Property and Casualty News

Jan. 22— Property-and-casualty insurer Travelers is expecting a significant financial impact from the devastating wildfires this month in Los Angeles County, while executives indicated Wednesday that the company born in Hartford plans to continue providing homeowners' coverage in California. Several of the company's top executives gave an initial…

TALLAHASSEE— Proposed rate increases that could have taken effect Jan. 1 for customers of the state's Citizens Property Insurance Corp. remain unresolved— with any hikes now unlikely to hit customers' bills for months. The Florida Office of Insurance Regulation has not ruled on the proposal, which the Citizens Board of Governors approved in June.

January’ s Best’ s Review includes the following exclusive rankings:. World’ s Largest Insurance Companies– 2025 Edition Ranked by 2023 net nonbanking assets. Ranked by 2023 net premiums written. Top 25 US Holding Companies– 2025 Edition Ranked by 2023 total assets. Ranked by 2023 total revenue. Top Global Brokers– 2025 Edition Top 25 US Property/Casualty Companies–…

For the last several weeks, Saiki has served as a special assistant with the Department of Commerce and Consumer Affairs, which has a mandate to protect Hawaii consumers. Saiki’ s 30 years of experience in the House includes seven years as speaker, when he worked with the rest of the state Legislature and Hawaii’ s governors, navigated property insurance…

Parting ways with the Eighth Circuit’ s frequently-cited opinion denying coverage for institutions that negligently fail to prevent sexual abuse, a Minnesota state trial court has denied a motion for summary judgment by the United States Fire Insurance Company seeking to avoid coverage for stipulated judgments obtained by nine survivors of the former…

According to the report, through the first nine months of 2024, the U.S. property/casualty industry reported significantly improved direct underwriting results, driven by increased earned premiums, which have outpaced the rise in incurred loss and loss adjustment expenses, and other underwriting expenses. “Despite four hurricanes making landfall in the…

The devastating wildfires in Los Angeles have made one threat very clear: Climate change is undermining the insurance systems American homeowners rely on to protect themselves from catastrophes. This breakdown is starting to become painfully clear as families and communities struggle to rebuild. But the scale and intensity of the Southern California…

Leading Food Business Insurer Releases Second Annual Analysis of Market Trends and Statistics of the Food-Related Small-business Industry. NEW YORK, NY- January 23, 2025- Food Liability Insurance Program, a national insurance program designed for small to mid-sized operators in the food industry, released today its second annual "Food& Beverage Industry…

Texas Attorney General Ken Paxton is suing Allstate and its data analytics subsidiary, Arity, for allegedly violating the state's data and privacy security act by illegally collecting driver data from more than 45 million Americans. It also alleges Allstate bought driver data from Toyota, Lexus, Mazda, Chrysler, Dodge, Fiat, Jeep, Maserati, and Ram.

Jan. 23— President Donald J. Trump's pick to lead housing development intends to lean into the Opportunity Zones program created in Trump's first term, which dangled big tax incentives for developers and saw mixed results in Connecticut. "Connecticut is just stuck in a rut," a ranking Republican said. Video game retailer GameStop suddenly closes at least five…

RLI Corp.– RLI Corp. announced today that it has been honored with a Glassdoor Employees’ Choice Award, recognizing the Best Places to Work in 2025. "We are honored to be named one of the Top 10 Best Places to Work by Glassdoor," said RLI Corp. President& CEO Craig Kliethermes. RLI Corp. is a specialty insurer serving niche property, casualty and surety markets.

Jan. 22— Property-and-casualty insurer Travelers is expecting a significant financial impact from the devastating wildfires this month in Los Angeles County, while executives indicated Wednesday that the company born in Hartford plans to continue providing homeowners' coverage in California. "The California wildfires that began earlier this month are…

Just a few days into Georgia's 2025 legislative session, proposed new limits on lawsuit awards is a priority trumpeted by business groups, some lawmakers and the governor alike as one of the top issues of the year. Brian Kemp emphasized the importance of passing legislation to transform Georgia's legal landscape by the end of the 2025 session in early April,…

Great American Insurance Group’ s Property& Inland Marine Division is pleased to announce the launch of Equipment Pro ®, an enhanced contractor’ s equipment insurance product specifically designed for industry professionals. This innovative solution addresses the ever-evolving risks faced by contractors of all sizes, offering robust and flexible…

According to the Centers for Disease Control and Prevention, the risk of motor vehicle crashes is higher among 16- to-19-year olds than for any other age group. Let's look at an example of a six-month policy for full automobile insurance coverage, which would cost Mom and Dad $991. In North Carolina, you are required to have automobile liability insurance to…

The webcast is sponsored by LexisNexis Risk Solutions, which noted that the third quarter of 2024 saw the continuation of a multiyear trend of policy shopping growth, with auto policy shopping up by 31% year over year and new policies increasing by nearly 26%. Joining the panel discussion is Chris Rice, vice president, strategic business intelligence,…

Excellent fourth quarter net income of $2.082 billion and core income of $2.126 billion. Consolidated combined ratio improved 2.6 points from the prior year quarter to an excellent 83.2%. Underlying underwriting income of $1.700 billion pre-tax, reflecting an underlying combined ratio that improved 1.9 points to an excellent 84.0%; very strong…

The Travelers Companies, Inc. today reported net income of $2.082 billion, or $8.96 per diluted share, for the quarter ended December 31, 2024, compared to $1.626 billion, or $6.99 per diluted share, in the prior year quarter. Core income in the current quarter was $2.126 billion, or $9.15 per diluted share, compared to $1.633 billion, or $7.01 per diluted share, in the…

Once debris from the Los Angeles County wildfires is cleared and rebuilding begins, attention will likely shift to the financial health of a small, but growing California fire insurance provider. See also: Southern California wildfires add to growing worries about homeowner insurance. Potential exposure in the Palisades fire totals more than $4 billion, the…