Johnson also provided an in-depth look at the growth of the E&S market, with premiums reaching an impressive $39.5 billion in mid-2024. He pointed out the key drivers behind this growth, such as the increasing frequency of natural catastrophes. “Excess and surplus lines can be nimble and move fast,” he explained. “That allows us to create product when possibly no product is there, when capacity is short.”
The state’s unique bifurcated regulatory structure involves two primary entities: the DFS, traditionally led by the chief financial officer and responsible for managing consumer services, including the intake and initial processing of insurance complaints; and the OIR, headed by the insurance commissioner, overseeing insurer licensing, rate approvals, and market conduct examinations. Source link
Sexton outlined the internal factors boards must watch, including “changes to products, services or geographic footprint,” “rapid growth that creates new, large exposures” and “key person turnover or increased turnover across the firm.” External factors, he said, include “macroeconomic shocks,” “legal, regulatory or political environment” and “disruptive technologies.” Source link
True-Course provides insurance services to aviation-related clients, including aircraft manufacturers, flight schools, and corporate aviation operators. As part of the acquisition, owner Alejandro Galioto will remain with the business and lead the development of Relation’s aviation practice. Source link
In 2022, the most recent year for which data is available, US households spent an average of $1,127 per vehicle on auto insurance, representing 1.51% of the median household income of $74,580. This marked a slight increase from the previous year. State-by-state variations were significant, with North Dakota having the lowest expenditure share at 0.93%,…
Brokerages insight: A deep dive into Gallagher | Insurance Business America Brokerage Market Review Brokerages insight: A deep dive into Gallagher The California Surplus Lines Market Index highlights the sector’s resilience and adaptability, even amid economic and environmental challenges. These trends serve as both a gauge of market health and a strategic tool for shaping…
Insurance bundling in the US Bundling home and auto insurance policies is a common practice in the insurance industry. Insurers often encourage this by offering discounts and streamlined services. However, while bundling is promoted through discounts and convenience, critics say making it compulsory could infringe upon consumer rights and limit market competition. Source link
