Get up to speed on the new Big “I” chairman Mike McBride, newly elected Executive Committee member Bobby Salmon and the short- and long-term priorities outlined by the new Big “I” president & CEO, Charles Symington.
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 hearing highlighted the recent property insurance market turmoil due to the major disasters in Florida, Georgia, the Carolinas, California, Hawaii and Vermont.
From analyzing the causes of today’s difficult environment to exploring its implications on your clients, August’s articles delved into the hard market and how to get through it.
Symington heads the association after serving as its executive vice president.
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.
With the consumer price index for auto insurance rising 17%, shopping rates were driven by consumers searching for lower premiums, as well as an increase in new car sales.
National Oceanic and Atmospheric Administration (NOAA) forecasters are predicting 21 named storms, of which up to 11 could become hurricanes.
The global average breach cost reached $4.45 million, with detection and escalation the most expensive component—indicating a shift toward more extended and complex investigations.
