-
1 week ago | 
propertycasualty360.com | Corey Dahl
Premium growth remains above historical levels. (Credit: Nuthawut/Adobe Stock) The U.S. property and casualty industry improved its underwriting and earnings performance last year, according to a new report from Fitch Ratings. Even with large catastrophe losses, the industry achieved a 96.6% combined ratio, down 5.2 percentage points from 2023. The combined ratio is a measure of insurer profitability: anything below 100% indicates a profit, while anything above 100% indicates an underwriting loss.
-
1 week ago | 
propertycasualty360.com | Corey Dahl
The lawsuit targets the FAIR Plan as well as major insurers who fund the plan, including State Farm, Allstate and Nationwide. (Credit: Kyle/Adobe Stock) California’s FAIR Plan is being sued by 10 policyholders who allege that its denials of coverage for smoke damage are illegal. The policyholders’ homes survived the LA wildfires but suffered smoke damage.
-
1 week ago | 
propertycasualty360.com | Corey Dahl
Insurers wrote $344.11 billion in private passenger auto insurance direct premiums in 2024 — 35% of all reported P&C premiums, according to new data from the National Association of Insurance Commissioners. The top five insurers in the space saw significant premium growth last year. Progressive led with a 24.5% increase in direct premiums written, up from $48.26 billion in 2023 to $60.05 billion in 2024.
-
2 weeks ago | 
propertycasualty360.com | Corey Dahl
High inflation and wealth inequality are fueling unease around the globe. (Credit: Ryland West/ALM) Companies around the world are worried about rising civil unrest and the damage it could do to their business, according to a new report from Allianz Commercial. Most companies (51%) say civil unrest and riots are their top worry when it comes to political risk and violence exposures.
-
2 weeks ago | 
propertycasualty360.com | Corey Dahl
Carriers are using satellite imagery and other sources to get more information about who and what they're insuring. (Credit: Knut/Adobe Stock)Nuclear verdicts and natural disasters have carriers exercising caution, but the second quarter is mostly looking up for the P&C market. Your access to unlimited PropertyCasualty360 content isn’t changing.
-
2 weeks ago | 
propertycasualty360.com | Corey Dahl
Additional living expenses, or ALE, payments help homeowners pay for living expenses if a covered disaster makes their home uninhabitable. ALE pays living expenses that are beyond the insured’s normal living expenses — or the difference between the insured’s previous living expenses and their new temporary expenses. ALE will usually pay for things like hotel bills, restaurant meals (if the hotel room doesn’t have a kitchen), pet boarding, short-term rentals and extra transportation expenses.
-
2 weeks ago | 
propertycasualty360.com | Corey Dahl
Extreme weather and natural disasters have already caused an estimated $344 billion to $382 billion in damage and economic loss in the U.S. this year, (Credit: cherylvb/Adobe Stock)Multiple days of intense rainfall and a tornado outbreak in the central U.S. caused roughly $80 billion to $90 billion in damage and losses, according to AccuWeather. Your access to unlimited PropertyCasualty360 content isn’t changing.
-
2 weeks ago | 
propertycasualty360.com | Corey Dahl
Drivers in the study improved on all unsafe behaviors except for handheld phone use while driving. (Credit: Dusan Petkovic/Shutterstock.com)Smartphone apps that monitor driving and give feedback could lead to safer roads, according to a new study from the AAA Foundation for Traffic Safety. Your access to unlimited PropertyCasualty360 content isn’t changing.
-
3 weeks ago | 
propertycasualty360.com | Corey Dahl
The FAIR plan has an estimated $4 billion in liabilities from January's fires. (Credit: Amanda Bronstad/ALM) Legislation moved forward this week to help California’s FAIR Plan better balance its finances. The FAIR Plan Stabilization Act (AB 226) would allow the California Infrastructure and Economic Development Bank to issue bonds and give the plan access to a line of credit if it needs funds. It passed the state assembly on Tuesday and will head to the state senate for consideration.
-
3 weeks ago | 
propertycasualty360.com | Corey Dahl
Nationally, rents were up 3.5% in February compared to last year, according to Zillow’s February 2025 Rental Market Report. The average asking rent in the U.S. was $1,980, up 0.4% from the previous month. While rental prices are growing at a slower rate compared to major spikes seen in 2022, prices are still 33.9% higher than they were before the pandemic. Your access to unlimited PropertyCasualty360 content isn’t changing.
