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Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.
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2021 P&C commercial insurance rates forecast
Heather A. Turner | January 15, 2021
USI predicts how rates across six sectors will be affected this year amidst firming conditions and market uncertainty.
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Insurance to see hard market conditions across lines in 2021
Karen Sorrell | January 07, 2021
Many lines of business are expected to reap the consequences of the unprecedented catastrophic losses experienced in recent years.
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Insurance in 2021: A tale of the ant and the grasshopper
Nick Frank and Wei Ke | January 04, 2021
Expect a hardening environment in the year ahead with fewer policies, higher premiums and restrictive coverage.
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2021 M&A outlook: Questions, trends and coverage issues
Alan Jay Kaufman | December 29, 2020
Expect an emergence of new private/public partnerships as a result of the coverage shortfalls revealed by the COVID-19 pandemic.
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Lloyd’s of London plans to exit fossil-fuel insurance by 2030
Alastair Marsh | December 17, 2020
The world’s largest insurance market said it’s joining efforts to phase out coverage for some of the most polluting industries.
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How climate change will impact insurers in 2021
Steve Hallo | December 10, 2020
Regulators are expected to move the industry to create new insurance products to mitigate the risks from climate change, while also increasing scrutiny.
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UBI auto insurance market poised to grow nearly 25%
Steve Hallo | December 09, 2020
More than 30% of consumers are showing interest in UBI coverage as they are driving less due to the pandemic.
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State of the P&C insurance market in Q3 2020
Steve Hallo | December 07, 2020
Burns & Wilcox notes the insurance market continued to harden while capacity remained tight but not scare as carriers deployed resources more strategically.
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GM to leverage customer data in new insurance business
Heather A. Turner | November 25, 2020
The carmaker believes its unique vehicle knowledge and technology will provide fairer and more personalized services to insurance consumers.
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FHA proposes allowing private flood insurance option
Danielle Ling | November 16, 2020
The FHA says the proposal could provide new options for 3% to 5% of FHA borrowers.
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Lloyd's of London releases plans for 2021 growth, digital strategy
Heather A. Turner | November 06, 2020
Blueprint Two outlines the next phase of Lloyd's strategy to build the world's most advanced insurance marketplace.
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Responding to New York building risks in firming P&C market
Antoinette Sacchi | November 05, 2020
It is likely that challenging conditions in the P&C market will continue throughout 2020 and 2021.
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How to expand your book of business through existing clients
Ana Robic | November 02, 2020
To achieve ongoing success in insurance, mind how you partner with other trusted advisors and make the right digital investments.
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The construction insurance market faces rising uncertainty
Elana Ashanti Jefferson | October 16, 2020
Here are the hot topics for building and construction insurance and risk pros attending IRMI's Virtual Construction Risk Conference Oct. 19-20, 2020.
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A look at 2020's construction risk, insurance market
Elana Ashanti Jefferson | October 06, 2020
Construction is an industry that may experience the delayed impact of pandemic-driven financial hardships.
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Allstate cuts 3,800 jobs in 'revamp'
Katherine Chiglinsky | October 01, 2020
The cuts will help 'create a more competitive auto insurance price,' says CEO Tom Wilson.
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Captive insurance uptake rises amidst ongoing 2020 pandemic threats
Danielle Ling | September 25, 2020
Marsh formed a record 76 new captive insurance companies between January and July this year.
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Opportunities abound for agents to enhance personal lines services
Heather A. Turner | September 22, 2020
A Nationwide study shows that consumers have evolving needs that require the support and expertise of insurance agents.
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Insurance job growth continues six months into the pandemic
Heather A. Turner | September 17, 2020
Despite more job opportunities entering the insurance market, the overall industry unemployment continues to rise.
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Mid-market clients struggle to understand insurance needs, coverage
Heather A. Turner | September 15, 2020
These clients have a lot to consider when shopping for insurance and typically face more challenges in the process than small-business owners.
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E&S insurance midyear premiums reflect market uncertainty
Elana Ashanti Jefferson | September 15, 2020
Surplus lines growth continued during the early days of the global pandemic, but the number of filings shrunk in several states.
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Insurers need talent to meet catastrophe, COVID-19 demands
Dan Clark | September 14, 2020
Lawsuits and natural disasters have brought in a new crop of general counsel in the insurance industry during the pandemic.
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AM Best highlights 2020's surplus lines market opportunities
Elana Ashanti Jefferson | September 14, 2020
To borrow words from one surplus lines thought leader: 'There are many possibilities before us in a dynamic and challenging market.'
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P&C insurers' performance declines in first-half 2020 amidst pandemic
Danielle Ling | September 09, 2020
While overall losses remain manageable for most insurers, losses from natural catastrophes and civil unrest outpaced coronavirus claims.
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Agents could do more to service clients' needs, study finds
Heather A. Turner | September 03, 2020
Furthermore, nearly half of the insurance agents in the survey said providing the level of service customers demand is a challenge.
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P&C investment portfolios post-pandemic: Where to go next
Rich Sega | September 03, 2020
How should insurance companies manage investment risk in 2021 and beyond? It requires a focus on fundamentals with added patience & caution.
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Survey: Independent agencies report lost revenue, clients during COVID-19
Heather A. Turner | August 18, 2020
A study from the Big "I" reveals the effects of the coronavirus pandemic on the day-to-day operations of U.S. insurance agencies.
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Root Insurance vows to remove credit factors from policy ratings
Heather A. Turner | August 17, 2020
The company hopes its announcement will inspire other insurers to fight discrimination, bias, and systemic inequity in auto insurance.
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Trends driving the hard transportation market in 2020
Heather A. Turner | August 06, 2020
Thin profit margins, loss history and reduced insurance carrier appetites continue to plague commercial auto clients.
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P&C insurance industry suffers largest-ever drop in surplus in Q1 2020
Denny Jacob | August 03, 2020
The surplus fell to $771.9 billion as of March 31, 2020, from the record-high $847.8 billion at the end of 2019.
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Amazon is now selling auto insurance in India
Danielle Ling | July 27, 2020
The biggest name in e-commerce said it also plans to expand its new insurance offerings to cover health, flight and cabs.
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Best homeowners insurance companies of 2020
Danielle Ling | July 23, 2020
U.S. News' list of top homeowners insurance companies considers A.M. Best ratings, consumer reviews and average monthly costs.
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Beazley launches cyber, financial lines insurance in Colombia
Najib Bousakr | July 22, 2020
“For all businesses today, the risk of a cyberattack is a very real prospect," says Beazley's Alessandro Lezzi.
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Lemonade introduces new pet insurance product
Heather A. Turner | July 16, 2020
Lemonade's pet insurance is poised to shake-up a rapidly growing market, with policies starting at $12 a month.
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New Calif. initiative supports diverse insurance investments
Heather A. Turner | July 16, 2020
'Invest in Our Diverse Communities' will help guide insurance companies towards socially responsible investments across California.
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Personal lines composite rate holds steady at 3.5% in Q2 2020
Danielle Ling | July 10, 2020
MarketScout breaks down Q2's personal lines composite rates by homeowners insurance, automobile and possessions.
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Top cybersecurity, commercial auto insurers of 2019
Elana Ashanti Jefferson | July 09, 2020
These rankings based on net premiums written in 2018 also reveal the top inland marine, product liability and surety insurers.
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Top personal auto, workers' comp insurers of 2019
Elana Ashanti Jefferson | July 08, 2020
These rankings based on net premiums written also reveal the year's top fire insurance, D&O liability and commercial peril carriers.
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J.D. Power: Top P&C insurers for digital experience in 2020
Elana Ashanti Jefferson | July 07, 2020
Insurance carriers recognize that today's customers and prospects are seeking out preferred brands largely via web and mobile.
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P&C insurance market outlook: Q2 2020
Heather A. Turner | July 06, 2020
Rate increases, capacity reductions, and other trends continue to harden the market amidst ongoing COVID-19 challenges, says a report from USI.
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Industry Giants: 2019's top 100 insurance companies
Elana Ashanti Jefferson | July 06, 2020
Net premiums are based on the National Association of Insurance Commissioners' statutory P&C statement filings.
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Hard Landing: Aviation insurance market update
Denny Jacob | July 02, 2020
The aviation insurance market was already hardening before 2020's blistering economic blows.
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The 10 fastest-growing U.S. P&C insurers in 2019
Danielle Ling | July 02, 2020
The three fastest-growing P&C companies in 2019 were entities that began operating in their current form in 2018.
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Ryan Specialty Group and All Risks to become one entity
Heather A. Turner | July 02, 2020
The merger unites two insurance specialists with proven track records of success in wholesale distribution.
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Industry Giants: 2019's top 100 insurance groups
Elana Ashanti Jefferson | July 01, 2020
NU Property & Casualty magazine's annual Top 100 and Heads of Lines segment uses premium data provided by S&P Global Market Intelligence.
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The Insurance Information Institute, The Institutes plan to affiliate
Denny Jacob | July 01, 2020
Additional details will be announced publicly as the deal is finalized later this month.
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Independent agents' auto insurance volume down 24% in Q1 2020
Heather A. Turner | June 23, 2020
New findings from LexisNexis reveals how the COVID-19 pandemic impacted auto insurance shopping based on age group, state and shopping channel.
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The initial effects of COVID-19 on insurance employment
Heather A. Turner | June 17, 2020
Even amongst the pandemic's challenges, the insurance labor market has maintained relative stability.
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Top large U.S. insurers for customer satisfaction in 2020
Elana Ashanti Jefferson | June 15, 2020
Rising auto insurance prices, higher unemployment and less household discretionary income are shaping insurance-consumer shopping preferences.
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Willis Towers Watson faces lawsuits connected to Aon deal
Heather A. Turner | June 09, 2020
The complaints allege that Willis issued a 'materially misleading proxy statement' to shareholders surrounding its proposed Aon merger.
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Insurance Speak: 10 essential factors for successful brand-building
Danielle Ling | June 03, 2020
In a four-part series, marketing expert Peter Van Aartrijk outlines 10 key steps to building a strong insurance brand.
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System makeover: Insurance technology market update
Denny Jacob | June 01, 2020
The pros outweigh the cons for insurance carriers and agencies looking to make technology upgrades in 2020.
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Select insurers extend insurance policy refunds through June
Danielle Ling | May 29, 2020
In April, more than 82% of auto insurance companies offered policyholders refunds and credits, according to the Consumer Federation of America.
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AXA vows to pay COVID-19 claims after losing French court battle
Heather A. Turner | May 26, 2020
The decision could set a global precedent for coronavirus-related claims disputes.
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Insurance groups unveil the Business Continuity Protection Program
Heather A. Turner | May 22, 2020
The proposed federal program would help businesses meet the financial challenges from future pandemics.
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Marsh: Global commercial insurance prices up 14% in Q1 2020
Heather A. Turner | May 14, 2020
Rates increased for the tenth consecutive quarter despite the minimal impact of the COVID-19 pandemic.
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Top 15 commercial auto insurance carriers of 2019
Danielle Ling | May 14, 2020
The NAIC's commercial auto rankings are based on direct premiums written, direct premiums earned and market share.
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Insurance industry can find economic opportunity in climate change
Rosalie Donlon | May 14, 2020
The insurance industry should take changing climate risks into consideration when making financial decisions and seizing opportunities.
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Common insurance terms to know with COVID-19 lawsuits on the horizon
Denny Jacob | May 13, 2020
With so many lawsuits arising out of coverage denials for coronavirus-caused losses, how terms are defined will matter.
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Willis Towers Watson forms specialized team to assist distressed clients
Heather A. Turner | May 07, 2020
Organizations today face unprecedented risks and market volatility.
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Nationwide to make work-from-home permanent
Allison Bell | May 06, 2020
The strategy includes a hybrid operating model that will shift employees at most locations to a permanent remote work environment.
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Aon cuts salaries of executives, 70% of employees amid COVID-19 crisis
Heather A. Turner | April 28, 2020
In a letter announcing the salary reductions, CEO Greg Case said 'no one at Aon is going to lose their job because of this COVID-19 outbreak.'
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Largest insurance companies in the U.K. in 2020
Heather A. Turner | April 27, 2020
The U.K.'s insurance industry employs hundreds of thousands of professionals. Here are the 10 biggest employers.
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Insurance M&A trends in the first quarter of 2020
Heather A. Turner | April 24, 2020
Insurance mergers and acquisitions started strong in 2020 but quickly cooled with the onset of COVID-19, says MarshBerry.
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NAIC working group approves flexible COVID-19 accounting rules
Allison Bell | April 23, 2020
The panel says grace periods for COVID-19 victims may have to be longer than the grace periods for big hurricanes.
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Introducing Insurance Speak, a new podcast series by NU PC360
Danielle Ling | April 21, 2020
We are pleased to announce a new insurance-focused podcast series with new episodes every other week discussing the biggest industry topics.
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The state of commercial agents in an age of consolidation and innovation
Mark Rosalbo | April 17, 2020
Here's a look at commercial lines producers' production numbers and what they say about the producer of today.
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Proposed business interruption bills could lead to disaster, says insurance leaders
Heather A. Turner | April 16, 2020
According to PIA, the proposed legislation would exacerbate existing disruptions and further delay economic recovery.
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Insurance employment remains steady as economy faces uncertainty
Heather A. Turner | April 15, 2020
Recent data shows positive employment trends in the insurance industry; however, the full effects of COVID-19 remain unknown.
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New Jersey offers grace period for insurance premium expenses
Adam Budesheim | April 15, 2020
An executive order from the governor allows installment payments over the next year.
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PRMA study reveals insurance advisors are meeting a high bar
Azeema Hartley | April 15, 2020
Insurance agencies that provide personal lines services to affluent clients often exceed today’s tough customer expectations.
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Auto insurers refund customers after 'unprecedented' driving slump
Katherine Chiglinsky | April 09, 2020
Several insurers are returning some money to customers as widespread shutdowns from the coronavirus cut down on driving.
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IVANS: Nearly all major commercial lines see Q1 2020 renewal rate increase
Denny Jacob | April 09, 2020
However, workers' compensation average premium renewal rate change remained in negative territory.
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State of insurance rating: COVID-19 weather report
Laird Rixford | April 09, 2020
This report from ITC provides agencies and carriers a general baseline of their operations. amidst the coronavirus pandemic.
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NAIC: Top 15 insurance groups, companies for 'other' liability in 2019
Denny Jacob | April 08, 2020
Other liability coverage can include errors and omissions insurance, liquor liability, umbrella liability, marine and more.
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The renewable energy insurance market at a glance
Elana Ashanti Jefferson | April 08, 2020
Experts suggest wind and solar energy producers will experience the greatest growth in 2020.
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How to stay plugged into energy insurance in 2020
Elana Ashanti Jefferson | April 03, 2020
Insurance pros who cater to alternative and traditional energy clients must be smart, curious and savvy.
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2020 Agent Survey: How technology drives competition
Rosalie Donlon | April 01, 2020
Part 3 of 3: Agency owners appear to have little idea about where their carriers are going with technology.
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2020 Agent Survey: Today's insurance agent demographics
Rosalie Donlon | March 31, 2020
Part 2 of 3: Respondents to the 2020 NUPC/PIA Independent Agent Survey said they have trouble recruiting new employees.
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2020 Agent Survey: Insurance agents and InsurTech
Rosalie Donlon | March 30, 2020
Part 1 of 3: The 2020 NU/PIA Independent Agent Study asked respondents about challenges posed by technology.
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Fitch Ratings outlook for P&C, global reinsurance negative due to COVID-19
Denny Jacob | March 31, 2020
The outlook revision is due to concerns over COVID-19 and related impacts on the credit quality of reinsurers.
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Insurers worry virus-linked costs may reach $383B a month
Katherine Chiglinsky | March 30, 2020
The battle over business-interruption losses is heating up.
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NAIC: Top 15 medical malpractice insurance carriers in 2019
Elana Ashanti Jefferson | March 23, 2020
These were the top medical malpractice carriers in 2019, based on direct premiums written, market share and more.
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Top 15 private passenger auto insurers of 2019
Heather A. Turner | March 26, 2020
NAIC's data highlights a growing private passenger auto market.
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How insurers are responding to rising political risks
Bjoern Reusswig | March 20, 2020
Today's businesses are increasingly exposed to political risks of all types including riots, civil unrest, strikes and terrorism attacks.
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NAIC: Top 25 insurance groups, companies for workers' compensation in 2019
Denny Jacob | March 19, 2020
The NAIC ranked the top 25 insurance groups and companies in the workers' compensation market by countrywide premium.
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Lloyd's of London implements first phase of the Future at Lloyd's
Denny Jacob | March 17, 2020
The market's first risk exchange pilot program also begins in 2020. It will connect broker and e-trading portals.
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Top 25 insurance groups, companies for homeowners' multiple peril in 2019
Danielle Ling | March 16, 2020
The top 25 insurance groups collectively wrote nearly $104 billion in direct premiums in 2019.
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Stemming the tide of social inflation
Patricia L. Harman | March 11, 2020
Runaway jury verdicts have been on the rise for 10 years, and their impact is apparent in claims that go to trial — there is a perception that someone must pay.
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Independent agents, brokers face stable growth in 2020
Heather A. Turner | March 10, 2020
A new survey shows optimism remains high among insurance agents and brokers, despite growth declines in 2019.
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What legal issues are involved when insurance giants merge?
Meganne Tillay | March 10, 2020
The Aon and Willis merger will create one of the world's largest brokerages. Why were so many law firms hired, and what issues did they address?
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Aon agrees to purchase Willis Towers Watson in $30 billion deal
Katherine Chiglinsky | March 09, 2020
The almost $30 billion transaction combines the world’s second- and third-biggest insurance brokerages.
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What does a hardening insurance market mean for construction, real estate?
Matthew Smyth and Matt Walsh | March 09, 2020
Construction and real estate companies face massive risks and have significant property & casualty insurance needs.
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NAIC: Top 25 P&C insurance groups and companies of 2019
Heather A. Turner | March 09, 2020
In 2019, the total direct written premiums for all lines in P&C insurance exceeded $707 billion, says new data from NAIC.
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NAMIC, APCIA reject proposed bill banning credit factors in auto underwriting
Heather A. Turner | March 05, 2020
Industry leaders are less than enthused by the proposed Preventing Credit Score Discrimination in Auto Insurance Act.
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Insurance agents, brokers' 2019 M&A activity edged past 2018's record
Denny Jacob | March 02, 2020
The OPTIS database logged a record 649 deals in the United States and Canada in 2019, up from 643 M&A deals in 2018.
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Allstate becomes first — and only — insurer to offer weekly car premiums
Heather A. Turner | February 26, 2020
The insurer's pay-per-mile program, Milewise, is now offering Arizona drivers a new way to pay for auto insurance.
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Insurers, financial institutions face a $1 trillion climate risk
Alastair Marsh | February 24, 2020
Insurers, banks and asset managers have a lot to lose in the event of more aggressive climate change policies, says Oliver Wyman.
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Commercial property insurance brokers 'take cover'
Joyce Anne Grabel | February 21, 2020
Climate change is causing increasingly costly effects and damage losses in the commercial property insurance market.
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Stability ahead in P&C insurance amid hardening rate cycle
Heather A. Turner | February 19, 2020
Concerns about loss emergence is driving the U.S. P&C industry 'to find religion once again on pricing,' says S&P.
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New bipartisan flood insurance legislation introduced in the House
Danielle Ling | February 11, 2020
The Repeatedly Flooded Communities Preparation Act aims to reduce repeat flood claims within the National Flood Insurance Program.
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Risk professionals earned less in 2019 than in 2017, RIMS survey says
Heather A. Turner | February 05, 2020
The 2019 Risk Management Compensation Survey reveals interesting salary differences in the field based on education, position, location, and more.
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Brexit: Implications for insurers and reinsurers
Ivor Edwards and Yannis Samothrakis | February 03, 2020
What's to come for the insurance industry as the U.K. severs its ties to the E.U.?
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Business owners policy insurance market update
Joyce Anne Grabel | February 03, 2020
BOP-ing along: Small businesses are resilient. But is their coverage keeping pace?
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Insurance M&A in 2019: The year's top buyers
Danielle Ling | January 23, 2020
The insurance M&A market set a new annual record in 2019.
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NCOIL adopts Workers' Compensation Drug Formulary Model Act
Denny Jacob | January 30, 2020
The initial discussion draft of the Model was based on Indiana SB 369.
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Swiss Re issues first-of-its-kind bond to cover mortgage risk from earthquakes
Danielle Ling | January 15, 2020
The transaction is the first catastrophe bond with this specific use-case since the market's inception.
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Cannabis businessowners policy approved in Nevada
Patricia L. Harman | January 13, 2020
This comprehensive policy provides coverage for cannabis manufacturers, distributors, processors and dispensaries.
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U.S. commercial insurance rates up 5%, personal lines up 4.5% in Q4
Danielle Ling | January 08, 2020
MarketScout reports 2019's fourth-quarter numbers for U.S. commercial and personal lines insurance rates.
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Facing off against flooding in 2020
Elana Ashanti Jefferson | January 01, 2020
Flood risk continues to outpace the number of homes and businesses with flood insurance. Two trends could help close the coverage gap.