AI Not Main Cause of Recent Insurance Layoffs: AM Best

AM Best said it's too soon to blame artificial intelligence for recent job losses.

Trucking Sector Faces Decline in Demand and Rising Costs

Trucking companies are shopping for lower insurance rates as they face tight margins.

National News

• Former Root Marketing Exec Pleads Guilty to Taking Over $10 Million From the Insurer
• Study: Federal Payouts Bolstered Flood Policy Uptake, Insured Value
• Business Execs Report Growing Employer, ESG Risk Concerns: Beazley
• People Moves: Markel Says President, COO Cox to Leave Company; Siry Joins Cover Whale as COO and CTO; Glazer Named AIG General Counsel
• WCRI Report Examines Challenges of Low Back Pain and Comorbid Health Issues
• Q3 2023 Signals Six Years of Premium Increases for Commercial Lines: CIAB

East News

• Fishing Community Mayor, Top Officials Off the Hook in Retaliation Claims
• Cybersecurity Agency Warns Water Utilities About Hackers After Pennsylvania Attack
• Tesla Beats Claim It Fired New York Factory Workers Amid Union Campaign
• New York Man Charged With Obstructing Investigation Into Fatal Construction Incident
• 50,000 New York Drivers Face License Suspension If They Don’t Submit Vision Test
• Maryland County Sued for $16 Million Over Death of Pet Dog Shot by Police

Midwest News

• Ohio Settles Lawsuit With Chemical Companies For $110 Million Over PFAS Contamination
• Minneapolis Stores Sue City Over Neglect and Decreased Business in George Floyd Square
• Black Employees File Federal Lawsuit Against Chicago Utility, Alleging Discrimination and Unsafe Working Conditions
• Missouri Employers Will See Reduced Workers’ Compensation Rates in 2024
• Former Owner of Collapsed Michigan Dam Faces $120 Million Judgment for Environmental Damage
• Wisconsin Roofing Contractor Faces $180K in Fines For Repeated Safety Violations

Insurtechs Unite to Launch InsurTech Coalition

Several insurtechs published an open letter to the insurance industry announcing the launch of a trade association.

Texas / South Central News

• Climate Change, Natural Disasters Sent Texas Homeowners Insurance Rates Skyrocketing in 2023
• Texas Attorney General Sues Pfizer Over Alleged Misrepresentation of COVID-19 Vaccine Efficacy
• Higginbotham Adds Texas’ Marshall Young Insurance
• Texas City Approves $3.5M For Child Who Witnessed Aunt’s Fatal Shooting by Officer
• Former Oklahoma Insurance Commissioner Gerald Grimes Passes Away at 82
• Texas CEO and His 2 Children Among 4 Killed in Highway Crash Before Thanksgiving

Southeast News

• U.S. Senate Committee Wants Investigation into Florida Citizens’ Loss Reserves
• Despite Insurance Costs, Lux Condos Going Up: Miami Tower to Have $150M Penthouse
• Mississippi Delivery Driver Sues FedEx, This Time in State Court, After Shooting Incident
• State Supreme Court Upholds Attorney Fees in Tennessee Workers’ Comp Case
• Woman Fell Through Floorboards and a Hidden Well Shaft in SC Home Fatality
• Springsteen’s Drummer, Weinberg, Says Florida Car Restorer Took $125,000 From Him

Reinsurance Market Outlook ‘Stable’ on Improved Rates, Higher Demand

AM Best said substantial rate improvements and other factors create a stable outlook for the global reinsurance sector.

West News

• Family of Los Angeles Deputy Killed in Ambush Plans to Sue Over Forced Overtime
• Washington Workers’ Comp Premium Rate Going up an Average of 4.9% in 2024
• Internet Research Shows Californians May Add to Risk of Fire Hazards
• Takeaways from Our Conversation with Insuring Cannabis Pro About His Son’s CBD Trial
• Oregon Regulator to Investigate Pacificorp’s Request to Limit Wildfire Liability
• Colorado Woman Shocked with Taser Suing Police Officer And Chief for Not Reporting It

International & Reinsurance News

• Insurance, Cat Bonds Can Help Boost Poorer Countries’ Resilience to Climate Risks
• Maersk Reaches Settlement Over Ship That Blocked Suez Canal
• Brexit Backer and Inventor James Dyson Loses Libel Lawsuit Against UK Newspaper
• UN Report Warns of ‘Silent’ Threat of Drought as Planet Warms
• How Panama Fishing Boats Brought Mining Company First Quantum to its Knees
• Nigeria’s Worst Flood in Decade Caused Billions in Economic Damage
• People Moves: MS Amlin Promotes Forsyth to Head of Marine, Succeeding Humberstone; Generali GC&C Names Mediterranean, LatAm Managers as Part of Business Reorg

Insurance Journal Blogs and Columns

• Cybersecurity: An Ounce of Prevention is Worth a Pound of Cure Nov 30
• Cybersecurity and Insurance: SOC2 Type II Audit Nov 23
• Unlocking the Future: Remote Work’s Impact on the Insurance Industry Nov 16
• The Value of Combining Models in Wildfire Risk Management Nov 9
• NAMIC Webinar Recap: Solving for Producer Compliance in Property & Casualty Insurance Nov 9
• What’s Brewing – Coffee, Convo, and Insurance with Joe Tracy Nov 6

Quote of Note

"The widening global protection gap is a huge opportunity for insurers to fulfill their mandate as risk absorbers and improve societal resilience. In times of crisis, households need risk protection. Insurance is a key tool to help households reduce their financial vulnerability in disruptive environments."

Jerome Jean Haegeli, group chief economist, Swiss Re

More Quotes

Insurance Top Gainers/Losers

• Gainers
• Losers

Company	Symbol	Close	1 Day Chg
Trupanion, Inc.	TRUP	$29.36	+14.15%
Root, Inc.	ROOT	$10.55	+9.10%
Mercury General Corporation	MCY	$38.94	+4.54%
Hippo Holdings Inc.	HIPO	$8.92	+4.33%
Lemonade, Inc.	LMND	$18.30	+3.57%

Company	Symbol	Close	1 Day Chg
Kinsale Capital Group, Inc.	KNSL	$338.48	-3.32%
NI Holdings, Inc.	NODK	$13.01	-2.33%
Doma Holdings Inc.	DOMA	$6.00	-2.12%
Ryan Specialty Holdings, Inc.	RYAN	$45.11	-1.66%
Goosehead Insurance, Inc	GSHD	$72.33	-1.30%

* As of December 1, 2023; Source: S&P Global Market Intelligence

Market Stat

$3-5 Trillion

The economic effect of the COVID-19 pandemic over the course of two years, according to a University of Southern California (USC) study.