Industry Trends

The American Property Casualty Insurance Association (APCIA) annual meeting this week focused on several hard market catalysts and the outlook for 2024.

Most small and midsized businesses do not have basic cybersecurity prevention measures in place and severely underestimate the likelihood of a cyberattack.

AM Best downgraded 32 property & casualty companies’ credit ratings in the first half of 2023, including 21 personal lines insurers.

In the current hard market environment, independent agents are proactively shopping ahead for their clients more than they have in the past.

An estimated 39 million U.S. homes are underinsured compared to the risk they actually face from weather events, such as hurricanes, wildfires and floods, according to the First Street Foundation.

Best Practices agencies continue exceptional organic growth and invest in young producer development, according to the latest study update.

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.

Rising loss costs, above-average catastrophe activity, and the struggling personal lines segment—especially homeowners insurance—were factors listed as contributing to the losses.

The severe flooding in the Southeast U.S. brought by Hurricane Idalia highlights the importance of flood insurance.

Poor personal lines underwriting performance is the key driver for deteriorating results, with a personal auto combined ratio forecast of 109.5 for 2023.