Tag: property and casualty insurance

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

Motorists Insurance and Enservio Sign Multi-Year Software Agreement

PR Article
insurance claims technology

A multi-year contract for Enservio’s contents management SaaS application for all contents claims needs NEEDHAM, Mass. – January 12, 2016 – Enservio, Inc., a leading provider of contents claim management software, payments solutions, and inventory and valuation services for property insurers, today announced a multi-year agreement to provide The Motorists Insurance Group with ContentsExpress™, the leading self-service contents management solution, as well as onsite inventory and valuation services. Available as a web-based, SaaS subscription, ContentsExpress is the industry’s leading contents management solution trusted by hundreds of property insurance carriers nationwide.…

Read More

Worldwide property and casualty insurance market to break $895 billion in 2018

H. Cutner
Property and Casualty Insurance

Finnacord has now released the results of a research study looking into the future of the commercial P&C market. According to the outcomes of a research study conducted by the Finaccord financial research firm, by the close of the year 2018, the global commercial property and casualty insurance market will break the $895 billion mark in gross written premiums. It also pointed out that commercial liability coverage premiums would see the fastest growth rate. By the end of 2014, the worldwide commercial non-life premiums for property and casualty insurance were…

Read More