The report, which reviewed various aspects of the carrier’s operations – including customer service, claims handling, internal audits, and information technology – found that Citizens needs to strengthen its processes to ensure policies adhere to statutory coverage limits.
Tariffs and inflation have long been pressing concerns for the construction industry, but in recent years, their impact on builder’s risk insurance has become even more pronounced. As material costs fluctuate and supply chain issues persist, contractors and insurers alike are reconsidering approaches to risk mitigation, pricing, and project planning. Source link
Regressive actions worsening the nat-cat protection gap While governments, companies, and individuals are taking action on the protection gap, risk management has been inconsistent, Mantero said. He cited high population growth rates in catastrophe-prone areas in the United States, such as Florida, where Hurricane Ian dealt significant inland flooding and damage to communities in 2022….
Catastrophic events during the prior year had a substantial impact, with the company paying out approximately $11.4 billion in catastrophe-related claims during the year. For instance, in mid-July 2024, severe convective storms across several states resulted in about 14,000 claims filed with State Farm. Source link
Transactional risk insurance saw strong uptake across technology, healthcare, and renewable energy, where dealmakers increasingly relied on coverage for tax-related exposures. Emerging markets, particularly in Latin America and Africa, also recorded increased usage, reflecting a growing insurance infrastructure supporting cross-border deals. Source link
“This collaboration further diversifies and expands Root’s offerings across distribution channels,” said Alex Timm, Root’s co-founder and CEO. “Our partnership channel has seen new writings increase 115% year-over-year as our pipeline continues to expand across the automotive, financial services, and agent sub-channels.” Source link
