Hurricane Aftermath and Industry Fallout in Commercial Insurance
60 Minutes Hits Insurers; Helene Aftermath
- The big story of the week was the devastation left in the wake of Hurricane Helene across the Southeast. Among the commercial carriers with the?most exposure ?to the region are?Berkshire Hathaway,?Chubb?and?Zurich. We also looked at which firms in the region had?suffered ?the worst underwriting deterioration last year in fire/allied lines. (Excerpt from full table below).
- A?60 Minutes?report put insurance firmly in an unwelcome spotlight with immediate fallout for one carrier. The report accuses insurers in Florida of?tampering ?with damage reports from a hurricane two years ago in order to slash payouts to policyholders. One of the named firms,?Heritage Insurance,?saw its stock price?plunge ?21% on Monday and its CEO came out fighting.
- Midwest-focused regional carrier?Columbia?Insurance Group?is set to become a pure-play commercial insurer following the "difficult decision" to do a deal in which it will?transfer ?all of its personal lines business to?Liberty Mutual?unit?Safeco.
- Agents are not feeling the AI vibes just yet. A new survey from Liberty Mutual indicates there is interest in how the new technology can?help ?workflow, but also significant wariness.
- Want to know if your firm is one of 'the best places to work' in the industry??U.S. News?is out with a new?ranking ?that includes almost a dozen P&C carriers.
Table of the week
领英推荐
Keep reading
Multi-Peril Carrier's Stock Price Plummets by 21% After Accusations of 'Insurer Fraud' on 60 Minutes
Want more news for commercial and speciality insurance professionals?
Sign up for a free trial to receive full access to P&C?Specialist Commercial for two weeks.
Insurance communications consultant, writer, and historian
1 个月Great summary of the news!