News

Personal lines rate increases were driven by homeowners insurance premiums, while auto and umbrella and excess liability saw the most significant commercial lines rate hikes.

Two insurance industry reports revealed that the overall property & casualty insurance industry is returning to profitability after years of hard market conditions and weather-related losses.

Homeowners claims are taking longer to resolve than ever before with the average claim cycle time—from filing the claim to finished repairs—now 32.4 days, says J.D. Power.

Liberty Mutual Insurance, the sixth-largest personal insurance provider in the U.S., will market and sell all of its personal lines products solely under the Liberty Mutual brand starting in 2026.

​U.S. property & casualty insurers posted an underwriting loss of $2.6 billion for 2024, a significant improvement from the $24.6 billion underwriting loss recorded in 2023, according to AM Best.

While engagements and cohabitation have long been the hallmarks of commitment, a recent Nationwide survey found 42% of renting couples see sharing an insurance policy as the modern equivalent to marriage.

The significant increases were driven by inflation, labor shortages and supply-chain disruptions, according to a Verisk report.

While sky-high premiums prompted half of U.S. auto insurance customers to shop for a new plan last year, few alternatives meant most stayed put. That’s all about to change.

The deal enables Safeco to grow its personal lines presence in 22 states as Main Street America shifts to focus exclusively on commercial lines.

A record 6.8% of all home insurance customers are actively shopping for new policies in 2024, yet only 2.2% of homeowners switched policies as a result.