News

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.

Following a brief lull in tropical activity in the wake of Hurricane Ernesto, the conditions are now primed for a series of back-to-back storms over the next few weeks in the Atlantic.

Both residential and commercial property saw total reconstruction costs increase from July 2023 to July 2024.

Underwriting losses of $17 billion last year drove 2024’s first half-increases, according to data analysis from Insurify, which predicts rates will increase a total of 22% by the end of the year.

Risky driving patterns continue to rise with instances of speeding, driving under the influence and distracted driving all increasing in 2023, according to LexisNexis.

The Trusted Choice® survey revealed that while most U.S. insurance consumers don’t fully understand the policies they have purchased, 86% believe they do.

Across the nearly 33 million homes stretching from Texas to Maine that could be impacted by hurricane winds, the combined reconstruction cost would be $10.8 trillion.