Intel

We have seen few changes in the Property & Casualty (P&C) marketplace from Q1 through Q2 of 2023, however, the broader picture is becoming clearer now that 2022 year-end financial filings are available. According to ALIRT Insurance Research, the discrepancy between Personal and Commercial Lines Composite underwriting is historically wide. Namely, the Personal Lines Composite combined ratio of 109 percent…

The Competitive Transportation Insurance Market Thursday, June 15 at 1:30 PM ET Please join us for a discussion on the current state of the Transportation Insurance Market. Our panel will discuss the competitive landscape, challenges, opportunities, and tips for agents and brokers. Featured Experts: John McGlynn, Director, Transportation, Burns & Wilcox Canada, Toronto, ON Tyler Myers, Director, Transportation, Burns &…

2022 was a year that few in the Property and Casualty (P&C) sector could have predicted. Instead of stability, the market remained largely volatile, especially in the Property sector and the reinsurance marketplace. Many carriers suffered through unprofitable years thanks to Hurricane Ian, inflation, and an adverse property insurance environment primarily in Florida and Gulf coast states. Above all, losses…

The fourth quarter began very different than how the majority of the summer months had transpired from a Natural CAT perspective; as Hurricane Ian used the final few days of Q3 to take aim at Florida’s densely populated gulf coast. Despite mandatory evacuations, fairly accurate forecasting of its path and the usual several days to prepare, its damages were devastating.…

Macroeconomic trends, namely inflation and rising interest rates, are having a profound effect on the Property & Casualty (P&C) market as we head into the second half of 2022. Inflation impacts everything—from rapidly changing property values to challenges with mid-year reinsurance renewals. These are truly generational inflationary pressures that most professionals within the industry have never personally experienced. Even with…

About 15,000 pounds of hot dog filler spilled onto the highway near Pittsburgh, Pennsylvania, May 20 when the driver of a semitractor-trailer lost control of the vehicle and crashed onto the shoulder. The tractor-trailer hit several trees and overturned, leaving the driver and a passenger with minor injuries and a portion of Interstate 70 covered in the pink slime. According…

As we enter the long-awaited season of Spring which conjures up thoughts of new beginnings, I draw parallels to the Excess & Surplus (E&S) Insurance industry. Several years of disciplined underwriting, including increased rates, adjusted limit deployment, and careful tweaking of policy language, coupled with a tamping of COVID-19 restrictions is resulting in this renewed sense of optimism. Carriers are…

Three monkeys were found and euthanized after escaping from the scene of an accident in Danville, Pennsylvania, on Jan. 21 when a dump truck collided with a pickup hauling 100 monkeys in an enclosed trailer. The ​​cynomolgus macaque monkeys had just been flown in from the island nation of Mauritius and were headed to a CDC-approved quarantine facility when the…

Cargo thefts and the return of pre-pandemic traffic levels are currently among the most pressing concerns for Canadian transportation firms. To learn more about Transportation Insurance in Canada, we spoke with John McGlynn, Director, Transportation, Burns & Wilcox, Toronto, Ontario. What are the greatest transportation risks in Canada today? J.M.: Generally speaking, one of the greatest risks would be traffic…

The last two years have been among the most uncertain the world has ever experienced by any standard. The Excess and Surplus (E&S) Lines insurance marketplace has stepped up to meet the challenge experiencing strong growth and perseverance in the face of a global pandemic, extraordinary natural catastrophes, increasing cyber-attacks, excessive jury verdicts, supply chain disruptions, political unrest, labor shortages…

By Paul G. Smith, Corporate Senior Vice President, Carrier Relations, H.W. Kaufman Group We are pleased to share our third quarter Property & Casualty Market Overview and Forecast, prepared immediately following industry conferences and meetings that are clear bellwethers of what to anticipate. September, as we know, is Reinsurance Month which sets the stage for pivotal year-end negotiations of January 1…

The Transportation Insurance industry remains entrenched in a decade-long hard market in the commercial auto segment while carriers remain as diligent as ever in their risk selection procedures. The segment experienced $4 billion in losses in 2019, and while that expectation is that losses were lower in 2020 because of the pandemic, it hasn’t slowed the long-term trend. Simultaneously, rates…