U.S. communities and businesses, according to a new report from Allstate, the U.S. Chamber […]

Liability Loss Trends Outpace Insurance Limits, Chubb Benchmarking Survey Finds

Liability Loss Trends Outpace Insurance Limits, Chubb Benchmarking Survey FindsThe gap between liability loss trends and median liability insurance limits is growing, continuing the trend of the last 10 years, according to research from Chubb. The “16th annual Liability Limit Benchmark & Large Loss Profile” report from Chubb provides data to help businesses determine appropriate […]

Global Insurers Embracing AI for Claims Resolution, Customer Service

Global Insurers Embracing AI for Claims Resolution, Customer ServiceThe global insurance industry is grappling with significant challenges in claims resolution, as supply chain disruptions, rising inflation, and geopolitical tensions hinder the ability to process claims efficiently, according to a recent survey by Gallagher Bassett. To navigate these obstacles, insurers are increasingly embracing digital solutions such […]

Growing EV Insurance Market Faces Profitability Challenges: Swiss Re

Growing EV Insurance Market Faces Profitability Challenges: Swiss ReThe global market for electric vehicle (EV) insurance is rapidly expanding, estimated to quadruple by 2030, but higher accident rates and steeper repair costs for EVs are creating challenges for insurers to maintain underwriting profitability in this burgeoning market segment, according to a new report from the […]

Hard Market Challenges Spur Opportunities for Independent Agents: Study

Hard Market Challenges Spur Opportunities for Independent Agents: StudyThe insurance industry is facing its toughest market conditions in a generation, with rising rates and stricter underwriting creating headaches for agents in the form of difficult renewal conversations and challenges placing new business. The 2024 Agent-Customer Connection Study, conducted by Liberty Mutual and Safeco Insurance, examined […]

Legal System Abuse/Social Inflation Adds Costs and Challenges for US Casualty Insurance: AM Best

Legal System Abuse/Social Inflation Adds Costs and Challenges for US Casualty Insurance: AM BestThe impacts of legal system abuse-driven social inflation has become a significant challenge for the U.S. casualty insurance industry, particularly driving up loss costs in lines such as products liability, general liability, commercial auto, and medical professional liability, according to AM Best. […]

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