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The commercial autoinsurance segment maintained its place as a weaker-performing U.S. property/casualtyinsurance product line in 2023. Despite successive periods of pricing and underwriting actions, commercial auto has generated a statutory combined ratio above 100 in 12 of the …
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Litigation that seeks to win Medicare reimbursements from insurance companies has become a huge business over the last decade, making one Miami lawyer a billionaire and causing expensive, ongoing legal headaches for property-casualtyinsurers. But the federal law that allows …
Louisiana Insurance Commissioner Tim Temple sent out an announcement this week to all property and casualtyinsurance companies notifying of a statue that requires insurers to disclose all available discounts that could lead to reduced premiums for current or prospective …
Floridas legislative reforms to address claim fraud and legal system abuse are stabilizing the states property/casualtyinsurance market, according to the latest Triple-I Issues Brief. In addition, the brief says, the number of insurers writing business in the state has rebounded after a multi-year exodus.
As we’re trying to raise awareness of this problem with consumers, ‘social inflation’ doesn’t work,” said discussion moderator and Triple-I’s Chief Insurance Officer Dale Porfilio. Secrecy surrounding TPLF prevents insurers and regulators from identifying, let alone mitigating, the risks of increased costs and time to resolve claims disputes.
property and casualtyinsurance industry experienced better-than-expected economic and underwriting results in the first half of 2024, according to the latest forecasting report by Triple-I and Milliman. The net combined ratio for homeowners insurance of 104.9 The report was released during a members-only webinar on Oct.
The property & casualtyinsurance industry’s combined ratio – an indicator of underwriting profitability – is forecast at 100.7 Combined ratio represents the difference between claims and expenses paid and premiums collected by insurers. Losses have been driven by significant deterioration in the personal auto line.
Most insurers are in a sort of pressure-cooker situation where challenges are creating pressure and good decisions need to be made. I recently asked three of my creative and respected colleagues to share insights on how insurers might respond. For the full conversation, see 2024 Trends Reshaping the Insurance Business — Are You Ready?
I’ve heard more than once the misconception that selling insurance is easy. If selling insurance was so easy, then why is it that roughly 10 percent of the independent insurance agents generate the vast majority of the sales? Why Do Insurance Agents Fail? Statistics from the insurance industry reveal a different story.
The Casualty Actuarial Society (CAS) has added to its growing body of research to help actuaries detect and address potential bias in property/casualtyinsurance pricing with four new reports. Most said they believe the burden should be on the insurers to detect and test their models for potential algorithmic bias.
Property and casualtyinsurers are no less concerned, as the cost of repairing and replacing damaged property is a driver of claim costs and, ultimately, policyholder premiums. Learn More: Tariffs and Insurance full video (Members Only) Insurance Economic Outlook (Members Only)
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