News

The projection is worse than the 102.2 combined ratio predicted earlier this year, according to projections by the Insurance Information Institute and Milliman.

AM Best downgraded 32 property & casualty companies’ credit ratings in the first half of 2023, including 21 personal lines insurers.

In the current hard market environment, independent agents are proactively shopping ahead for their clients more than they have in the past.

An estimated 39 million U.S. homes are underinsured compared to the risk they actually face from weather events, such as hurricanes, wildfires and floods, according to the First Street Foundation.

As personal auto insurance rates continue to accelerate upward, some drivers are taking to the market to find cheaper rates—while others are choosing to drive without coverage.

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.

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.

This week, Farmers Insurance said it will stop offering home, auto and umbrella policies in Florida.