U.S. P&C Underwriting Losses Hit 10-Year High of $38 Billion
In addition to $65 billion in CAT losses, AM Best analysts also said both economic and social inflation played large roles in property & casualty losses.
Auto
Home and Auto Insurance Shopping Increases
As auto insurance shopping rates rose during the fourth quarter of 2023, carrier retention rates dropped.
Auto Insurance Rates Rose 20% Last Year
It’s the biggest jump since 1976 and the 16th consecutive month of annual gains exceeding 10%, according to the Bureau of Labor Statistics.
2024 Outlook: Premium Growth Drives Hard Market Recovery
The outlook for the U.S. property & casualty insurance industry is more favorable than 2023, with expected strong premium growth and easing inflation pressures, according to Swiss Re.
Is 3rd Party Damage Due to Mechanical Failure Excluded from a PAP?
A client had car trouble and pulled into a private drive to investigate. The car leaked transmission fluid onto the driveway but the carrier denied coverage for the damage.
Is Running an Errand for an Employer Excluded from PAP as Public or Livery?
A delivery driver had an accident while running an errand for his employer in his personal auto, but his carrier has denied the claim based on the public or livery exclusion.
Number of Uninsured Drivers Increases as Rates Rise 5.9% in H1 2023
As personal auto insurance rates continue to accelerate upward, some drivers are taking to the market to find cheaper rates—while others are choosing to drive without coverage.
Reach Next-Gen Car Collectors in an Evolving Market
Not only is the hobby transitioning to new generations, both to Generation X and millennials, it is also witnessing the evolution to electric vehicles (EVs).
The Hard Market Puts the Classic Car Market to the Test
A surge in classic car values—primarily due to rising inflation and exchange rate variability—means that owners are facing insurance-related issues.
Mile High Markets Refreshes Daily Auto Rental Insurance Program
Mile High Markets has updated its daily rental insurance program with new carriers and a new third-party claims administrator.