Personal auto
-
US SCS insured losses YTD already stood at around $12bn prior to these events.
-
Flash floods moved into Texas overnight and into the lower Mississippi Valley Monday.
-
The carrier is also targeting E&S growth in property brokerage and global specialty.
-
Concern about vague cat modeling language was a theme at a Tuesday workshop.
-
Commercial lines will remain bifurcated, with strong growth in property and weak growth in liability.
-
Downward trends of DCC ratios are beginning to reverse, which could cause issues for long-tailed lines.
-
Light cat losses, reserve development, and pricing trends are key topics in Q1.
-
Workers’ comp releases continue to mask deteriorating reserves in 2023.
-
This compared to a 20.6% YoY increase for February and January.
-
He will manage the region’s sales and service teams.
-
The company has retained Tony Ursano’s IAP for the raise.
-
Mutuals struggle to react and adapt to a worsening loss environment.
-
The downgrade reflects the company’s balance sheet strength, which AM Best assessed as weak.
-
Headwinds weigh on carrier results, but premiums and surplus remain mostly stable.
-
The homeowners' CoR fell over 32 points sequentially to 75.8%.
-
It follows Las Vegas intermediary Insurvia, which launched an auction last year.
-
Premium inflation holds, as loss-cost inflation trends continue to moderate.
-
A January freeze saw temps drop to close to -50°F.
-
The CPI all items index was at 3.2%, from 3.1% in January.
-
Commercial lines difficulties continue to weigh down industry results.
-
Sizeable investment returns masked 10-year high underwriting losses.
-
Personal lines rate filings are rising, even as some inflation drivers slow.
-
Root’s improved results make it an attractive acquisition, not a comeback story.
-
Personal auto rates increased 19% during the year.
-
The InsurTech’s shares gained over 50% in value on Thursday.
-
The company posted favorable development in the last quarter of 2023.
-
CSAA writes over 70% of its business in the Golden State.
-
Auto-related CPI values continue to drop, while premium inflation hits new highs
-
The CPI all-items index moderated to 3.1%, vs a 3.4% YoY rise for December.
-
The changes will be up for discussion at a March 26 public hearing.
-
The Manheim Used Vehicle Value Index dropped 9.2% year-on-year, to 204.0.
-
A Branch spokesperson cited persistent inflation as a “significant challenge for home and auto insurance companies” and the reason for the staff reductions.
-
December’s increase was an acceleration from 19.2% in November and October, with the CPI all-items index up 3.4% vs a 3.1% YoY rise for November.
-
“The spring bounce was much more pronounced than expected in 2023, and prices slid just as rapidly after that bounce, finishing more calmly in December as expected,” said Cox Automotive’s Jeremy Robb.
-
Cooling CPI metrics and improving loss ratios indicate a positive shift for the personal auto industry, but results are not yet back to where they need to be.
-
It is understood that the cuts are based on a review of five-year loss ratios, and that agents above 70% will be impacted.