Connecticut lawmakers have passed a measure to shift the cost of auto insurance arbitration hearings between claimants and insurers over damage claims to the insurance industry. Currently the department of insurance absorbs the average $3,075 cost to hold each of …
Month: June 2025
How regulatory changes are reshaping motor insurance in India
India’s motor insurance sector is undergoing significant transformation driven by IRDAI reforms, technological advancements, and evolving consumer preferences. These changes include standardized policies, flexible ‘pay-as-you-go’ options, and long-term coverage mandates. Telematics, data analytics, and specialized policies for electric and autonomous vehicles are further shaping a more inclusive and tech-friendly insurance landscape.
Personal Auto 2024 Underwriting Results Best Since Pandemic
By William Nibbelin, Senior Research Actuary, Triple-I The U.S. personal auto insurance industry saw a significant turnaround in 2024, achieving its best underwriting result since the pandemic began, according to Triple-I’s latest Issues Brief. In fact, with a net combined ratio of 95.3, personal auto insurance has outperformed the broader property and casualty (P/C)…
AM Best: US P/C Industry Records $1.1B Underwriting Loss for Q1
Growth in net earned premiums during the first three months of 2025 was offset by losses and expenses, resulting in a $1.1 billion net underwriting loss of the U.S. P/C industry. According to industry rating agency AM Best, the January …
Michigan Marijuana Store to Pay $205K to Settle a Workers’ Lawsuit Over Lost Tips
A judge approved a deal Friday to try to solve a major buzzkill: Employees at a Michigan marijuana dispensary chain said management was keeping tips left by happy customers. Timber Cannabis, which has seven locations, agreed to pay $205,000 to …
Hedge Funds Face California Rebuke Over Role in Wildfire Claims
Hedge funds are facing pushback in California as their bets tied to insurance claims stemming from the Los Angeles wildfires are attacked as unethical. The transactions in focus are tied to so-called subrogation claims, which hedge funds, private equity firms …
Erie Insurance Dealing With Network Outage Affecting All Systems
Pennsylvania-based Erie Insurance on Sunday reported it is experiencing a “network outage that is affecting all systems.” Customers are unable to access online accounts or reach customer care or first notice of loss via phone, according to a statement on …
Insurtech Slide Targets $2B-Plus Valuation in IPO
Insurance tech company Slide is aiming for a valuation of up to $2.12 billion in its U.S. initial public offering, joining a lineup of insurance companies that have made impressive stock market debuts in recent weeks. Slide’s roadshow launch follows …
Howden Acquires Peruvian Reinsurance Broker Innova Re
Howden, the London-based insurance intermediary group, announced it has acquired Innova Re, a market leading, independent reinsurance broker headquartered in Lima. Financial details of this deal were not disclosed. Established in 2017 and led by Juan Diego Cadarso, its founder …
22 Rescued From Boat on Fire in Long Island Sound
New York first responders rescued 22 people Saturday evening from a boat on fire in the waters near City Island in the Bronx. The New York Fire Department (FDNY) reported that its marine unit was conducting routine patrols when it …