Intel

Following several years of double-digit rate increases and restrictive adjustments to Terms and Conditions (T&C), the Property Insurance sector has reached a point of relative stability. Rates are largely modest as insurers secure the required premium, now applying rates against a proper exposure basis—Insurance to Value (ITV). With few exceptions of traditional CAT-prone perils in specific geographies, most carriers are…

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…

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.…

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…

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…