The downstream energy sector saw limited major losses in 2024, encouraging insurers to reduce rates. However, potential losses in the first quarter of 2025 have already reached $1.5 billion, exceeding the prior year’s total, introducing potential volatility.
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%,…
House Bill 1228 creates a carveout to Kentucky’s long-standing rule that excludes psychological injuries from workers’ compensation coverage unless directly caused by physical harm. The bill, which applies to police officers, firefighters, emergency medical personnel, front-line state workers, and Kentucky National Guard members, introduces a presumption of compensability for PTSD diagnoses stemming from job-related trauma….
Last year, State Farm filed for property/casualty rate increases of 30% to 55%, citing concerns about maintaining solvency. The proposed hikes include a 30% increase for non-tenant homeowners, 55% for condominium coverage, 41.6% for tenant policies, 53.6% for personal liability umbrellas, 38% for rental property damage, and 55% for business owner policies, according to the…
“Communication is at the heart of what we do,” said Sean Kevelighan, CEO of Triple-I, in his letter accompanying the report. “Over the past year, we have elevated our impact and reach, reinforcing our position as the most trusted and quoted source in the property/casualty insurance industry.” Source link
