property casualty insurance Archives

Why California Insurers Are Being Forced Back Into Wildfire Zones

December 16, 2024December 16, 2024 Angela Linders

California Introduces New Rules to Boost Wildfire Coverage in At-Risk Areas California has long struggled with providing adequate home insurance to residents living in wildfire-prone regions. After devastating fires in recent years and increasing climate risks, a new set of regulations aims to stabilize the insurance market and expand coverage to residents in high-risk areas. These landmark rules, set to take effect on January 2, 2025, form part of California Insurance Commissioner Ricardo Lara’s broader Sustainable Insurance Strategy. Background For years, California homeowners in areas prone to wildfires have faced…

Insurance industry is growing more competitive for independent agents

January 15, 2015January 14, 2015 Nordstrom

Accenture releases report highlighting market disruption for insurance agents Accenture, a multinational management consulting and technology service firm, has released a new report that shows that independent agents in the insurance industry are not immune to digital disruption. The report makes not of changes in consumer behavior, the emergence of new technology, and the ongoing evolution of the insurance industry itself as potential threats to independent agents. Moreover, these agents see serious issues emerging in the market that could introduce some turbulence to their business. Digital sales are creating some…

Insurance industry continues to see a growth in premiums

September 22, 2014September 20, 2014 S.Vagus

Insurance premiums are on the rise throughout the world Premiums in the global reinsurance and insurance industries grew last year, according to a report from Aon Benfield. The report notes that insurance premiums reached an all-time high by the end of 2013. The Property and casualty, life, and health insurance sectors were the driving forces behind the growth in premiums. Overall, global premiums grew by 0.9% last year, reaching $4.9 trillion. Insurance premiums are likely to continue growing throughout the remainder of 2014. Property casualty, life, and health insurance sectors…

Insurance industry is turning to software solutions to continue adapting to changing market

May 16, 2014May 14, 2014 S.Vagus

Berkshire Hathaway to make use of new cloud-based software solution from Accenture Berkshire Hathaway Specialty Insurance has announced that it has accepted an offer from Accenture, a technology services firm, regarding the use of cloud-based property and casualty software. The software will be delivered through the Accenture Cloud Platform and will allow Berkshire Hathaway to consolidate and streamline its business processes. This is expected to enhance the insurer’s efficiency and help reduce operating costs to some degree. Cloud-based technologies and services are becoming more popular throughout the insurance industry. The…

China could benefit from US property-casualty insurance companies

May 12, 2014May 9, 2014 Logan B.

American Insurance Association issues statements concerning China-US trade The American Insurance Association has submitted comments to the Office of the U.S. Trade Representative and the U.S. Department of Commerce concerning the 2014 US-China Joint Commission on Commerce and Trade. The joint commission has been in place for some time, renewed between the two countries every year. The agreement between the U.S. and China is meant to promote trade while also protecting companies that operate in both countries. Guarding trade secrets, ensuring legitimate sales, and determining how government officials use certain…

Third quarter United States insurance report for 2012

May 29, 2012April 30, 2013

Newly published research is now available providing predictions for Q3. The United States Insurance Report for the third quarter of this year has now been released to take into consideration the futures of insurers in both the life and non-life (including health and property and casualty) sectors. This insurance news report identifies the commonalities between the sectors and what is needed to maintain profitability. It based this information on their ability to have achieved rapid growth in 2011, and considered many of the challenges that were faced by insurers at that…

Missouri Department of Insurance releases report concerning 2011 natural disasters

April 20, 2012April 30, 2013

The Missouri Department of Insurance has released its annual report for the year of 2011. The report notes that the state experienced many “firsts” in the U.S. insurance industry last year, many of which were brought about by calamitous natural disasters. These firsts included record breaking numbers of claims, the highest claims payouts in U.S history, and the largest amounts of claims funds recovered by Missouri insurance regulators. The Department of Insurance notes that, despite massive challenges, it was able to complete its mission of protecting Missouri residents throughout 2011.…