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. …
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 …
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 …
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 …
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 …
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 …
A weekend fire gutted a Home Depot store in the San Francisco Bay Area, sending up a huge plume of smoke and prompting orders for some nearby residents to shelter in place, authorities said. The five-alarm blaze in South San …
Rate hikes for commercial lines of insurance are slowing to single-digit increases or even flat renewals, according to broker WTW’s Marketplace Realities spring update. The exception, as it has been, is cyber insurance. Buyers here keep seeing even higher increases. …
A raging fire gutted a textile business in a large commercial building south of downtown Los Angeles. The fire, which occurred on Thursday, was the second fire at the site that week. The fire was reported just before 8 p.m. …
California Insurance Commissioner Ricardo Lara on Friday ordered the FAIR Plan to implement his mandated increases to its decades-old commercial property coverage limits offered to businesses. “My order is part of an ongoing commitment to helping businesses in California thrive …
