P&C Insurance Claims News & Trends | PropertyCasualty360 (2024)

Information for claims executives, managers, adjusters and investigators, focusing on property & casualty, auto and workers' compensation claims. Topics include: environmental issues, emerging risks (e.g., marijuana, active shooters), workforce issues, maritime claims, etc.

  • Claims Technology
  • Auto
  • Litigation
  • FC&S Editors|

    When an insured has a policy on both the old and new residence, which policy would provide coverage if property was damaged during the move?

  • News

    Californians still weathering effects of extreme snow, rainfall

    Brittney Meredith-Miller |

    February was the wettest month Los Angeles has experienced in 26 years, the National Weather Service reports.

  • News

    Tribal court has jurisdiction over COVID-19 business interruption suit, 9th Circuit rules

    Avalon Zoppo|

    The Ninth Circuit didn’t rule on the merits of the claims, but rather upheld a district judge’s decision.

  • Commentary

    Diana Krall|

    To sustain a competitive advantage in this rapid digital era, insurers must enthusiastically adopt technological integration.

  • Podcast

    The insurance, societal impact of legal system abuse

    Elana Ashanti Jefferson |

    APCIA Vice President and Counsel James Whittle discusses why the organization has prioritized this issue.

  • Commentary

    The evolution of the claims adjuster

    Gavin Williams|

    A look at Lloyd's claims handling 'then and now' illustrates the broader industry's modernization journey.

  • Slideshow

    These U.S. cities see the most catalytic converter theft claims

    Brittney Meredith-Miller |

    The signs of a stolen catalytic converter include loud noise, smellier or darker exhaust than is normal and sluggish acceleration.

  • Market Insights

    U.S., Philippines pay highest economic toll from extreme weather

    Leslie Kaufman|

    The U.S. currently experiences the worst losses, about $97 billion annually, due to its disproportionate share of insured assets.

  • News

    PC360 Staff Writer|

    Insurance technology news from Cognizant, Capitol Benefits, Cytora and more.

  • Slideshow

    IIHS' Top Safety Pick+ midsize SUVs

    Steve Hallo |

    Hyundai Motor Group received the most Top Safety Pick+ and Top Safety Pick designations with 16 total.

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      P&C Insurance Claims News & Trends | PropertyCasualty360 (2024)

      FAQs

      What is the outlook for property casualty insurance? ›

      The US P&C insurance industry enters 2024 with strong momentum. Profitability was below insurers' cost of capital last year, but strong premium increases, easing claims cost inflation and higher investment returns began to boost industry results by 2H23.

      Who is the biggest P&C insurer? ›

      1. State Farm. State Farm is the industry's biggest player, both in the US and overseas. The Bloomington, Illinois-based P&C insurance giant wrote almost $78 billion worth of premiums in the past year.

      What is the claims life cycle of P&C insurance? ›

      The insurance claim life cycle has four phases: adjudication, submission, payment, and processing. It can be difficult to remember what needs to happen at each phase of the insurance claims process. This blog post will break down the insurance claims life cycle for you so that you know where your claim stands!

      How has COVID affected P&C insurance? ›

      COVID-19 impact to property and casualty insurance

      COVID-19 is impacting property and casualty (P&C) insurance companies and is expected to continue to affect claims and premium trends over the next several months—and potentially for years to come. We explore the potential disruption across several lines of business.

      What is the P&C industry outlook for 2024? ›

      Alera Group's recent P&C Market Outlook shows that prices will continue to go up in 2024, with most lines of business likely to experience a 1%-10% increase.

      Is property casualty insurers a good career path? ›

      The job outlook for insurance agents is very good, with 6% growth expected between 2021 and 2031. The median pay for an insurance sales agent is around $24 an hour or $50,000 a year, but many people make more than this. There is plenty of money-making potential, especially for more experienced P&C agents.

      What do the top P&C insurance agents make? ›

      $63,655

      Who are the biggest P&C insurance companies in Canada? ›

      Intact Group, Aviva Group, Desjardins Group, Co-operators Group and TD Insurance Group are the major companies operating in the Property and Casualty Insurance Market.

      Who is the richest person in insurance? ›

      1. Warren Buffett. Buffett once again secures the top spot on the list of the country's wealthiest insurance tycoons. The man known as the “Oracle of Omaha” currently sits in the tenth spot of Forbes' overall rankings with a net worth of $103.6 billion.

      What are claims in P&C? ›

      In the fast-paced industry of Property and Casualty (P&C) insurance, the spotlight is firmly fixed on efficient claims processing. This crucial process covers everything from home insurance to automobile coverage, safeguarding individuals and businesses against unforeseen events.

      What does subrogation mean? ›

      What Is Subrogation? Subrogation is a term describing a right held by most insurance carriers to legally pursue a third party that caused an insurance loss to the insured. This is done in order to recover the amount of the claim paid by the insurance carrier to the insured for the loss.

      Does COVID affect insurance? ›

      No — you will not lose benefits such as additional living expenses related to a residential loss during the COVID-19 emergency.

      How does the pandemic affect health insurance? ›

      From 2019 to 2020, health insurance expenditures rose 3.6 percent, while expenditures in medical services, drugs, and medical supplies fell by 12.2 percent, 2.1 percent, and 12.4 percent, respectively.

      What is the future outlook of insurance? ›

      Over the next five years (2024‒28), we forecast that total insurance premiums will grow by 7.1% in real terms, well above the global (2.4%), emerging (5.1%) and advanced (1.7%) market averages. At this rate, India will have the fastest growing insurance sector of the G20 countries.

      How large is the P&C insurance market? ›

      According to Statistica, the market size for P&C and Direct insurance is at an all time high, up to $843.63 billion, and up by $22 billion from the previous year in 2023. The highest industry growth occurred between 2017 and 2018, up from $629.33 billion to $682.98 billion between these years.

      How big is the casualty insurance market? ›

      Report AttributesDetails
      Market size value in 2024USD 2,000.05 billion
      Revenue Forecast in 2032USD 3,794.81 billion
      CAGR8.3% from 2024 – 2032
      Base year2023
      8 more rows

      What are the most common areas of investment for property casualty insurers? ›

      Property/casualty insurers invest primarily in safe, liquid securities, mainly bonds. These provide stability against underwriting results, which can vary considerably from year to year. The majority of bonds are government issued or are high-grade corporates.

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