Property and Casualty News

AM Best and Fitch Ratings each issued reports last week warning that Milton could stretch liquidity of Florida- based insurers that are primarily focused on protecting in-state homeowners. "Hurricane Milton poses a significant threat to the Florida property insurers concentrated in the state that lack diversification and therefore are acutely…

To best support customers impacted by Hurricane Milton, GEICO insurance adjusters and support staff will be on-site at four insurance villages hosted by the Florida Department of Financial Services:. Starting Monday, Oct. 14– Bradenton, Fla.: 101 12th Street West Starting Tuesday, Oct. 15– Clearwater, Fla.: 1501 North Belcher Road Starting Tuesday, Oct. 15– Lakeland, Fla.:…

Houston, TX- El Dorado Insurance Agency, a leader in providing tailored insurance for high-risk industries, has issued a critical advisory to security guard firms nationwide about the risks of insufficient general liability insurance. El Dorado Insurance highlights that many general insurers may shy away from covering security firms due to the perceived…

Louisiana is the least affordable state in the nation for personal auto insurance, resulting from a combination of economic conditions, claims behavior and the state’ s litigation environment, according to the new research brief, Auto Insurance Affordability in Louisiana by the Insurance Research Council, an affiliate of The Institutes.

The U.S. title insurance industry saw its volume of direct premium written decline for a second-straight year, by 32% to $14.3 billion in 2023, reflecting housing and macroeconomic trends, according to a new AM Best report. “Higher mortgage rates have dampened refinancing activity, as homeowners have little incentive to refinance,” said Ann Modica, director,…

AM Best will lead a session on the state of the U.S. auto insurance industry in the Big I Illinois’ CONVO 2024 Conference, taking place Oct. 15-17, 2024, in Peoria, IL.. Janet Hernandez, senior financial analyst, AM Best, will speak on Wednesday, Oct. 16, at a session, titled,“ The State of the Auto Market– A Perspective From AM Best.” During the session, Hernandez will focus on the…

PEMBROKE, Bermuda—- Arch Capital Group Ltd. today announced that Nicolas Papadopoulo has been named Chief Executive Officer and is joining the Board of Directors effective immediately. Papadopoulo has been the President and Chief Underwriting Officer of Arch and Chief Executive Officer of Arch Worldwide Insurance Group since January 1, 2021.

First American Title Insurance Company, a leading provider of title insurance and settlement services and the largest subsidiary of First American Financial Corporation, today announced the launch of a reimagined AgentNet ®, a technology platform that delivers the products and services First American title agents value most in a single, easy-to-use…

Hurricane Milton slammed into the state late Wednesday near Sarasota and maintained hurricane-force winds all the way across the Florida peninsula before entering the Atlantic Ocean. This is now the third hurricane to make landfall in Florida this year and storm season doesn't end until Nov. 30. A.M. Best, an insurance rating agency, put out a commentary ahead…

Until late last month, there was optimism in the insurance industry. Total economic losses from Hurricane Milton and Hurricane Helene could soar over $200 billion, according to early estimates. Hurricane Milton, which hit Florida's west coast as a Category 3 storm Wednesday, did not ultimately cause the catastrophe that had been predicted for the Tampa Bay…

Oct. 12— MORGANTOWN— The West Virginia Board of Risk and Insurance Management has notified Mountain Line that it is canceling the transit authority's insurance. BRIM is a state agency that provides property and liability insurance to governmental entities within West Virginia. So, we are in that basket, "Mountain Line General Manager Maria Smith explained…

Democrat Logan Johnson of Menlo filed paperwork in April to challenge Republican Eddie Lumsden for the state House District 12 seat in Floyd and Chattooga counties. The chair of the House Insurance Committee's biggest contribution, $2,500, came from the bipartisan American Council of Life Insurers in Washington, D.C.. Other major donors, at the $1,000 level,…

AM Best and Fitch Ratings each issued reports last week warning that Milton could stretch liquidity of Florida- based insurers that are primarily focused on protecting in-state homeowners. "Hurricane Milton poses a significant threat to the Florida property insurers concentrated in the state that lack diversification and therefore are acutely…

The Federal Emergency Management Agency said late Thursday that certain policyholders in seven states affected by Hurricane Helene whose insurance lapsed now have extra time to renew their coverage. For example, if someone's policy ended on Aug. 28, they normally would have had until Sept. 26 to renew it without risking a lapse in coverage.

Chris England, D- Tuscaloosa, reintroduced a bill to reform Alabama's cash bail system, which he says has benefitted the bail bondsman industry at the expense of "judges, prosecutors, defendants and the accused." It saw opposition from the bail bondsman industry, with Chris McNeil, president of the Alabama Bail Bond Association and owner of Outlaw Bail Bonds in…

Hurricane Milton is the latest sign that Florida lawmakers need to do much more to shore up the rickety property insurance market and keep the state viable for homeowners. "They are in a strong financial position to act as financial first responders to Hurricane Milton," Mark Friedlander, spokesman for the Insurance Information Institute, an industry group,…

Milton spawned high winds, substantial storm surge, heavy rain, tornadoes and flooding as it barreled into the state on Wednesday night. Fitch "s report estimated that Milton caused $30 billion to $50 billion in insured losses, making it the most expensive for insurers since 2022" s Hurricane Ian, which caused $60 billion in losses. Combined with 2024 "s previous…