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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…

Melted Butter Spills into Historic Canal After Dairy Plant Fire

Melted Butter Spills into Historic Canal After Dairy Plant Fire

A fire broke out in the butter storage room of a dairy plant in Portage, Wisconsin, on Jan. 2, spreading melted butter throughout the facility and into a nearby historic canal. Crews responding to the buttery incident at the Associated Milk Producers plant deployed the same materials used in oil spills to clean up the mess, USA Today reported on…

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…

Property & Casualty Report: Forward Outlook

Property & Casualty Report: Forward Outlook

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.…

Michigan Factory Spills ‘Several Thousand Gallons’ of Toxic Material Into River

Michigan Factory Spills ‘Several Thousand Gallons’ of Toxic Material Into River

A chemical spill from a manufacturing plant in Wixom, Michigan, recently forced the closure of one of southeast Michigan’s busiest state-run parks and put thousands of residents on alert. State officials were notified on Aug. 1 that auto supplier Tribar Manufacturing leaked “several thousand gallons” of a liquid containing 5% hexavalent chromium, a carcinogen, into the Huron River. The release,…

Property & Casualty Report: Q2 2022 Market Overview & Q3 Forecast

Property & Casualty Report: Q2 2022 Market Overview & Q3 Forecast

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…

Property & Casualty Report: Q1 2022 Market Overview & Q2 Forecast

Property & Casualty Report: Q1 2022 Market Overview & Q2 Forecast

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…

Property & Casualty Report: Q4 2021 Market Overview & Q1 2022 Forecast

Property & Casualty Report: Q4 2021 Market Overview & Q1 2022 Forecast

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…

6 New Year’s Resolutions to Reduce Your Risks in 2022

6 New Year’s Resolutions to Reduce Your Risks in 2022

Have you made your New Year’s resolutions? About 44% of adults surveyed in a recent Medifast poll said they planned to set a resolution for 2022, compared to 50% in 2021. Top resolutions for the new year include financial health, holistic health and wellness, and focusing on self-care or body positivity, the survey found. While not everyone will make a…

Laptop Charging on Bed Ignites Apartment Fire in Northwest Austin

Laptop Charging on Bed Ignites Apartment Fire in Northwest Austin

A bedroom fire at an apartment complex in northwest Austin, Texas, on Nov. 4 was reportedly caused by a laptop left charging on a bed. The blaze, which displaced one resident but caused no injuries, was extinguished by a sprinkler system and caused an estimated $8,000 in property damage, CBS Austin reported. Just days later in the same city, a…

Property & Casualty 2021 Q3 Market Overview & Q4 Forecast

Property & Casualty 2021 Q3 Market Overview & Q4 Forecast

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…

Hurricane Ida Linked to Over 2,000 Water Pollution Reports

Hurricane Ida Linked to Over 2,000 Water Pollution Reports

An 11-mile-long oil slick in the Gulf of Mexico is one of more than 2,000 reports of water pollution being investigated by authorities in Louisiana after Hurricane Ida tore through the state on Aug. 29. The ruptured pipeline is located just south of oil and gas hub Port Fourchon, where the Category 4 storm caused significant damage and forced the…

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