Latest Trends Headlines
All the headlines from our Trends Topic Page, ordered by recency.
Popular SC Country Music Venue Shuts Down Due to Liquor Liability Insurance Costs
May 16 2024 // A popular country music venue in Greenville, South Carolina, has closed its doors after almost 30 years, citing the cost of liquor liability insurance in the state. The Post and Courier newspaper and other news outlets...
Zurich’s First-Quarter P/C Revenue Rises on Higher Premiums
May 16 2024 // Zurich Insurance Group AG said revenue from property and casualty insurance rose 12% in the first quarter on a like-for-like basis, helped by higher premiums. Gross written premiums in the business rose 9% from a year...
Illinois Indemnity Benefits Per Claim Rose in 2022: WCRI Study
May 15 2024 // Indemnity benefits per claim in Illinois increased 5% in 2022, driven by a 4% increase in workers’ wages, a new study from the Workers Compensation Research Institute (WCRI) found. A 0.8-week increase in the average...
Markets/Coverages: Coalition Enters Excess Cyber Insurance Market in Australia
May 15 2024 // Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, announced it entered the excess cyber insurance market in Australia, enabling businesses to add a layer of risk management to their...
AM Best: Social Inflation Key Factor in Rise of Loss Severity
May 13 2024 // Loss severity for many U.S. casualty lines of insurance business has exceeded economic inflation over the past decade, indicating other factors are influencing claims costs for indemnity and expense payments, according to...
Nuclear Verdicts Surge to $14.5 Billion in 2023 – Report
May 10 2024 // Nuclear verdicts of at least $10 million reached a 15-year high in 2023, while 27 verdicts were “thermonuclear,” or more than $100 million, according to a new study by research firm Marathon Strategies. The...
AM Best Revises Ohio Indemnity Company’s Outlook to Positive
May 9 2024 // AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Ohio Indemnity Company (OIC)...
Report: California Workers’ Comp Written Premium Increased 2% in 2023
May 9 2024 // Written premium in calendar year 2023 was 2% higher than the prior year, driven by continued economic expansion, but partially offset by continued rate decreases, a new report shows. The Workers’ Compensation...
Lawsuit Alleges Decades of Child Sexual Abuse at Illinois Juvenile Detention Centers
May 8 2024 // CHICAGO (AP) — Child sexual abuse at Illinois juvenile detention centers was pervasive and systemic for decades, according to disturbing accounts in a lawsuit filed Monday by 95 men and women housed at the youth centers...
Google Trial Wraps Up as Judge Weighs Landmark US Antitrust Claims
May 6 2024 // Google and the U.S. Justice Department wrapped up closing arguments on Friday over claims that the Alphabet unit has unlawfully dominated web search and related advertising, in a case the government contends could shape...
Florida Saw Jump in Workers’ Comp Cost per Claim in 2022-23, WCRI Report Shows
May 6 2024 // Call it the effects of wage creep during the pandemic, along with a little bit of creep in the duration of benefits. Employers and insurers in Florida saw a 7% increase in total cost per workers’ compensation claim...
Distracted Drivers Making US Roads More Dangerous: Survey
May 6 2024 // Nearly 80% of respondents to a recent Travelers survey said inattentive driving is more of a problem now than it has been in past years. Travelers noted the pandemic triggered a new wave of dangerous habits. The 2024...
Fitch: U.S. Cyber Insurers Saw Strong Profits, Slowdown in Premium Growth in 2023
May 6 2024 // The U.S. cyber insurance line generated strong direct underwriting profits for the second straight year in 2023, but written premium volume has stalled amid renewed pricing pressure, according to a Fitch Ratings...
Embracing Collaboration: Shaping the Future of Healthcare (Re)insurance
May 6 2024 // At the heart of healthcare liability insurance lies the intricate realm of medical malpractice. Demanding a profound understanding of both the product and the healthcare sector, this specialized field is cultivated through...
Revising the New Normal: Exploring the Future of Work for the Insurance Agent
May 6 2024 // Senator Bernie Sanders of Vermont, socialist and one-time presidential candidate, has been making headlines recently suggesting that government should mandate 32-hour work weeks for the same pay as the traditional 40-hour...
NCCI’s Chief Actuary Discusses Workers’ Comp Profits, Safety and Future
May 6 2024 // The workers’ compensation system overall is healthy and strong. The sector has seen long-term frequency declines for multiple decades with moderate severity of claims costs for at least the past decade. That’s...
Rising Prices, Low Satisfaction Drive 49% of Customers to Shop For New Auto Insurance
May 3 2024 // Increased premiums combined with lackluster customer satisfaction scores are driving record numbers of auto insurance customers into the market for a new policy, according to the J.D. Power 2024 U.S. Insurance Shopping...
Navigating Today’s Challenging Insurance Market: Leveraging Technology for Agencies
May 2 2024 // This post is part of a series sponsored by Dyad. In today’s rapidly evolving insurance landscape, agencies face many challenges. From increased competition to changing consumer expectations and staying ahead in this...
Missouri Supreme Court Strikes Down 2022 Vote on KC Police Funding
May 2 2024 // The Missouri Supreme Court on Tuesday took the unusual step of striking down a 2022 voter-approved constitutional amendment that required Kansas City to spend a larger percentage of its money on the police department, and...
The Future Is Near for Self-Driving Trucks on US Roads
May 1 2024 // On a three-lane test track along the Monongahela River, an 18-wheel tractor-trailer rounded a curve. No one was on board. A quarter-mile ahead, the truck’s sensors spotted a trash can blocking one lane and a tire in...
