Intel

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…

A powerful thunderstorm that included hail the size of tennis balls left hundreds of vehicles damaged at car dealerships in the Davison, Michigan, area earlier this summer. The entire inventory at Hank Graff Chevrolet was impacted, the owner said, as hail shattered windshields and sunroofs and dented roofs and hoods while staff inside the building watched the destruction unfold. One…

The title of this quarter’s overview and forecast could easily be: “Profitability Matters.” That is especially true in the Property space for both Personal and Commercial policies. The industry faces daily challenges from CAT storms and events, making every state subject to immediate loss from hurricanes, wildfires, and convective storms—defined as severe local storms associated with wind, thunder, lightning, heavy…

The Transportation Insurance sector has been in a hard market for roughly a decade in the United States. It has since turned softer as a result of increased competition for business. Throughout the first six months of 2023, carriers have been more willing to write an account and offer quotes for specific risks. This has led to: Interest from carriers…

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…

During this webinar, our experts gathered for a discussion on the current state of the Transportation Insurance Market. Watch as our panel discusses the competitive landscape, challenges, opportunities, and tips for agents and brokers. https://vimeo.com/836674623/9739b58aec?share=copy

We have seen few changes in the Property & Casualty (P&C) marketplace from Q1 through Q2 of 2023, however, the broader picture is becoming clearer now that 2022 year-end financial filings are available. According to ALIRT Insurance Research, the discrepancy between Personal and Commercial Lines Composite underwriting is historically wide. Namely, the Personal Lines Composite combined ratio of 109 percent…

A bill that would limit liability for trucking companies involved in serious accidents was recently advanced by the Iowa House of Representatives. Under House Study Bill 114, a trucking company facing a civil lawsuit over an accident that caused injury or death would not pay more than $1 million in noneconomic damages, Iowa Capital Dispatch reported. The bill would also…

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…

Transportation companies face a multitude of risks, from driver shortages to high-severity claims. To learn more about how Transportation Insurance can help companies address these risks, Crain’s Content Studio spoke with Tyler Myers, Director, Transportation, Burns & Wilcox, Dallas/Ft. Worth, Texas. What are some of the greatest risks the transportation industry faces today? T.M.: Some of the greatest risks in…

The fourth quarter began very different than how the majority of the summer months had transpired from a Natural CAT perspective; as Hurricane Ian used the final few days of Q3 to take aim at Florida’s densely populated gulf coast. Despite mandatory evacuations, fairly accurate forecasting of its path and the usual several days to prepare, its damages were devastating.…

Two separate trucking accidents caused major spills of tomatoes and Alfredo sauce onto highways on different sides of the U.S. within hours of each other in late August, Today reported. The first incident took place Aug. 29 in Vacaville, California, when a big-rig truck went through the center divider and crashed, injuring three individuals and spilling more than 150,000 tomatoes…