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P&C Report: 2024 Forecast

P&C Report: 2024 Forecast

Many of the primary factors that influenced the status of the Property & Casualty (P&C) market in 2023 are likely to remain in 2024. We continue to operate in a comparatively hard environment marked by rising but moderating rates on some lines of business, where it is often necessary to layer available capacity that includes carefully worded terms and conditions…

Trucking Job Growth May Signal Recovery; Long Road Ahead for Full Rebound

Trucking Job Growth May Signal Recovery; Long Road Ahead for Full Rebound

Jobs in truck transportation may be showing signs of a slow comeback, according to new data from the Bureau of Labor Statistics. The latest numbers, released Jan. 5, indicate that seasonally adjusted truck transportation jobs grew by 3,300 in December to a total of 1,586,300 jobs, FreightWaves recently reported. It is the second consecutive month of growth for trucking jobs.…

Property & Casualty Report: Q3/Q4 2023

Property & Casualty Report: Q3/Q4 2023

Despite the continued “flight toward profitability” for most carriers, moderation in both rate and capacity is occurring in many insurance sectors. Most rates are rising, but the level of increases is slowing. Capacity is generally available but often requires creativity. On the Casualty side, some classes remain stressed while carriers are competing for business in others. These and other trends…

French Fries Cover Utah Highway After Semi-Truck Accident

French Fries Cover Utah Highway After Semi-Truck Accident

Boxes of french fries spilled onto Interstate 15 in Provo, Utah, on June 18 after a semi-truck hit a light pole on the median and overturned. The driver suffered minor injuries in the crash, which temporarily shut down four southbound lanes and two northbound lanes as fries and packaging debris were strewn across both sides of the interstate, Fox 13…

Property & Casualty Report: Eye on 2023

Property & Casualty Report: Eye on 2023

2022 was a year that few in the Property and Casualty (P&C) sector could have predicted. Instead of stability, the market remained largely volatile, especially in the Property sector and the reinsurance marketplace. Many carriers suffered through unprofitable years thanks to Hurricane Ian, inflation, and an adverse property insurance environment primarily in Florida and Gulf coast states. Above all, losses…

Property & Casualty Report: Q2 2022 Market Overview & Q3 Forecast

Property & Casualty Report: Q2 2022 Market Overview & Q3 Forecast

Macroeconomic trends, namely inflation and rising interest rates, are having a profound effect on the Property & Casualty (P&C) market as we head into the second half of 2022. Inflation impacts everything—from rapidly changing property values to challenges with mid-year reinsurance renewals. These are truly generational inflationary pressures that most professionals within the industry have never personally experienced. Even with…

Property & Casualty Report: Q4 2021 Market Overview & Q1 2022 Forecast

Property & Casualty Report: Q4 2021 Market Overview & Q1 2022 Forecast

The last two years have been among the most uncertain the world has ever experienced by any standard. The Excess and Surplus (E&S) Lines insurance marketplace has stepped up to meet the challenge experiencing strong growth and perseverance in the face of a global pandemic, extraordinary natural catastrophes, increasing cyber-attacks, excessive jury verdicts, supply chain disruptions, political unrest, labor shortages…

Property & Casualty 2021 Q3 Market Overview & Q4 Forecast

Property & Casualty 2021 Q3 Market Overview & Q4 Forecast

By Paul G. Smith, Corporate Senior Vice President, Carrier Relations, H.W. Kaufman Group We are pleased to share our third quarter Property & Casualty Market Overview and Forecast, prepared immediately following industry conferences and meetings that are clear bellwethers of what to anticipate. September, as we know, is Reinsurance Month which sets the stage for pivotal year-end negotiations of January 1…

Officials Investigate Tour Bus Crash That Hospitalized 50-Plus Passengers

Officials Investigate Tour Bus Crash That Hospitalized 50-Plus Passengers

Officials are continuing to investigate an Aug. 14 tour bus accident that sent dozens of passengers to the hospital. The bus was headed from Poughkeepsie to Niagara Falls and was carrying 57 adults and children when it ran off the highway and rolled over near Weedsport, New York, landing on its side. A total of 24 ambulances responded to the…

Transportation Insurance Market Overview

Transportation Insurance Market Overview

The Transportation Insurance industry remains entrenched in a decade-long hard market in the commercial auto segment while carriers remain as diligent as ever in their risk selection procedures. The segment experienced $4 billion in losses in 2019, and while that expectation is that losses were lower in 2020 because of the pandemic, it hasn’t slowed the long-term trend. Simultaneously, rates…

Trucking Industry Imperiled by Spike in ‘Nuclear Verdicts’

Trucking Industry Imperiled by Spike in ‘Nuclear Verdicts’

Jury awards that exceed $10 million, also known as “nuclear verdicts,” are on the rise in the trucking industry and could make it more difficult for transportation companies to stay in business, CNBC recently reported. According to a 2020 report from the American Transportation Research Institute, the average U.S. trucking industry lawsuit verdict increased 967% between 2010 to 2018, soaring…

Driving through the Transportation Market: Challenges and Conditions

Driving through the Transportation Market: Challenges and Conditions

Watch as our experts as they explore the challenges within the Transportation market and what’s driving current market conditions. During this webinar, we discuss: The pandemic’s impact and how the industry is recovering The use of data and technology solutions Changing risk appetites https://vimeo.com/540672001/1c3eb82e39

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