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%, while Louisiana had the highest at 2.67%.
For the first time since 2018, civil litigation and third-party claims re-emerged among the top seven concerns, with 63% of respondents identifying them as significant D&O risks. Smaller companies, with revenues under $50 million, and mid-sized firms generating between $1 billion and $5 billion, were more likely to cite litigation as a major issue. Source…
In January 2020, he was named managing executive of global strategy, supporting underwriting operations across the company. Since becoming president of Markel International in 2021, the division has seen a nearly 40% increase in gross written premiums and a more than 250% rise in net underwriting profit. Before joining Markel, Wilson led the Lloyd’s Asia…
“This acquisition is part of our strategic effort to scale high-growth broking businesses and expand our capabilities across the insurance value chain,” said Scott Burnett, head of corporate mergers and acquisitions for WTW’s risk and broking division. “GCC brings strong market penetration, especially in the trade credit space, and will significantly enhance our scale and…
Trump’s PFAS rule rollback – who is impacted? The withdrawal does not impact consumer product lawsuits, which have become another front in the PFAS legal war. Companies accused of misleading labeling, such as advertising products as “organic” when they contain PFAS, are still facing legal scrutiny. The regulatory rollback doesn’t offer them any protection; it’s…
Origin, part of Beyond Risk since 2021, provides solutions for niche markets, including hospitality, hotels, and service stations. Led by President Neno Djordjevic, the company specializes in Workers’ Compensation, Property, and Transportation, working exclusively with carriers and reinsurers rated “A-” or better by A.M. Best. Source link
Under the bill, service of process and official communications from the Insurance Commissioner may now be delivered via electronic mail. Insurance producers, particularly nonresident licensees, are expected to monitor their designated email accounts regularly. Failure to do so could result in significant legal or administrative repercussions. Source link
