Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Australian Insurer IAG Says Rise in Claims, Third-Party Costs to Push Up Premiums
Aug 21 2024 // Insurance Australia Group said on Wednesday it expects premiums to keep rising because of a huge jump in loss claims and third-party costs for home and automobile repairs, sending its shares more than 3% lower. IAG said...
Puerto Rico Insurers to Absorb Hurricane Ernesto Losses: AM Best
Aug 21 2024 // Losses in Puerto Rico from Hurricane Ernesto are expected to be absorbed by the island’s domiciled insurers, according to industry rating AM Best. Initial feedback from AM Best-rated insurers—though it is early in...
The U.S. Property & Casualty Crisis: How It’s Going for Insurers and the States They’ve Left
Aug 20 2024 // This post is part of a series sponsored by AgentSync. America’s home insurance crisis By now, if you haven’t heard about insurance companies (large and small) and their max exodus from the most risky states,...
Virginia’s New Bad Faith Law: What Insurers Need to Know
Aug 20 2024 // On July 1, 2024, new Virginia Code § 8.01-66.1 became effective and created a new bad faith cause of action that can be significant for underinsured or uninsured (UIM) carriers. The prior Va. Code § 8.01-66.1 did not...
UK Insurers Call for Rule Change to Establish Captive Insurance Regime
Aug 19 2024 // Senior figures in the insurance industry are calling on the UK to restart work on a potential new market worth billions of pounds as part of a drive to boost competitiveness. Executives have written to Chancellor Rachel...
Personal Auto Driving P/C Insurers to 2024 Underwriting Profit
Aug 19 2024 // S&P Global Market Intelligence is forecasting a combined ratio of 99.2 for the U.S. P/C insurance industry overall in 2024, signifying a return to underwriting profitability for the first time since 2021. According to...
US Auto Insurers’ Strong Performance to Continue Through 2025: Fitch
Aug 15 2024 // More favorable mid-year 2024 results of U.S. personal auto insurers are likely to continue through the end of 2024 and into 2025 due to material price increases and a moderation of claims severity trends...
Judge Bars Insurers From Going After Defendants Who Agreed to $4B Maui Wildfire Settlement
Aug 15 2024 // A Maui judge’s ruling resolves a critical roadblock to finalizing a $4 billion wildfire settlement: Insurance companies who have paid out more than $2 billion in claims can seek reimbursement only from the settlement...
Texas Sues GM for Allegedly Collecting Drivers’ Data, Then Selling it to Insurers
Aug 14 2024 // General Motors GM.N has been sued by the state of Texas, which accused the automaker of installing technology on more than 14 million vehicles to collect data about drivers, which it then sold to insurers and other...
UK Insurer Aviva Beats Earnings Forecasts on Home, Motor Insurance Price Hikes
Aug 14 2024 // British insurer Aviva beat first-half profit expectations following a rise in general insurance premiums in Britain and Ireland, and said on Wednesday it remained confident of meeting its 2026 targets. The life and general...
Court, Not Board, Must Decide If Insurer Was Negligent After Canceling Policy
Aug 13 2024 // Claims that a workers’ compensation insurer acted with negligence after it canceled a policy are for a court, not the state’s workers’ compensation board, to decide, the Connecticut Appellate Court has...
Federal Court Says Lindberg and Firms Must Pay $167M to Defunct Dutch Insurer
Aug 12 2024 // Former insurance executive Greg Lindberg, now awaiting sentencing in a North Carolina bribery conviction, and his companies must pay almost $167 million to an insolvent life insurance company in the Netherlands, a federal...
Labor Market Study: 14% of Carriers Plan to Reduce Headcounts
Aug 12 2024 // Fourteen percent of insurance companies plan to reduce employee headcounts in the next year, according to numbers from Aon and The Jacobson Group’s latest insurance labor market study. Jeff Rieder, partner at Aon and...
Taylor Swift Cancellations Deal Blow to Insurers: Sources
Aug 9 2024 // Insurers face millions of dollars in claims after a foiled attack forced three Taylor Swift concerts in Austria to be canceled, though several providers will share out the hit, two people involved in insurance for her tour...
Hurricane/Tropical Storm Debby Should be Manageable for Insurers, Early Data Show
Aug 9 2024 // Reports from Gallagher Re and the Florida Office of Insurance Regulation suggest that Tropical Storm Debby will not be a heavy lift for property insurers and reinsurers. “Early assessments suggest wind-related...
European Insurers Enjoy Big Profits After Premium Hikes
Aug 8 2024 // Several European insurers recorded bumper first-half profits on Thursday, as customers burnt by a pandemic, war and a pick-up in natural catastrophes in recent years continue to face higher premiums on policies. Higher...
UK Insurers Pull Back From Offering Cover as Flood Threats Rise
Aug 8 2024 // Increased flooding in Britain from overflowing rivers and blocked drains is leading insurers to pull back from offering cover, particularly for commercial properties and residential landlords, industry representatives...
UK Insurer Beazley Upgrades 2024 Forecast After H1 Profit Nearly Doubles
Aug 8 2024 // British insurer Beazley upgraded its combined ratio forecast for 2024 on Thursday after first-half pretax profit nearly doubled, boosted by growth in its property risks premiums and fewer catastrophe losses, sending its...
Western Insurers Provide Cover for Russian Oil Despite Price Cap Concerns
Aug 8 2024 // A group of Western insurers have provided cover for tankers carrying Russian crude, keeping its oil flowing after many in the trade sector withdrew for fear of breaching the rules of a G7 price cap, data from traders and...
Florida Insurer Can’t Object to Appraiser After the Award Is Decided, 11th Circuit Says
Aug 8 2024 // If a property insurer is going to object to an appraisal panel member’s fee arrangement, it must do so early in the process – not after the panel provides an unfavorable, multimillion-dollar appraisal award. That...
