Industry News
Travelers Triples Q3 Net Income, Reverses Underwriting Loss
Travelers on Thursday said third-quarter net income was $1.26 billion compared to net income of $454 million during the same period a year ago on record net premiums, favorable prior year reserve ...
The Data Behind Rising Homeowners Premiums: By Peril and By State
The U.S. home insurance industry has experienced an upward trend in all-peril loss costs over the past seven years, according to a new report released by LexisNexis Risk Solutions. The ninth annual ...
Year-To-Date Natural Disaster Costs Below Average; Frequency Up: Report
Although 2024 has seen significant global natural catastrophe activity, economic costs were slightly below average through the third quarter, according to Gallagher Re's latest Nat Cat report. The ...
Hurricane Milton Insured Losses in $30B-$50B Range, Says Verisk
Catastrophe modeler Verisk said it expects insured losses from Hurricane Milton will be between $30 billion and $50 billion from damages caused mostly by wind. Verisk's Extreme Event Solutions group ...
Former Triple-I Exec Alleges Retaliatory Firing; Axed After Testifying Against CEO In Bullying Case
A former employee of the Insurance Information Institute is suing his former boss and the organization's owners on allegations of discrimination and retaliation. Michael Barry, who worked at Triple-I ...
Insurance Execs See Gen AI Necessary To Compete; Customers Wary
Insurance industry investments in generative AI are expected to surge by over 300 percent from 2023 to 2025 as organizations move from pilots in one or two areas to implementations in multiple ...
Progressive Retaining Helene, Milton Property Losses Net; Auto Over $0.7B
Progressive disclosed property and vehicle insurance loss estimates for Hurricanes Helene and Milton in conjunction with the carrier's report of third-quarter earnings yesterday, indicating it won't ...
Why Homeowners Insurers Are Losing Money: Roofs Matter, Not Just Rates
Rate hikes haven't been enough to bring profits to U.S. homeowners insurers, according to a new analysis from Aon, which finds that returns-on-equity for a group of homeowners insurers studied are ...