Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Activist Report Shows More Insurers Making Climate-Related Disclosures
Jun 21 2024 // A new report from a climate activist group portrays a “mixed picture of progress and persistent challenges” in the insurance sector in addressing climate-related risks, with some insurers successfully...
Amwins Program Underwriters Forms New Carrier Relationship with Great American Insurance Group
Jun 20 2024 // CHARLOTTE, N.C. (June 3, 2024) – Amwins Program Underwriters (APU), part of Amwins’ Underwriting division, announced a new carrier relationship with Great American Insurance Group, whose lead insurer, Great...
Southern Germany Floods to Cost Insurers $2.6 Billion-$3.9 Billion: Verisk
Jun 20 2024 // Estimated insured losses from flooding, which hit Southern Germany on May 15-June 5, will range from €2.4 billion (US$2.6 billion) to €3.6 billion (US$3.9 billion), according to Verisk, the data analytics and...
Top Shipping Flag Cuts Approval for Sanctioned Russian Insurer
Jun 18 2024 // The world’s largest shipping register withdrew its approval for Russia’s Ingosstrakh Insurance Co. to provide a key document enabling ships to enter ports. The Liberian Register — under whose flag 16% of the...
Houthi-Stricken Cargo Carrier’s Crew Abandons Ship Due to Fire
Jun 17 2024 // Crew members of a bulk cargo carrier struck by Houthi missiles abandoned ship Saturday after they couldn’t get fires on board under control, the US military said. The Iranian-backed militants struck the Verbena, a...
Questions Raised about FIGA Board Changes, Now With No Auto Insurer Reps
Jun 17 2024 // In May, Florida’s chief financial officer sent out a notice that he had appointed new members to the Florida Insurance Guaranty Association’s board of directors. Just a week later, though, one of those...
US P/C Insurers Investment Income
Jun 17 2024 // The U.S. property/casualty insurance segment’s net investment income hit a record $73.9 billion in 2023, bolstered by the higher interest rate environment, according to a new AM Best report. The Best’s Special...
A Look at Reciprocal Insurers From 30,000 Feet
Jun 17 2024 // For years, newly organized reciprocal insurers were few and far between and were not the preferred vehicle for new entrants to the insurance space. In fact, at one time, a prominent state insurance regulator refused to...
Florida Insurance Agents Will Soon Need to Be Appointed With 3 Carriers Before They Can Sell Citizens’ Policies
Jun 17 2024 // Starting July 1, Florida insurance agents must have at least three appointments with authorized carriers before they can sell policies for the state-created Citizens Property Insurance Corp. That’s the mandate laid...
Insurers Must Physically Inspect to Confirm Damage Cited by Aerial Imagery
Jun 17 2024 // The Pennsylvania Insurance Department (PID) has reminded insurers of their obligation to conduct a physical inspection to confirm the type and extent of damage to a roof supposedly evidenced by aerial imagery. The...
D.A. in California Sues Farmers, Other Home Insurers Alleging Scheme to Underinsure
Jun 13 2024 // Alameda County District Attorney Pamela Price’s Consumer Justice Bureau has sued multiple home insurance carriers in California, including Farmers Insurance Exchange, alleging they’re operating a scheme that...
P/C Insurers Record $9.3 Billion Q1 Underwriting Gain: AM Best
Jun 12 2024 // The U.S. property/casualty industry recorded a $9.3 billion net underwriting gain in the first three months of 2024, according to a recently published AM Best report. The gain marks a reversal of an $8.5 billion loss...
Viewpoint: Why Insurers Should Have Confidence in Machine Learning Capability
Jun 12 2024 // Executive Summary: While insurance leaders plan to use machine learning capability in their pricing and underwriting processes, only a small proportion actually have embraced the technology. They need to take the next step...
Louisiana’s Temple Meets With Insurers Ahead of Potentially Active Hurricane Season
Jun 7 2024 // Louisiana Insurance Commissioner Tim Temple recently met with 20 property and casualty insurers ahead of this year’s Atlantic Hurricane Season to make sure insurers are prepared to handle claims following a hurricane...
Insurers to Build Private Credit Exposure in Coming Years: Moody’s
Jun 7 2024 // Global insurers plan to invest further in the coming years in the growing but opaque private credit market, according to a new report by Moody’s Ratings. In a survey this week of the world’s largest insurers,...
Rhode Island Bars Auto Insurers From Hiking Rates on Widows and Widowers
Jun 6 2024 // A new Rhode Island law prohibits auto insurers from charging policyholders more solely because they have been widowed. The new law bans insurers from treating widows or widowers any differently than married people in terms...
Social Inflation Fix: Insurers Can’t Be Out Front, Chubb’s Greenberg Says
Jun 6 2024 // Although insurers can help to stop the growth of social inflation, they can’t lead the effort, an industry executive said during an insurance conference this week. Evan Greenberg, chair and chief executive officer of...
Should Judge Recuse Himself From Case Involving His Own Insurer?
Jun 6 2024 // Liberty Mutual Insurance is pushing for a federal judge in New Jersey to recuse himself from a construction insurance case because he did not disclose that he has been a long-time Liberty insured, a significant claimant,...
AM Best Downgrades Credit Ratings of Farm Bureau Mutual Insurance Company of Arkansas
Jun 5 2024 // AM Best has downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating to “bb” (Fair) from “bbb-” (Good) of Farm Bureau Mutual Insurance Company of...
P/C Insurers Slow to Achieve Analytics Ambitions: Survey
Jun 5 2024 // Just under half of property/casualty insurers recently surveyed by WTW say they plan to incorporate artificial intelligence into their analytics (49%), but most have yet to bring “traditional” analytics into...
