[ad_1] The claims sector, in particular, is vulnerable to global supply chain disruptions and material inflation that could drive up costs and slow down the resolution process. Pat Van Bakel (pictured), president, North America loss adjusted, Crawford & Company, told Insurance Business that while the full impact of tariffs is still evolving and uncertain, the…
[ad_1] Licensed home inspectors in Arkansas will now need to carry more specialized insurance coverage following the enactment of House Bill 1625, now designated Act 974. Approved on April 22, 2025, the law amends Arkansas Code § 17-52-318(a) to replace the general liability insurance requirement with a mandate for either a professional liability insurance policy…
[ad_1] When excluding variable investment income (VII), notable items, and results from international businesses, APTOI fell 10%, which the company said was due mainly to the impact of short-term interest rate changes and higher interest expenses related to pre-funding the company’s April 2025 debt maturity. [ad_2] Source link
[ad_1] Industry vets bring tech-driven growth strategy to insurance underwriting space [ad_2] Source link
[ad_1] Montana, the state with the fewest P&C insurance agents in the country, boasts the highest estimated premium per agent, according to new data from IB+. With just 917 P&C agents serving the state’s vast insurance needs, the average premium per agent in 2024 stood at approximately $3.6 million – topping all 50 states. [ad_2]…
[ad_1] Urban properties in higher-crime areas present more potential for tenant or guest injuries and incidents. Older multi-family buildings with outdated infrastructure can lead to slip-and-fall accidents, fire hazards, or structural failures. Short-term rentals often have high guest turnover, less oversight, and an increased likelihood of property misuse or injury. Properties…
[ad_1] “I went to our CEO, Dave (Obenauer), and said, we’re on this new journey, and coming out on the other side, I think we need to come out as a new company,” Marshall told Insurance Business. “We are going to be on a new path for supercharged growth, and a whole world of opportunity…
[ad_1] “The megatrends of trade, technology, weather, and workforce are creating unprecedented challenges for business leaders, who risk decision paralysis when urgent action is needed,” said Greg Case, CEO of Aon. “The interconnectedness of these trends means that leaders need access to integrated data and analytics, capabilities, and expertise to effectively respond to increasingly linked…
[ad_1] The acquisition is one of several moves World has made as it looks to increase deal volume and expand geographically. In late 2024, the firm also acquired Archambault Insurance Associates, a third-generation family-owned agency serving clients in Connecticut, Rhode Island, and Massachusetts. Founded in 1928, Archambault provides personal, commercial, life and health, and surety…
[ad_1] In 2024, the market is estimated to reach $42.8 billion in value, supported by greater awareness of liability risks and growing demand for tailored coverage across industries. Real estate professionals, in particular, have faced higher claim frequency in areas such as transaction disputes, data breaches, and duty-of-care allegations. [ad_2] Source link
[ad_1] The case began after Hurricane Irma struck in 2017, damaging multiple buildings at the Golf Villas II condominium complex, managed by the Condominium Association of Golf Villas II, Inc. The association submitted a property damage claim to its insurer, American Capital Assurance Corporation. But before the claim could be fully resolved, American Capital became…
[ad_1] This is according to Insurance Business’ recently released insights Data Hub, where the definition of “liability insurance” covers surety, credit, fidelity, and financial guarantee, protection against theft, regular and excess workers’ compensation, medical malpractice, medical professional liability (both claims-made and occurrence-based), product liability (both claims-made and occurrence-based), and other forms of liability insurance structured…
[ad_1] Net income for the quarter was US$274 million, or US$1.00 per share, compared to US$338 million, or US$1.24 per share, in the same period last year. Core income dropped to US$281 million, or US$1.03 per share, from US$355 million, or US$1.30 per share, year over year. [ad_2] Source link
[ad_1] ‘There is a huge wave of change and, unfortunately, some people might be left behind’ [ad_2] Source link
[ad_1] Speaking during the company’s earnings call, Tooth said Trupanion has experienced stronger lead generation, retention, and conversion rates. “We’ve seen people come in and grow faster than us time and time again, and they’re not there now,” she said. [ad_2] Source link
[ad_1] Lawmakers argue information is only requested when necessary [ad_2] Source link
[ad_1] Workforce reductions and expansion efforts In 2023, GEICO announced significant workforce reductions, laying off approximately 6% of its employees, or about 2,000 staff members, as part of a broader industry trend. This move followed similar actions by other major insurers, including Farmers Insurance, State Farm, and Allstate, which curtailed operations in Florida, California, and…
[ad_1] “Right now, there are three big, large account, commercial (underwriters). Gallagher is actually moving up in account size, pushing into Marsh, Aon, and WTW’s businesses, strategically… Gallagher is going larger, and the other big three are going smaller,” said Paul Newsome – managing director of Piper Sandler and vice president of The Association of…
[ad_1] Margaret Resce Milkint (pictured), global insurance practice leader at Diversified Search Group, has spent over three decades pushing for systemic change. For her, this is more than a DEI talking point – it’s about embedding inclusion into the DNA of organizations, fostering executive sponsorship, and redefining what it means to lead in modern insurance. …
[ad_1] In the latest edition of Insurance Business TV, Danny Kaufman, president of Burns & Wilcox, reflects on the firm being named among this year’s five-star wholesale brokers and MGAs. He discusses the lines that have seen particular growth, the innovations the company is making and the role that AI will play in the future….
[ad_1] Truss Peak specializes in reinsurance and acquisitions within the life insurance sector. The firm provides services such as asset management, operations, actuarial consulting, sales, and accounting to companies undergoing structural transitions. It is backed by South Summit Capital Management LLC, a private capital single-family office, and Thayer Street Partners, a New York-based investment firm. …
[ad_1] In its insurance operations, Trisura reported net insurance revenue of CA$172.7 million, a 12.8% increase from the same quarter last year, mainly driven by growth in primary lines. Underwriting income was CA$29.9 million, up 1.7% from a year earlier, due to business expansion and foreign exchange fluctuations, though partly offset by a higher combined…
[ad_1] “The litigation environment for large companies in the US is increasingly hostile, and business as usual is not the answer,” said John Keogh, president and chief operating officer of Chubb Group. “This initiative, between three of the largest, most experienced insurers in the large account market, is our effort to bring a new approach…
[ad_1] Gallagher commented on current conditions in the global property and casualty insurance market, noting a continued divergence between property and casualty premium trends. According to the company, commercial property renewal premiums declined 2%, while casualty increased 8% during the first quarter of 2025. Exposure changes, including mid-term endorsements, remained positive. The company also reported…
[ad_1] It has also completed its acquisition of USQRisk’s assets [ad_2] Source link
[ad_1] For the fourth quarter of 2024, the company reported a net loss of $12.6 million, or $1.30 per share, compared to a net profit of $49.1 million, or $5.07 per share, in the same period of the prior year. The loss was attributed to lower insurance revenues, reduced net investment gains, and a legal…
[ad_1] The ruling, issued April 28, 2025, by the Indiana Court of Appeals, stems from a 2018 car accident in Bartholomew County. Lee Naylor, the injured party, was insured by Shelter under a policy that included underinsured motorist (UIM) coverage with a $100,000 per-person limit. The other driver, Mary Siener, was covered by State Farm,…
[ad_1] In a closely watched insurance dispute, a New York appellate court ruled on April 29, 2025, that Colony Insurance Company must defend and cover Sandy Clarkson LLC, a property owner, in a personal injury lawsuit stemming from a construction site accident – even though Sandy Clarkson had no direct contract with the subcontractor insured…
[ad_1] The figures mark a significant increase for the private flood insurance sector, which has grown in recent years amid concerns over the sustainability of the federal National Flood Insurance Program (NFIP), the company highlighted. In a statement, CEO Trevor Burgess said the milestone demonstrates a growing demand for private flood coverage. “Reaching $300 million…
[ad_1] Testifying before the Senate Committee on Banking, Housing, and Urban Affairs, Robert Gordon, senior vice president of policy, research, and international at the American Property Casualty Insurance Association (APCIA), outlined how legal system abuse and excessive litigation have added financial pressure to the insurance sector. [ad_2] Source link
