Latest Trends Headlines
All the headlines from our Trends Topic Page, ordered by recency.
Insurers Increasingly Seek Legacy Transfers to Shed Long-Tail Liabilities
Aug 29 2018 // Several recent reserve cover deals—including the single-largest reinsurance transaction on record—demonstrate a growing interest on the part of insurers to shed their long-tail liabilities. A sharp uptick in reserve...
NCCI Proposes 13% Rate Decrease for Florida Workers Comp, Notes Future Challenges
Aug 29 2018 // Florida businesses could see another significant rate decrease in workers’ compensation rates next year if Florida regulators approve the latest filing from the National Council on Compensation Insurance (NCCI). But...
Alcohol in Any Amount Found Unsafe; Linked to 3 Million Deaths a Year: Global Study
Aug 26 2018 // A new scientific study concludes there is no safe level of drinking alcohol. The study shows that in 2016, nearly 3 million deaths globally were attributed to alcohol use, including 12 percent of deaths in males between...
Report Outlines Climate Change Risks Faced by Insurance Sector
Aug 23 2018 // A newly issued report that’s being touted as the “first important review of climate risk by an international financial standard setting body” may get the attention of the insurance community. If it does,...
Survey: 10% of Texans Displaced by Harvey Still Haven’t Gone Home
Aug 23 2018 // One year after Hurricane Harvey slammed the Texas coast, 10 percent of the people impacted by the disaster have not been able to return to their homes, according to a report from two nonprofits that surveyed Texans about...
Commercial Lines Premiums Up 2% in Q2: CIAB Survey
Aug 23 2018 // The trend of increasing commercial insurance premiums that began in the fourth quarter of 2017 continued last quarter. Average premiums across all sized accounts increased by 1.5 percent in Q2, according to The Council of...
Outlooks Upgraded to Stable for Michigan’s Farmers Mutual Insurance
Aug 22 2018 // A.M. Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of C++ (Marginal) and the Long-Term Issuer Credit Rating of “b” of Farmers Mutual Insurance Company of...
Insurance Premiums from Insurtech to Exceed $400 Billion by 2023: Study
Aug 22 2018 // Insurance premiums generated by emerging insurtech services will exceed $400 billion by 2023, up from an estimated $187 billion in 2018, according to a new study from U.K.-based Juniper Research. The study found that while...
China’s Ping An Insurance Profits Rise 34% in First Half, Biggest in 10 Years
Aug 21 2018 // Ping An Insurance Group Co of China , the country’s largest insurer by market value, on Tuesday reported its biggest half-yearly profit in at least a decade on robust customer growth. The results underline strength...
As Cyber Insurance Market Grows, Accumulation Risk Is Key Concern: Geneva Assn.
Aug 20 2018 // Although cyber risk premiums have expanded sizably in recent years with loss ratios that compare favorably to other product lines, the danger of accumulation risks is a key concern for the market, according to a study...
TWIA Requests 10% Rate Increase; Approves $106.8M Assessment for Harvey Losses
Aug 20 2018 // The board of directors of the Texas Windstorm Insurance Association voted at its recent quarterly meeting to raise rates for residential and commercial properties by 10 percent next year, while acknowledging a rate...
Report: Years of Neglect at Fault in New Orleans’ 2017 Floods
Aug 20 2018 // Outside consultants fault New Orleans officials’ long-term neglect of the city’s failing drainage system for widespread flooding last summer. An ABS Group report, commissioned as a “root cause...
Pennsylvania Warns Consumers, Insurers About Rising National Auto Theft Rates
Aug 20 2018 // Pennsylvania Insurance Commissioner Jessica Altman has reminded drivers to take precautions to prevent auto theft, as a recent report shows the rate of car theft nationally rose by more than four percent in the first half...
Best Revises Outlook for NITIC of South Carolina
Aug 20 2018 // A.M. Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the financial strength rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” of...
North Carolina Insurance Fraud Round-Up
Aug 20 2018 // The North Carolina Department of Insurance announced multiple fraud enforcement actions during the month of July. Details of the incidents, as reported by NCDOI, are as follows: Monroe Man Charged with Fraud Gary Miller of...
Engineering Study Last Year Warned Operator About Stability of Genoa Bridge: Reports
Aug 17 2018 // An engineering study commissioned by Italian highway operator Autostrade last year warned about the state of the concrete-encased cable stays that held up a bridge that collapsed this week in Genoa, two Italian newspapers...
Experts: Cost of Hail Damage Will Continue to Rise
Aug 16 2018 // Hailstorms inflict billions of dollars in damage yearly in North America alone, and the cost will rise as the growing population builds more homes, offices and factories, according to climate and weather experts who spoke...
Global Insured Catastrophe Losses Decline to $20 Billion in H1: Swiss Re
Aug 16 2018 // Global insured losses from natural catastrophes and man-made disasters during the first half of 2018 were US$20 billion, down from US$30 billion in H1 2017, according to Swiss Re Institute’s latest sigma study. On...
New Hampshire Workers’ Comp Rates May Decrease for Seventh Year in a Row
Aug 16 2018 // New Hampshire employers could pay less for their workers’ compensation insurance next year because of a filing that lowers the loss costs insurers use to develop prices. The National Council on Compensation Insurance...
Risk of ‘Chaotic’ No-Deal Brexit Increasing: UK Foreign Minister Hunt
Aug 15 2018 // The risk of a no-deal Brexit has been increasing and the European Union commission needs to change its attitude if a deal is to be reached, British foreign minister Jeremy Hunt said on Tuesday. “Everyone needs to...
