Industry Trends

While homeowners and personal articles insurance on a composite basis were down slightly in the first quarter of 2023, auto insurance rates increased.

Here is a collection of findings from recent studies that reveal the true extent of distracted driving in 2023.

To mark the historic year, the company has planned yearlong activities within the community, including partnering with One Tree Planted’s Urban Forestry fund.

Rising economic and social inflation, supply chain constraints, catastrophic weather driving up losses, and historic cost increases for reinsurance has led to significant pressure on the property-casualty industry.

Severe events, inflation and supply chain-related concerns coupled with the strain on digital tools has led to increased dissatisfaction among homeowner clients.

A study by Liberty Mutual and Safeco found that men still outnumber women in leadership roles by two to one.

State Farm’s record underwriting loss was due to rapidly increasing claims severity and significant additions to prior accident year incurred claims.

While construction costs on single-family homes were up nearly 17% in 2022, 56% of homeowners have not reviewed their homeowners policy in the last year.

The social media trend led to a wave of vehicle thefts and forced two prominent insurance carriers to announce that they will be limiting applications for coverage.

House Republicans’ letter states that the FTC is exceeding its delegated authority and lacks congressional authority in federal statute to initiate this type of rulemaking.