Tag: property and casualty insurance

Allstate’s $16.5 Billion Quarter Amid Wildfire Losses and Strategic Shift

Live Insurance News
Allstate Q4 2024 Earnings

Allstate Q4 2024 Earnings Reflect Resilience Amidst Challenges Allstate’s latest financial results provide a deeper look into how one of the nation’s largest insurers continues to adapt to economic pressures, natural disasters, and evolving business priorities. With strong growth in premiums, higher investment returns, and a major business sale, Allstate’s fourth quarter of 2024 sets the tone for ongoing adjustments in the insurance industry. Robust Q4 Results Driven by Growth in Premiums and Investments Allstate wrapped up 2024 with a solid financial performance, reporting an 11.3% increase in revenue year-over-year,…

Read More

California Faces Another Tough Blow as USAA Implements Steep Rate Increase

Ryan Cox
USAA Implements Steep Rate Increase

Significant Insurance Rate Hikes for USAA Customers in California California homeowners are facing significant financial adjustments as USAA Casualty Insurance Co. announces a sharp increase in insurance rates. Effective December 1, 2024, the company has implemented an average rate hike of 25.9%, with increases for some policyholders reaching a staggering 48.5%. This decision comes amid a broader pattern of rising insurance rates across California and reflects evolving challenges within the state’s already strained insurance market. Rate Increases Across USAA Subsidiaries The December rate hike is part of a wider adjustment…

Read More

Florida Cracks Down on Insurers, Returns $6 Million to Consumers

Ryan Cox
Florida Cracks Down on Insurers

Florida Insurance Commissioner Returns Nearly $6 Million to Consumers Following Insurance Investigations This Year The Florida Office of Insurance Regulation (FLOIR), under the leadership of the state’s insurance commissioner, has taken significant action against insurers failing to meet administrative and consumer protection standards. Throughout 2024, these efforts have culminated in nearly $6 million being returned to consumers. This regulatory crackdown highlights the state’s commitment to holding insurance companies accountable and ensuring Florida residents receive fair treatment in handling claims and other insurance-related processes. Details of Fines and Investigations FLOIR’s efforts…

Read More

Why AM Best Predicts a Profitable 2025 for US Commercial Insurance Market

Angela Linders
US Commercial Insurance Market

AM Best Maintains Stable Outlook for U.S. Commercial Insurance in 2025 AM Best has reaffirmed its stable market segment outlook for the U.S. commercial insurance sector heading into 2025. This positive assessment is attributed to the segment’s strong underwriting performance and better investment returns, contributing to solid operating profitability. While challenges persist, insurers in this sector demonstrate resilience and adaptability, supported by sound risk-adjusted capitalization. Strong Underwriting Performance and Reserve Adequacy The U.S. commercial lines segment has benefited from favorable underwriting results, with combined ratios averaging in the mid-90s over…

Read More

State Farm General Downgraded by AM Best Amidst Weakening Balance Sheet

Live Insurance News
State Farm Insurance Building - A downgrade to B

Overview of State Farm Downgrade In a move that has caught the attention of policyholders and investors alike, AM Best has downgraded the Financial Strength Rating (FSR) of State Farm General Insurance Company (State Farm General). This marks a significant shift from an ‘A’ (Excellent) rating to a ‘B’ (Fair) classification, while the Long-Term Issuer Credit Rating (Long-Term ICR) dropped from “a” (Excellent) to “bb+” (Fair). Implications of Ratings – Balance Sheet Strength Assessed as Weak The Credit Ratings issued by AM Best take into account a variety of factors…

Read More

Connecticut liability insurance makes coverage more expensive for drivers

H. Cutner
auto insurance

Auto policy premiums rose by an average of 4.1 percent for drivers in the state last year. Connecticut liability insurance is making coverage more expensive for drivers throughout the state, according to data from the Insurance Department. In fact, it is also sending homeowners insurance rates higher, though not by as much. Last year, homeowners insurance rates increased by an average of 2.4 percent in Connecticut. Drivers saw a 4.1 percent rise in their premiums because of the Connecticut liability insurance regulations. The Connecticut Insurance Department is responsible for an…

Read More

Allianz to buy the commercial P&C insurance business from Aegon

Julie Campbell
Property insurance News commercial P&C insurance

The insurer will be purchasing the Netherlands market property and casualty portfolio from the company. It has now been announced that Allianz has agreed to buy the commercial P&C insurance business from the Netherlands market that had been owned by Aegon. As of yet, the details involved in the creation and closure of this transaction have not yet been disclosed. At the moment, the P&C insurance market share held by Allianz in the Netherlands is 4.4 percent. This transaction is expected to bring that figure up to a solid 5…

Read More