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Now that the tides have turned from a “growth-only” to a “profitability first” mindset, companies are letting go of the additional hires and focusing on insurance fundamentals and insurance expertise. -
This is the second downgrade faced by State Farm and its subsidiaries from AM Best in the last month.
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The first non-renewals are scheduled for May 2024 in what is expected to be an 18-month process.
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Inside P&C’s news team brings you all the top news from the week.
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US commercial and personal auto insurer claim payouts combined were up between $96bn and $105bn for the period from 2013 to 2022.
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The business reductions will affect policies up for renewal from December 2023 to July 2024.
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The national program will insure homes with a replacement value up to $10mn, and deductibles will range from $10,000 to $1mn. Properties in cat-exposed locations will be eligible for coverage.
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K2 will make an equity investment in Titan Flood and be given a seat on the MGA’s board.
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A summary of commentary from the first day of Inside P&C New York, with insights on capital raising, E&S and reinsurance expectations.
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As of last week, Florida Citizens had sent out depopulation notices to more than 300,000 policyholders for October, though nearly one-third of those notices were delayed.
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A number of the largest hurricanes have come post-peak, but the industry remains well capitalized.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
