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 by…
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 in…
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. Source link
Wildfires reverse rate moderation After signs of stabilization in 2024, the commercial property market experienced renewed pressure following major wildfire events. In January, the Palisades and Eaton Fires in Los Angeles County destroyed more than 16,000 structures, quickly depleting reinsurers’ catastrophe budgets for the year. Though 2024 reinsurance renewals were broadly favorable, the early surge…
The increase, the company said, was mainly due to “expected higher stop loss medical costs” and the lingering impact of Medicare Advantage operations that Cigna has since divested. The sale of its Medicare businesses to Health Care Service Corporation (HCSC), parent of several Blue Cross and Blue Shield plans, closed in late March. That transaction…
For insurers, this breakdown provides more than just a snapshot of market composition; it’s a call to sharpen strategic focus. With liability lines anchoring the market, competition on pricing, underwriting discipline, and claims efficiency will remain fierce. At the same time, emerging risks – such as advanced driver-assistance systems, autonomous vehicles, and evolving fraud schemes…
That might sound logical – but not under Georgia law. The court pointed to the state’s hospital lien statute, which clearly states that a hospital’s lien applies to the patient’s cause of action (in this case, Giles’s personal injury claim), not to the patient themselves. In other words, it’s about the money recovered from the…
52% of companies in the US reported loss of sensitive information thanks to cyber crime in 2024 Source link
“A huge congratulations to our new partners. It has been a privilege witnessing their growth and progression over the years. At Kennedys, our people are our greatest competitive advantage, and [the] promotions underscore the breadth and depth of our talent. As they begin their new roles, they will each play an instrumental part in further…
“A huge congratulations to our new partners. It has been a privilege witnessing their growth and progression over the years. At Kennedys, our people are our greatest competitive advantage, and [the] promotions underscore the breadth and depth of our talent. As they begin their new roles, they will each play an instrumental part in further…
Growth most notable in the global commercial segment Source link
Growth most notable in global commercial segment Source link
Earlier in the legislative session, lawmakers considered creating a formal risk pool for commercial fishermen, modeled after municipal programs. Insurance Commissioner Lori Wing-Heier said such a pool could be established but noted concerns about funding and eligibility. She said the industry’s current financial condition could limit its ability to sustain a risk pool and added…
The case stems from a fire that damaged Catskill Barbeque’s property in the Town of Fallsburg, Sullivan County. After the blaze, the business filed a claim with Mid-Hudson, its insurance carrier, seeking indemnification for its losses. Mid-Hudson responded with a payment of $175,000, arguing that this amount represented the maximum allowed under the policy. Disagreeing,…
The decision, issued on April 23, 2025, by the Appellate Division, Second Department, involves the 2018 planned sale of M.R. Korman Insurance. Veteran broker John Bures had negotiated to buy the agency from Marshal R. Korman. But before the agreement was signed, Marshal Korman passed away. Source link
Law argues that the rule conflicts with the Texas Labor Code, particularly Section 408.161, which states that “lifetime income benefits are paid until the death of the employee.” He also cites Section 408.201, which exempts benefits from “garnishment, attachment, judgment, and other actions or claims.” According to Law, the monthly verification requirement amounts to an…
The A&E liability space in the U.S. is served by a mix of major national carriers, managing general agents, and specialty insurers. Many providers offer tailored programs for firms of various sizes, often incorporating risk management resources and loss prevention services. Market demand for this coverage remains steady, driven by ongoing activity in commercial construction,…
Maine lawmakers are moving forward with a bill that could bring notable changes to how self-insurers manage workers’ compensation obligations in the state. Legislative Document 1195 (LD 1195), introduced on March 20, 2025, proposes to update several provisions of the Maine Workers’ Compensation Act of 1992. The bill is now before the Committee on Labor…
The foundation will operate as a separate entity, with its board of directors and officers responsible for overseeing charitable strategy, funding decisions, and investment management. It will consolidate much of the company’s existing charitable activity, previously managed through the Erie Giving Network. Source link
The partnership will also feature digital and in-arena entertainment. The Liberty’s mascot, Ellie the Elephant, will appear alongside Liberty Mutual’s advertising characters, LiMu Emu and Doug, in a joint content series. The campaign includes a promotional video featuring Liberty players and Doug, set to the brand’s signature jingle. Source link
Premiums, fees, and other revenues increased 14% to $13.6 billion, reflecting higher underwriting margins, growth in volume, and stronger variable investment income. These gains were partly offset by unfavorable foreign currency movements and lower recurring interest margins. Source link
In the core commercial segment, operating income before taxes was $26.8 million, down from $71.5 million a year earlier. The segment’s combined ratio increased to 103.4% from 93.9% in Q1 2024. Catastrophe losses totaled $46 million, or 8.5 points of the combined ratio, up from $20.7 million, or 3.9 points, in the prior-year quarter. Source…
Allstate’s other segments in Q1 Meanwhile, Allstate’s property-liability segment reported earned premiums of $14 billion in Q1 2025, an 8.7% increase year over year. Premiums written rose 8.5% over the same period. The combined ratio for the segment was 97.4, which was 4.4 points higher than the first quarter of 2024, primarily due to increased…
This year’s summit is bigger than ever, uniting top industry executives, rising stars, and change-makers for a day of powerful conversations and career-defining connections. With leaders from WTW, Assurant, HUB International, Nexus Group US, and Munich Re – plus a special keynote from Emmy-winning anchor and investigative reporter Molly Grantham – you’ll gain the insights…
California emerged as the top performer in the US property and casualty insurance market with $94 billion in direct premiums Source link
Carriers should continually adjust their strategies across underwriting, pricing, and claims to stay ahead Source link
However, geopolitical risks, including trade policy uncertainty in the US, ongoing war in Ukraine, and right-wing electoral surges in countries like Germany and France, are posing significant hurdles for investors. As economic and political volatility casts shadows over these regions, M&A players are re-evaluating the risks in cross-border mergers and acquisitions. Source link
The market is “not focused enough” on a specific exposure… Source link
Profit drop tied to catastrophe losses Source link
Equity market movements and wildfires cause challenges Source link
