Articles

Inflation Outpacing Premium Increases for Auto and Homeowners Lines

US Insurers — already hammered by extraordinary losses caused by natural disasters — are failing to raise premiums at a pace that matches the inflation rate, according to the American Property Casualty Insurance Association. APCIA said private property/casualty insurers experienced an $11.3 billion underwriting loss in the third quarter of 2021. Incurred losses and loss adjustment expenses increas...

Cyber Market Primed to Grow and Eclipse Property by 2040: Gallagher Re

Following a pause to stabilize the vessel, the cyber market is poised for a wave of growth that could make it larger than the property catastrophe market by 2040, according to Gallagher Re. In fact, if the cyber market continues to grow at its current pace, it will exceed property or casualty in terms of annual reinsurance premium between 2032 and 2033, according to projections in a new report, “C...

How Car, Home Inflation Is Driving Up Loss Costs for Insurers

The two possessions that most concern insurers — homes and motor vehicles — happen to be the largest contributors to the historic 7.5% inflation rate. Perhaps that should be no surprise. “It’s the things that we all spend the most money on,” said CCC Intelligent Solutions analyst Susanna Gotsch during an interview. Gotsch posts periodic analyses of issues that impact auto insurance claims. Her Feb...

Report: More Than 1-in-4 Residents Affected by Climate-Related Extreme Weather in 2021

More than four-in-10 U.S. residents live in a county that was struck by climate-related extreme weather last year, while more than 80% experienced a heat wave, according to a new report. The Washington Post conducted an analysis of federal disaster declarations, which shows that ‘in the country that has generated more greenhouse gases than any other nation in history, global warming is expanding i...