Insurance Journal

SEPTEMBER 15, 2024

property/casualty insurance industry recorded a net underwriting gain of $3.7 billion and net income of $94.6 billion for the first-half of 2024, according to a new report. “After years of consistent losses, premium growth is helping the overall …

Insurance Industry 241

Insurance Industry Underwriting Underwriter Casualty Insurance 241

Insurance Journal

SEPTEMBER 17, 2024

Executive Summary: Artificial intelligence (AI) is on the brink of transforming most aspects of business, including insurance, but it needs to be used responsibly, according to Zywave Chief Technology Officer Doug Marquis, who takes a look at the some of …

Insurance Industry 278

Insurance Industry Insurer Insured Insurance 278

Insurance Journal

NOVEMBER 27, 2024

At one of the early meetings of American Legal Connections, Rich Henderson, a senior vice president for reinsurer TransRe, bumped into a concerned client from a hospital insurance company who brought his team members to the event. The insurer was …

Insurance Industry 272

Insurance Industry Insurance Companies Insurer Insured 272

Insurance Journal

JANUARY 9, 2025

Maine Governor Janet Mills along with House and Senate leaders are championing major legislation to strengthen the ability of local communities, homeowners, businesses, and emergency responders to prepare for and withstand future severe storms. The bipartisan legislation, sponsored by Senate …

Insurance Industry 242

Insurance Industry Insurer Insured Insurance 242

Insurance Journal

OCTOBER 11, 2024

Fitch Ratings expects Hurricane Milton to cause between $30 billion and $50 billion in insured losses to push total industry losses in 2024 above $100 billion for the fifth straight year. The range of losses expected by rating agency Fitch …

Insurance Industry 264

Insurance Industry Insurer Insured Insurance 264

Insurance Journal

JANUARY 8, 2025

There is a risk crisis affecting the insurance industry. Hurricanes Helene and Milton left a trail of tens of billions of dollars of destruction across the southeastern United States. These latest storms have shown that no region is safe from …

Insurance Industry 278

Insurance Industry Insured Insurer Insurance 278

Insurance Journal

OCTOBER 2, 2024

The International Longshoremen’s Association (ILA) went on strike on Tuesday, Oct 1. The strike is expected to affect more than 20 ports along the Eastern Seaboard and Gulf Coast, including the ports of New York and New Jersey, Baltimore and …

Insurance Industry 262

Insurance Industry Insurer Insured Insurance 262

Property Insurance Coverage Law

SEPTEMBER 13, 2024

William Rabb of the Insurance Journal wrote an article, Study Stirs Debate on Real Impact of Litigation, Fraud on Property Insurance.

Insurance Industry 174

Insurance Industry Property Insurance Insurer Insured 174

Insurance Journal

JULY 21, 2024

Insurers could face a raft of business interruption claims after a worldwide tech outage crippled industries from travel to finance on Friday, insurance industry experts said. A software update by global cybersecurity firm CrowdStrike appeared to have triggered systems problems …

Business Interruption 312

Business Interruption Claim Insurance Industry Insured 312

Insurance Journal

AUGUST 7, 2024

The insurance industry is at a pivotal moment in embracing generative AI. According to the ISG Pulse Check State of the European Insurance Industry 2024, insurance firms are actively engaged in generative AI transformations and currently comprise nearly a quarter …

Insurance Industry 276

Insurance Industry Insured Insurer Insurance 276

Insurance Journal

DECEMBER 19, 2024

Senate Budget Committee on Wednesday held a hearing to release a study they said confirms climate change is increasing non-renewal rates in multiple states, but the insurance industry clapped back by saying extreme weather is just part of …

Insurance Industry 279

Insurance Industry Insured Insurer Insurance 279

Insurance Journal

DECEMBER 30, 2024

Readers of Insurance Journal were drawn to South Central headlines detailing the complexities facing the insurance industry, from legal and regulatory issues to the evolving landscape of cyber threats and natural disasters. Other popular topics include insurance fraud and unscrupulous …

Cyber 264

Cyber Insurance Industry Insurer Insured 264

Insurance Journal

AUGUST 8, 2024

The Maryland Insurance Administration (MIA) is notifying the insurance industry that the maximum penalties that may be imposed for certain violations of the state’s insurance laws will be going up substantially starting October 1. The legislature (House Bill 67 and …

Insurance Industry 278

Insurance Industry Insurer Insured Insurance 278

Insurance Journal

SEPTEMBER 2, 2024

And he may be the best friend the Florida property insurance industry has. He’s been called “eccentric,” a “do-gooder,” a “troublemaker” and a whistleblower. A mechanical engineer based in Edgewater, George Miles has filed formal complaints with the Florida Board …

Property Insurance 306

Property Insurance Insurance Industry Insured Insurer 306

Insurance Journal

JULY 23, 2024

Insurance software firm Applied Systems reports that it has acquired Planck, a leading artificial intelligence (AI) company for the insurance industry. Planck provides an AI-based data platform for commercial insurance. It works with US insurance companies, helping them streamline the …

Commercial Insurance 273

Commercial Insurance Commercial Insurance Industry Insurer 273

Insurance Journal

JULY 23, 2024

P/C insurance industry overall in 2024, signifying a return to underwriting profitability for the first time since 2021. According to the analysis, private passenger auto insurance … S&P Global Market Intelligence is forecasting a combined ratio of 99.2 for the U.S.

Underwriting 290

Underwriting Underwriter Auto Insurance Insurance Industry 290

Insurance Journal

AUGUST 19, 2024

Senior figures in the insurance industry are calling on the UK to restart work on a potential new market worth billions of pounds as part of a drive to boost competitiveness. Executives have written to Chancellor Rachel Reeves calling for …

Insurer 261

Insurer Insured Insurance Insurance Industry 261

Insurance Journal

NOVEMBER 17, 2024

The insurance industry is facing a significant rise in roof-related claims. The combination of increasingly severe weather events, inflation-driven repair costs and the growing issue of roofing scams has created a perfect storm — one that is straining insurer portfolios …

Home Insurance 279

Home Insurance Claim Insurance Industry Insurer 279

Insurance Journal

AUGUST 6, 2024

In the insurance industry, the term “termination” can refer to a few different things. These occur when an insurance policy runs its course and the … This post is part of a series sponsored by AgentSync. First, there are policy terminations.

Insurance Carrier 240

Insurance Carrier Insurer Insured Insurance 240

Insurance Journal

NOVEMBER 3, 2024

The insurance industry has historically been slow to adopt new technologies o often relying on traditional outreach, marketing and client management methods. However, digital transformation has taken hold across the sector in recent years, radically reshaping how insurance companies engage …

Insurance Industry 306

Insurance Industry Insurance Companies Insurer Insured 306

Insurance Journal

AUGUST 5, 2024

For decades, Georgia’s insurance industry has sought to eliminate the long-standing provision allowing trucking-accident plaintiffs to sue insurance companies directly. This was the single most important issue the industry wanted to see addressed by lawmakers. Now, with the passage of …

Insurance Companies 289

Insurance Companies Insurance Industry Insurer Insured 289

Insurance Journal

OCTOBER 9, 2024

Hurricane Milton could result in a $60 billion loss for the global insurance industry, creating a surge in 2025 reinsurance prices which could boost some insurance companies’ shares, analysts at RBC Capital said. The Category 5 hurricane is due to …

Insurance Industry 299

Insurance Industry Insurance Companies Insurer Insured 299

Property Insurance Coverage Law

OCTOBER 23, 2024

While Jimmy Patronis and Governor DeSantis trumpet their latest emergency rule as consumer protection following the CBS 60 Minutes Expose noted in CBS 60 Minutes Exposes Alleged Insurance Company Fraud: Adjusters Reveal Altered Hurricane Damage Estimates by Claims Management, the reality reveals a different story.

Policyholder 190

Policyholder Insurance Industry Insurance Companies Protection 190

Insurance Journal

SEPTEMBER 3, 2024

Urban expansion, property exposure and climate change could fuel a 40% increase in annual natural-catastrophe losses for the global insurance industry, according to a new report. The annual loss could rise to $151 billion from the average annual loss of …

Insurance Industry 289

Insurance Industry Insurer Insured Insurance 289

Insurance Journal

NOVEMBER 22, 2024

Weiss Ratings, a Palm Beach Gardens financial ratings firm, sparked some outrage from the Florida insurance industry in recent weeks after it released reports contending that some of Florida’s largest property insurers were closing almost half of their hurricane claims …

Property Insurance 279

Property Insurance Insurance Industry Insurer Insured 279

Insurance Journal

JANUARY 7, 2025

insurance industry in the second half of 2024, and predicted an active year in 2025 with brokerage and MGA deals leading the way. Insurance … In mid-December, PwC tallied a surge in M&A deals in the U.S. According to PwC’s U.S.

Insurance Industry 231

Insurance Industry Insurer Insured Insurance 231

Insurance Journal

SEPTEMBER 5, 2024

Stephens Insurance, LLC, an affiliate of Stephens Inc., He brings more than 25 years of experience in the insurance industry, serving clients … announced Scott Miller will join the firm as a senior vice president within the Property & Casualty practice.

Insurance Industry 264

Insurance Industry Insurer Insured Insurance 264

Insurance Journal

JULY 31, 2024

Bain Capital Insurance has announced a capital investment in 1970 Group, a New York-based specialized risk financing provider to the insurance industry. 1970 Group offers expertise in structured financing, credit support and risk management. The company pioneered the concept of …

Risk 263

Risk Insurance Industry Insurer Insured 263

Insurance Journal

NOVEMBER 17, 2024

The insurance industry is in the midst of a digital revolution, with artificial intelligence (AI) at the heart of it. From streamlining claims processing to creating personalized policies, AI has quickly become a vital tool for insurers striving to stay …

Insurance Industry 255

Insurance Industry Insured Insurer Insurance 255

Insurance Journal

NOVEMBER 26, 2024

30 after 18 named storms including the earliest Category 5 storm on record, and possibly one of the costliest hurricanes to the insurance industry. The 2024 Atlantic hurricane season ends Nov. Of the 18 named storms, 11 were hurricanes and …

Insurance Industry 279

Insurance Industry Insured Insurer Insurance 279

Insurance Journal

OCTOBER 29, 2024

Back-to-back hurricane landfalls in the span of less than two weeks have placed flood insurance in a new light for many inside and outside of the insurance industry, if not front and center. Images of flood and storm damage from …

Damage 261

Damage Insurance Industry Insurer Insured 261

Insurance Journal

NOVEMBER 6, 2024

By this time next year, plaintiffs lawyers, who have frequently been held up as thorns in the side of the Florida property insurance industry for their sometimes-aggressive pursuit of policyholder claims litigation, could have a stamp of credibility to brandish …

Policyholder 264

Policyholder Property Insurance Insurance Industry Claim 264

Insurance Journal

OCTOBER 17, 2024

Insurance industry investments in generative AI are expected to surge by over 300 percent from 2023 to 2025 as organizations move from pilots in one or two areas to implementations in multiple functions across business lines. But new research identifies …

Insurance Industry 262

Insurance Industry Insurer Insured Insurance 262

Insurance Journal

DECEMBER 6, 2024

China’s financial regulator unveiled a plan on Friday to enhance supervision and support the development of the property insurance industry, according to a statement. The country will support qualified foreign financial institutions to invest in its property insurance market, and …

Property Insurance 246

Property Insurance Insurance Industry Insurer Insured 246

Insurance Journal

SEPTEMBER 17, 2024

Introduction In today’s data-driven world, the ability to quickly and accurately extract information from documents is crucial for the insurance industry. This post is part of a series sponsored by Selectsys. Manual data entry is not only time-consuming but also …

Insurance Industry 261

Insurance Industry Insurer Insured Insurance 261

Property Insurance Coverage Law

OCTOBER 24, 2024

The recently issued Emergency Rule 69BER24-4 in Florida creates a concerning conflict with Xactimate’s license agreement, highlighting yet another way the insurance industry exercises control over claims adjusting practices.

License 152

License Insurance Industry Property Insurance Claim 152

Insurance Journal

SEPTEMBER 11, 2024

In the rapidly evolving insurance industry, traditional management systems often fall short of meeting the demands of today’s digital landscape. This post is part of a series sponsored by Selectsys. Manual processes, outdated interfaces, and limited integration capabilities hinder efficiency …

Insurance Industry 244

Insurance Industry Insurer Insured Insurance 244