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Heavy Snow Causes Marina Roof Collapse, Damaging Over 20 Boats

Heavy Snow Causes Marina Roof Collapse, Damaging Over 20 Boats

Up to 25 boats were damaged when heavy snow caused a roof collapse at a marina in Knox County, Tennessee, on Jan. 15. The head harbor master at the Concord Marina told WBIR Channel 10 News that one of its covered docks \"got pancaked on top of the boats,\" damaging some of the most expensive vessels held there. The winter…

P&C Report: 2024 Forecast

P&C Report: 2024 Forecast

Many of the primary factors that influenced the status of the Property & Casualty (P&C) market in 2023 are likely to remain in 2024. We continue to operate in a comparatively hard environment marked by rising but moderating rates on some lines of business, where it is often necessary to layer available capacity that includes carefully worded terms and conditions…

Trucking Job Growth May Signal Recovery; Long Road Ahead for Full Rebound

Trucking Job Growth May Signal Recovery; Long Road Ahead for Full Rebound

Jobs in truck transportation may be showing signs of a slow comeback, according to new data from the Bureau of Labor Statistics. The latest numbers, released Jan. 5, indicate that seasonally adjusted truck transportation jobs grew by 3,300 in December to a total of 1,586,300 jobs, FreightWaves recently reported. It is the second consecutive month of growth for trucking jobs.…

$2.5 Million Luxury Yacht Floods, Capsizes off North Carolina Coast

$2.5 Million Luxury Yacht Floods, Capsizes off North Carolina Coast

The U.S. Coast Guard rescued four crew members after a 60-foot luxury yacht flooded and overturned off the North Carolina coast recently, forcing them to abandon ship in a life raft, according to reports. The captain of the vessel later sent his thanks to the Coast Guard and locals, who he said were “absolutely amazing” in the Oct. 21 helicopter…

Property & Casualty Report: Q3/Q4 2023

Property & Casualty Report: Q3/Q4 2023

Despite the continued “flight toward profitability” for most carriers, moderation in both rate and capacity is occurring in many insurance sectors. Most rates are rising, but the level of increases is slowing. Capacity is generally available but often requires creativity. On the Casualty side, some classes remain stressed while carriers are competing for business in others. These and other trends…

Property & Casualty Report: Q2/Q3 2023

Property & Casualty Report: Q2/Q3 2023

The title of this quarter’s overview and forecast could easily be: “Profitability Matters.” That is especially true in the Property space for both Personal and Commercial policies. The industry faces daily challenges from CAT storms and events, making every state subject to immediate loss from hurricanes, wildfires, and convective storms—defined as severe local storms associated with wind, thunder, lightning, heavy…

Transportation Insurance Market Overview

Transportation Insurance Market Overview

The Transportation Insurance sector has been in a hard market for roughly a decade in the United States. It has since turned softer as a result of increased competition for business. Throughout the first six months of 2023, carriers have been more willing to write an account and offer quotes for specific risks. This has led to: Interest from carriers…

French Fries Cover Utah Highway After Semi-Truck Accident

French Fries Cover Utah Highway After Semi-Truck Accident

Boxes of french fries spilled onto Interstate 15 in Provo, Utah, on June 18 after a semi-truck hit a light pole on the median and overturned. The driver suffered minor injuries in the crash, which temporarily shut down four southbound lanes and two northbound lanes as fries and packaging debris were strewn across both sides of the interstate, Fox 13…

Property & Casualty Report: Q1/Q2 2023

Property & Casualty Report: Q1/Q2 2023

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…

Lawmakers Consider Liability Protection for Truckers Involved in Serious Crashes

Lawmakers Consider Liability Protection for Truckers Involved in Serious Crashes

A bill that would limit liability for trucking companies involved in serious accidents was recently advanced by the Iowa House of Representatives. Under House Study Bill 114, a trucking company facing a civil lawsuit over an accident that caused injury or death would not pay more than $1 million in noneconomic damages, Iowa Capital Dispatch reported. The bill would also…

Property & Casualty Report: Eye on 2023

Property & Casualty Report: Eye on 2023

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…

YETI Coolers That Went Overboard in 2021 Cargo Spill Still Washing Up on Alaskan Beaches

YETI Coolers That Went Overboard in 2021 Cargo Spill Still Washing Up on Alaskan Beaches

Dozens of new YETI coolers have turned up on beaches in Alaska and beyond, more than a year after a cargo ship incident sent 1,600 of the products overboard. According to reports, the Zim Kingston ship lost 109 containers during a storm in October 2021 near the Port of Vancouver. Some of the high-end coolers, which sell for hundreds of…

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