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- Insurance News Digest 11-13-2024
Insurance News Digest 11-13-2024
This week, the insurance industry saw significant developments, including new insurance commissioners elected in Washington and Montana, Allstate's push for growth amid market disruptions, and special Veterans Day initiatives to honor our veterans.
We deliver the latest insights and developments shaping insurance, focused on insights and opportunities for those who serve the insurance industry. Stay informed on how emerging trends like current events, regulatory changes, AI, and innovative products can help you better serve your clients and partners and drive business growth.
Hawaiian Electric has settled for $2 billion to cover losses from the Maui fire, bringing closure to affected communities and reinforcing the importance of proactive risk management in fire-prone areas.
An all-risk property insurance program is now available across 25 states, excluding flood and earthquake, aimed at various commercial classes, including restaurants and hotels.
Progressive Home plans to phase out its Dwelling Fire (landlord) insurance, aiming to focus resources on owner-occupied home insurance policies, which constitute a larger segment of its property portfolio.
Citizens Property Insurance has temporarily suspended issuing new policies as a precaution due to an approaching storm, illustrating proactive risk management in high-risk areas.
Berkshire Hathaway expects losses up to $1.5 billion from Hurricane Milton, further affected by prior quarter losses from Hurricane Helene, highlighting continued catastrophe impacts.
The NOAA highlights that 2024 has been one of the busiest years for severe weather, with significant implications for insurers managing catastrophe risks.
SelectQuote reported strong Q1’25 performance, emphasizing its use of AI-driven agent coaching to boost efficiency and customer retention, which it cites as a major competitive advantage.
Brokers are advised to adopt a balanced, hybrid approach to AI implementation to maximize benefits without overwhelming traditional workflows, especially as industry reliance on AI grows.
Catastrophe bond issuance reached a new milestone with $12.8 billion issued in 2024, reflecting strong investor interest in risk transfer through structured reinsurance vehicles.
Catastrophe bond issuance reached a new milestone with $12.8 billion issued in 2024, reflecting strong investor interest in risk transfer through structured reinsurance vehicles.
Experts predict that Trump’s policy changes may reduce ESG regulations, impacting insurers and companies reliant on sustainable investment frameworks.
A new survey reveals a gap in insurance for personal valuables among US households, indicating opportunities for insurers to better meet customer needs in this segment.
Centana Growth Partners led a $60 million investment in First Connect, expanding its role in the wholesale P&C market and supporting its services to small and medium-sized carriers.
A new insurance policy has been launched specifically for Chief Information Security Officers (CISOs) to help manage liabilities related to SEC's heightened cybersecurity regulations.
The Biden administration has chosen to back a UN cybercrime treaty, despite concerns about potential misuse by authoritarian regimes, indicating a shift in international cybersecurity priorities.
Swiss Re added $2.4 billion to reserves, citing adverse developments in the US casualty market, and adjusted profit expectations for 2024, a trend other reinsurers may follow.
A new umbrella and excess liability insurance program now offers greater financial protection for mid to large businesses across all states, addressing high-value liability risks.
Hippo sold a majority interest in First Connect to Centana Growth Partners, signaling a shift toward partnership-driven expansion in the P&C market.
As AI use grows in insurance, the industry faces challenges in balancing efficiency with ethical practices, especially around data and customer privacy.
Hiscox has begun to recover assets within its ILS portfolio after experiencing significant outflows, reflecting resilience strategies amid a volatile reinsurance market.