Latest Trends Headlines
All the headlines from our Trends Topic Page, ordered by recency.
Pinnacol in Colorado to Decrease Workers’ Comp Rates in 2022
Nov 15 2021 // Pinnacol Assurance in Colorado announced it will lower rates for the carrier’s 53,000-plus policyholders in Colorado by an average of 11% in 2022. The decrease will become effective Jan. 1, 2022. Pinnacol has...
Theft Down, Weather Losses Up in Homeowners
Nov 15 2021 // Catastrophic weather events such as wildfires, hurricanes and floods caused 39% of home insurance claims in 2020 – the highest percentage in the last six years. According to the 2021, LexisNexis Home Trends Report,...
Commercial Liability Insurers Face Rise in False Claims Act Cases
Nov 15 2021 // A growing number of False Claims Act investigations combined with recent court decisions that found insurers liable for the cost of settlements may spell trouble for commercial liability insurers. Policyholder attorney...
Coalition Enters Executive Risk Insurance Market for Small Business
Nov 10 2021 // Coalition has launched new executive risks insurance products for small and midsize businesses. The directors and officers (D&O) and employment practices liability (EPL) coverages are underwritten by Zurich North...
AXIS Insurance Enters North American Pet Insurance Market With MGU Petplan
Nov 10 2021 // AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Ltd., announced it has entered the pet insurance market via its Accident and Health unit through a strategic relationship with managing...
AIG Europe’s Chief Executive Expects Slowdown in Insurance Rate Rises
Nov 5 2021 // Insurance premium rates are likely to continue to climb in Europe, the Middle East and Africa in 2022, but probably at a slower clip, the chief executive of AIG Europe said at the Reuters Future of Insurance Europe...
Kentucky Approves Another Workers’ Comp Loss Cost Decrease
Nov 5 2021 // The Kentucky Department of Insurance has approved another workers’ compensation loss cost decrease for employers in the state. The DOI announced this week that officials have ratified a 10.4% average reduction,...
AM Best Revises Outlooks to Stable for Quincy Mutual Group Members
Nov 5 2021 // AM Best has revised the outlooks to stable from negative and affirmed the financial strength rating of A+ (superior) and the long-term issuer credit ratings of “aa-” (superior) for the members of Quincy Mutual...
Insuring Cannabis Summit: More Market Growth Through the Year and Beyond
Nov 4 2021 // Powered by InsuranceJournal.tv This is part of a series of articles from Insurance Journal’s annual Insuring Cannabis Summit on Oct. 14. You can find more articles from the summit at the bottom of this one. Cannabis...
Global Commercial Insurance Rates Rise 15% in Q3 as Moderation Continues: Marsh
Nov 1 2021 // Global commercial insurance prices increased 15% in the third quarter of 2021, which was the same rate of increase recorded in the previous quarter, according to the Global Insurance Market Index released by insurance...
Mobility Sector Will Need New Insurance Products to Continue to Grow: Marsh
Nov 1 2021 // For the sharing economy and mobility sectors to continue to grow, they will need new forms of insurance, including programs to support gig-workers at scale, advises a report from insurance broker Marsh. According to the...
Agency E&O Survey: More Agencies See Premiums Rise, Again
Nov 1 2021 // According to Insurance Journal’s 2021 Agency E&O survey, 58.4% of respondents saw an increase in their E&O renewal premium from 2020 to 2021, up from 50.2% in last year’s survey. And 61.8% expect...
U.S. Trucking Sector Struggles with Rising Rates, Driver Shortage
Nov 1 2021 // U.S. commercial auto insurers continue to face disruptions on their road to profitability due to inflation and the spotty post-pandemic economic recovery, according to a Standard & Poor’s Global Ratings...
Uncovering Opportunities in the Shifting Landscape Emerging from COVID-19
Nov 1 2021 // As I write this, in the fall of 2021, it’s now clear that we are going to be living and working with COVID-19 for the indeterminant future – perhaps forever. Regardless of one’s opinions about vaccines,...
First Half of Year Recorded 18% increase in Road Fatalities
Oct 29 2021 // Traffic deaths across the country soared by 18.4% in the first six months of 2021, the largest number of projected fatalities in that time period since 2006. The Department of Transportation’s National Highway...
Reinsurers Increasingly Using ILS to Transfer Risks
Oct 28 2021 // Reinsurers are increasingly relying on third-party capital to support their retrocession needs, in which they transfer risks they have assumed to other counterparties. According to a report from S&P Global Ratings,...
Chubb Sees Profit Jump on Premium Growth, Underwriting Income
Oct 27 2021 // Global insurer Chubb’s third quarter net income soared more than 58 percent year-over-year, as premium gains continued their double-digit climb. The insurer’s Q3 net income reached $1.83 billion during the...
As Strikes, Riots and Civil Commotion Risks Increase, Insurers Respond With Exclusions
Oct 27 2021 // Insurers traditionally have offered protection against strikes, riots and civil commotion (SRCC) at no extra cost, but the increased frequency and severity of these risks means property insurers have begun excluding events...
Ping An Insurance Profit Falls 31.2% as Returns, Premiums Shrink
Oct 27 2021 // SHANGHAI/BEIJING — Ping An Insurance Group Co of China Ltd., the country’s largest insurer by market value, posted a 31.2% fall in third-quarter net profit on Wednesday as its premium income shrank on a weak...
AM Best Downgrades Outlook for Journey Insurance
Oct 27 2021 // AM Best credit rating agency has given Florida-based Journey Insurance Co. a financial strength rating of “excellent,” but downgraded the company’s outlook from stable to negative, due to its parent...
