Latest Trends Headlines
All the headlines from our Trends Topic Page, ordered by recency.
600-Square-Mile-Plus Wildfire in California Now State’s Fifth Largest on Record
Jul 31 2024 // The Park Fire near Chico, California, at 609 square miles is now the fifth largest wildfire in history, destroying 277 structures and damaging 29, according to CalFire. The fire covers four counties—Butte, Plumas,...
Outlooks Revised to Positive for Louisiana Workers’ Comp Insurer Stonetrust
Jul 31 2024 // AM Best revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Stonetrust Commercial Insurance...
Coastal Texas Braces for Insurance Rate Increase at Upcoming TWIA Meeting
Jul 31 2024 // The Texas Windstorm Insurance Association, the state’s insurer of last resort for homes and businesses on the Gulf Coast, will consider raising rates as climate change increases the chances of more severe storms and...
Public D&O Price Decreased 5.2% in Second Quarter, Says Aon
Jul 30 2024 // The average price for directors & officers liability insurance decreased 5.2% per $1 million in limits in the second quarter, according to Aon Commercial Risk Solutions. Aon said the decrease compared to the same...
Outlook Positive, AI Use on the Rise for Independent Agents, Says Nationwide
Jul 25 2024 // Despite challenges posed by inflation, market volatility and rapidly changing technologies, independent agents remain positive about their businesses and report more optimistic perceptions of national business conditions...
Lawsuits Detail Decades of Sexual Abuse at Chicago Youth Detention Center
Jul 25 2024 // CHICAGO (AP) — Temarkus Washington says the sexual abuse he experienced as a teenager at a troubled Chicago youth detention center still gives him nightmares. The 35-year-old spoke publicly about his experiences Tuesday,...
Insurance Broker TWFG’s Shares Rise Nearly 30% in Market Debut
Jul 19 2024 // Insurance broker TWFG’s shares gained nearly 30% in their Nasdaq debut on Thursday, signaling strong investor demand for new stocks as the U.S. initial public offering market aims for a recovery. IPOs in the U.S. are...
Almost a Year After Idalia, Florida Village Ponders its Future on the Gulf
Jul 18 2024 // HORSESHOE BEACH, Fla. (AP) — Lisa Bregenzer’s waterfront home was her “little slice of heaven.” She watched sunsets and migrating birds from the porch, the Gulf of Mexico in the distance. There, she...
AM Best Revises A.I.M. Mutual Outlook to Positive, Affirms ‘Excellent’ Ratings
Jul 17 2024 // AM Best reports that it has revised the outlook to positive from stable for the Long-Term Issuer Credit Ratings of members of A.I.M. Mutual Insurance Companies. The ratings agency has also affirmed the Financial Strength...
Viewpoint: Deepfake Fraud Is On the Rise. Here’s How Insurers Can Respond
Jul 17 2024 // It is interesting—and telling—that one of the concerns around generative artificial intelligence has to this point largely revolved around copyright infringement. The most high-profile lawsuits around GenAI have so far...
Surplus Lines Commercial Growth; Fla. Litigation Costs Reach New High in 2023
Jul 17 2024 // Two recent reports reflect trends in Florida’s property insurance market, including the continued growth of surplus lines’ business and an uptick last year in litigation costs for carriers. The Florida Surplus...
TWIA Actuarial Committee Recommends 10% Rate Increase for 2025 Policies
Jul 16 2024 // The Texas Windstorm Insurance Association Actuarial & Underwriting Committee voted on Monday, July 15 to recommend that the TWIA Board of Directors approve a rate filing to increase rates by 10% for 2025 residential...
P/C Premium Growth Likely But Profits Delayed Until 2025: Forecast
Jul 16 2024 // Favorable first-quarter economic and underwriting results for property/casualty insurance are in line with projections that the industry will see a small underwriting loss in 2024 and achieve profitability in 2025,...
Big ‘I’ Report: Independent Agency Channel Placed 62% of Premiums in 2023
Jul 15 2024 // Independent agents placed more than 62% of all property/casualty insurance written in the U.S., according to the Independent Insurance Agents & Brokers of America (the Big “I”). The association’s 2024...
Inflation, the Economy and Workers’ Comp: A Positive Outlook
Jul 15 2024 // Inflation is cooling, employment growth is normalizing and the workers’ compensation outlook is good, according to a national economist specializing in workers’ compensation. The economy and the...
AI Chatbots, Gen AI Set to Revolutionize Insurance Claims Processing: Survey
Jul 15 2024 // A majority of global insurers are actively endorsing the application of AI chatbots and generative AI in claims resolution processes, underwriting and customer fulfilment, according to a survey conducted by Gallagher...
Cyber Insurance Market ‘Stable’ With Potential for Growth, Says AM Best
Jul 15 2024 // According to industry rating agency AM Best, there are enough positive factors to give the cyber insurance market a “stable” outlook despite a stall in premium growth. Analysts at AM Best issued a segment...
Florida Citizens Board Votes to Raise Rates 14% But Costs Are Down
Jul 15 2024 // The board of governors for Florida’s state-created Citizens Property Insurance Corp. voted unanimously in June to raise personal lines rates by an average of 14% statewide – near the maximum allowed under the...
CBO Says Mortgage Subsidy Cost from Flood Damage to Hit $395M by 2053
Jul 12 2024 // Climate change is expected to increase the frequency and severity of floods in the U.S., posing greater risks to homeowners and mortgage lenders—and since flood damage tends to lower the market value of affected homes,...
Wildfire Risk Rises as Western States Dry Out Amid Ongoing Heat Wave
Jul 11 2024 // Authorities in Western states warned of the rising risk of wildfires as hot conditions and low humidity dry out the landscape amid a protracted heat wave that is expected to bake much of the U.S. again...
