Welcome to your weekly newsletter with the updates you need to succeed in property and casualty insurance.
Modernizing the insurance industry requires embracing the power of geospatial technology to improve efficiency, accuracy, and quality of coverage.
Geospatial-Based Property Risk RatingsThe limitations of territory-based rating can become a thing of the past because of increased access to location-specific data and risk scores. |
Only 9% of Home Policies Adjusted for InflationJust 44% of homeowners reviewed their property insurance policy during the past 12 months, Policygenius reports. |
Business |
Liberty Mutual Tackling ChallengesPersonal lines challenges have impacted the company which reported underwriting losses and waning policy growth in the segment in 2022. |
Berkshire Reports Underwriting LossThe company recorded its first full-year underwriting loss since 2017 as strong profits from reinsurance operations were almost enough to counterbalance GEICOs results. |
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Lemonades Growth Slows in '23Executives of insurtech Lemonade say they’re slowing down growth in 2023, as the company waits for regulators to approve rate hikes needed to keep up with inflation. Read more at Insurance Journal |
Environment |
IL, TN Can Expect Stronger WindsMore than 13 million properties that are not currently exposed to tropical cyclones will be at risk of damage from hurricane-force winds over the next three decades. |
A Derecho in Texas and Oklahoma?A long line of quick-moving thunderstorms that produced a swath of damaging wind gusts across northern TX and OK likely qualified as a derecho. Read more at Insurance Journal |
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22nd Anniversary of Nisqually QuakeIn recent months, more than 1,000 condo owners in San Diego have had their property insurance policies not renewed by Farmers Insurance due to wildfire risk. Read more at KIRO7 |
Education |
Fear Over Future Premium IncreaseThough premiums are not increasing at the levels they were the previous two years, the top client concerns were “future premium increase” and “higher current premium.” |
The Cost of Auto Insurance Is UpNationally, the average annual cost of premiums is $2,014 this year — although in a couple of states, it’s above $3,100, according to a new study. |
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Quake Risk For Seattle BuildingsMore than 1,100 masonry buildings in Seattle are at risk of damage if an earthquake struck the city, according to a recent report. |