ISO News

P/C Insurers’ Surplus Rose, Profitability Fell in 2014’s First 9 Months

The first nine months of 2014 saw policyholders’ surplus for the U.S. property/casualty insurance industry reach record levels. At the same time, net income after taxes declined substantially and overall profitability took a noticeable dip. As well the annualized rate …

Biggest Obstacle to Cyber Insurance Sales Is Customer Education

The biggest challenge in selling cyber insurance is educating businesses about the need for cyber coverage, according to a new survey. The survey of insurance professionals found that among carriers offering cyber insurance, 40 percent say businesses don’t think they …

ISO Comments on CGL Endorsements for Data Breach Liability Exclusions

As data breaches become more prevalent in the workplace, ISO, a member of the Verisk Insurance Solutions group at Verisk Analytics in Jersey City, N.J., has been taking steps to constrain commercial general liability policies based on ISO forms from …

P/C Insurers’ Profit Dipped in Q1

Private U.S. property/casualty insurers’ net income after taxes fell to $13.8 billion in first-quarter 2014 from $14.3 billion in first-quarter 2013. Insurers’ pretax operating income – the sum of net gains or losses on underwriting, net investment income, and miscellaneous …

2013 P/C Insurers’ Results Show Net Gain on Underwriting– First Since 2007

U.S. property/casualty insurers’ net income after taxes grew to $63.8 billion in 2013 from $35.1 billion in 2012, with insurers’ overall profitability as measured by their rate of return on average policyholders’ surplus climbing to 10.3 percent from 6.1 percent. …

Use of Predictive Models Widespread in P/C Insurance: Survey

A survey of North American insurance professionals reveals widespread use of predictive analytics in the property/casualty insurance industry, with as many as 82 percent responding that they use predictive modeling in one or more lines. Earnix, a provider of pricing …

ISO Launches Standardized Motorcycle Program for Personal Lines Insurers

ISO has filings underway for its new standardized motorcycle program. The program consists of forms, rules, and loss costs tailored to fit the specific requirements for insuring a motorcycle. The base policy provides liability, medical payments, uninsured motorists, and physical …

Will Wind/Hail Cosmetic Damage Exclusion Endorsements Become the Norm?

Cosmetic damage from wind and hail to homeowner and commercial properties may no longer be covered if insurers opt to use new endorsements, one for homeowners and another for commercial roofs, that are becoming available. The two organizations that standardize …

ISO Revises ‘Bring Your Own Alcohol’ Establishment Exclusion

ISO has enhanced its commercial general liability (CGL) insurance program to address exposures for establishments that allow their patrons to bring and consume alcoholic beverages on their premises (commonly referred to as “bring your own alcohol establishments” or “BYO establishments”). …

Gilbert’s Passions were Organization, Work, Family

Roger W. Gilbert was a big player in Southern California’s insurance market, he was active in insurance charities and other causes, and those who knew him recalled him as having a passion for organization, work and family. The Newport Beach, …