severity News

Lands Chief Again Proposes Dedicated Funds to Fight Wildfire

SPOKANE, Wash. (AP) — After yet another year of catastrophic wildfires in Washington state, Commissioner of Public Lands Hilary Franz is once again proposing that the state create a dedicated fund to prevent and fight the fires. A similar attempt …

What’s Wrong With Commercial Auto and How Do We Fix It?

Commercial auto is one of the biggest, most problematic cost centers in the insurance industry. Its loss ratios are incredibly high — and growing — particularly in comparison with other P&C lines. This makes it hard for carriers to make …

Malpractice Claims Frequency Holding Steady While Severity Increases

The frequency of hospital professional liability claims is holding steady, but the cost of those claims is expected to increase by 3% next year, according to an actuarial analysis by Aon and the American Society of Health Care Risk Management. …

A.M. Best Says Commercial Auto Losses Worst in 10 Years

The U.S.commercial automobile insurance segment’s underwriting losses deepened to $4.0 billion in 2019, the segment’s worst loss in 10 years and a continuation of a decade-long trend of worsening underwriting results, according to a new AM Best report. Indeed, the …

Deadly Australia Fires Spur Calls to Mitigate Disaster Risk

As the devastation from Australia’s bushfires widens, the insurance industry is calling for concerted action to mitigate the impact of climate change. Months of out-of-control fires have burnt an area more than five times the size of Wales and industry-wide …