News

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.

​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.

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.