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Inside P&C’s news team runs you through the key highlights of the week. -
CPI figures show loss costs are cooling, and if rate levels cannot reach adequacy we are likely to see more pausing from the industry beyond State Farm, Allstate and Nationwide.
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Used car and truck prices declined 4.2% year on year in May, while new vehicle prices rose 4.7% in the period.
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The carrier said the purpose of the changes is to mitigate risk and manage its personal and commercial lines portfolios.
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Considering recent reforms, Citizens’ rates, on average, are still 58.6% below actuarially sound levels, but the inadequacy would have been 88.3% without them.
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This marked the third month-on-month drop in 2023.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Buchmueller will leave the company at the end of 2023.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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In tandem, its long-term issuer credit rating was revised to “a+” (excellent) from “aa-” (superior).
