Personal Lines
Twice as Many Personal Lines Insurers Downgraded by AM Best in 2023
AM Best delivered 39 downward credit rating actions to U.S. personal lines insurers in 2023, more than twice the number registered for 2022, the rating agency reported in it official tally for the ...
Florida Insurance Legislation Update: Bills That Passed; Bills That Didn’t Pass
A number of property insurance-related bills were introduced in the Florida legislature this year—from a fundamental change to the Citizens Property Insurance Corp. coverage model to further ...
Weathering the Reinsurance Reset in the Midwest
In his more than quarter-century career as a reinsurance broker representing the mutual insurance market, the January 1, 2023, property reinsurance renewals stand out in Josh Knapp's memory as a day ...
Liberty Mutual Execs See Q4 Momentum as 2023 Income Falls
Although Liberty Mutual reported worse underwriting results and lower net income in 2023 compared to the prior year, executives pointed to the momentum of the final quarter as an indicator of what's ...
U.S. P/C Industry Underwriting Loss Reaches 10-Year High: AM Best
AM Best published its annual estimate of the U.S. property/casualty insurance industry's financial results yesterday, reporting that $38 billion of underwriting losses for 2023 was a 10-year high for ...
AmFam Underwriting Loss Worsens to $1.7B in 2023
American Family Insurance posted a net underwriting loss of $1.7 billion for property/casualty business in 2023, up from an underwriting loss of $1.5 billion in 2022. While higher claim loss costs ...
Florida OIR Approves Another 54,000 Citizens Takeouts; More Coming if Bills Pass
Florida's Insurance Commissioner last week approved another round of takeouts from the state-created Citizens Property Insurance Corp., with assumption dates in May. That brings the total takeouts ...
State Farm Underwriting Loss Climbs to $14B
When State Farm reported a $13 billion underwriting loss for 2022, it was the largest in the auto insurance giant's history. A year later, and another record. The underwriting loss figure climbed to ...