commercial insurance News

Markets/Coverages: Travelers, Google Cloud to Build Data System to Underwrite Commercial Risk

Google Cloud and The Travelers Companies said they are working together to create a cloud-based data ecosystem that will help Travelers’ underwriters more efficiently evaluate risks for large and middle market businesses The data ecosystem, built on Google Cloud, will …

Small Business Satisfaction With Commercial Insurers Resurges: J.D. Power

A toxic combination of business disruption and economic uncertainty strained the relationship between small businesses and their commercial line insurers during the pandemic, causing customer satisfaction to decline beginning in 2020 for the first time in seven years. According to …

P/C Underwriting Profitability to Worsen as Inflation, Hard Market Persist: Triple-I, Milliman

The 2022 combined ratio for the property/casualty insurance industry is forecast to be 100.7, a worsening of 1.2 points relative to 2021, driven by significant deterioration in the personal auto line. Loss pressures and a hard P/C market are expected …

Q2 Commercial P/C Premiums Up 6.1%: CIAB

The second quarter 2022 marked a full five years of premium increases for across all lines of commercial insurance business, according to the latest report from the Council of Insurance Agents and Brokers (CIAB). The average premium increase across all …

Another State Supreme Court Rules No Coverage for COVID-19 Shutdown

The South Carolina Supreme Court on August 10 became the fourth state high court in the nation to rule that the virus that causes COVID-19 cannot cause a direct physical damage or loss covered by a commercial property insurance policy. …

Independent Agents Place Majority of U.S. P&C Insurance: Big I

The independent agency channel places 62% of all property-casualty insurance written in the U.S., according to the Big “I” 2022 Market Share Report. The annual Market Share Report compiles and analyzes property and casualty premium data from AM Best and …

Agents Expects Big Jump in Online Commercial Insurance Shopping: Survey

A majority of independent insurance agents (53%) are expecting a significant increase in online commercial insurance buyers over the next three years, according to a survey from Semsee, a platform for small-commercial quoting, and TrustedChoice.com, a digital marketing platform for …

P/C Industry to Finish 2022 in the Red With Combined Ratio Over 100: S&P

For the first time since 2017, the calendar-year combined ratio for the property/casualty industry will eclipse 100 in 2022 due to inflation, said S&P Global Market Intelligence. “We expect that growth rates in the commercial lines will pull back from …

Home, Commercial Rate Hikes Not Enough to Offset Construction Costs: Moody’s

To counteract rising construction material costs that have increased about 26.7% the first four months of 2022, personal and commercial property insurers will continue to gradually increase rates, said Moody’s Investor Service. The rating agency said insurers have been “raising …

AIG Q1 Net Income Up as Underwriting Profit Soars

First quarter underwriting profit soared as AIG reported net income of $4.25 billion compared with $3.87 billion during the 2021 first quarter. Underwriting income in AIG’s General Insurance unit was $446 million during the first three months of 2022, compared …