Personal auto
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The insurer booked a $950mn policyholder credit expense in September.
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Joseph Lacher will step down as president and CEO and resign from the board.
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Though wildfire losses are up, total losses are the lowest since 2015.
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The governor has yet to sign a pending bill to create a public cat model.
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The charges allege “egregious delays” and “unreasonable denials” in claims.
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The proposed changes aim to establish clear guidelines for intervenors.
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While the Fed is more concerned with jobs, other macroeconomic concerns trouble the industry.
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A report by the ratings agency challenges current industry wisdom.
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The bi-partisan legislation would make FEMA a cabinet-level agency.
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The data modeling firm said losses previously averaged $132bn annually.
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Storm surge of two to four feet could affect the North Carolina coast.
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Life-threatening surf and rip currents are expected on the east coast of the US.
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Despite mild headline CPI, some insurance-related items are heading in a worrying direction.
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July’s medical care increase was up from June’s o.6%.
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The gross loss ratio for the homeowners InsurTech fell by 12 points last quarter.
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The company reduced its proportional quota share program from 55% to 20% cession.
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The company also purchased $15mn of SCS parametric coverage.
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On Q2 calls, carrier executives called out fierce competition in various lines of business, and a misalignment of interest.
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CEO Roche said that “significant price increases” are still to come, however.
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The broker posted a 6.5% drop in organic growth YoY.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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Smaller accounts remain less affected by an influx of MGAs.
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The automaker’s insurance arm wrote over $300mn in premium last year.
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Hagerty Re will now assume 100% of the premium and 100% of the risk.
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The executive said the claims industry is going to “be transformed”.
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Litigation seeks to block insurers from passing assessment costs to consumers.
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Rising inflation could raise claims severity but also increase investment income.
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June’s increase was up from May’s 0.2%.
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The late March storm caused extensive damage in southern Quebec and Ontario.
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Early adopters of AI will see efficiencies – and likely increased market share, Kantar said.
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In The Car offers embedded auto insurance by integrating policies into dealership management systems.
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The Pennsylvania-based insurer experienced a 10-day network outage this month.
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Tariffs could drive up property loss costs, but the impact on other items has been muted.
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The medical care index numbers were below April’s 0.5% rise.
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The regulator said further measures could still be passed in this session.
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Insurers have termed the Democrat-backed legislation “flawed”.